Advice on charge off/settled Cap1 acct.

[Anonymous]

Hi Guys,

I had a Cap1 account with a credit limit of $7500. I lost my job and maxed it out. I couldn't make the payments....blah blah anyways I settled with Cap1 for about $4200 in May(Cap1 acct was opened 11/05). I'm trying to boost my scores ASAP. Should I send GW letters, dispute it with the CRA's, or??? I have one collection account for $177 from Direct TV thats about 4 years old(I plan to dispute that soon). I have two car loans that have been paid, never late, a Citi Card(I was an AU) and a BofA secured card I got about two months ago. It's not the worst situation but not the best. Any advice is appreciated.

Equifax:597

Experian:592

TransUnion:587

[Anonymous]

In my history with them, they're cold, heartless demons.

I'm near the 7 year mark on that settled account and they reaged it for some reason. I had the same situation as you, lost job, etc. They pretty much didn't care. Letters, disputes, they just seem to ignore them.

[Anonymous]

Harry, I feel for you. These are my thoughts:

Your Cap1 acct. is only 2 years old. Plus they lost $3,300 on you when you settled with them. Therefore, they are probably not going to just forgive and forget. You can always try to GW, you should always try. But the general consensus is that they are not very forgiving.

If the $177 collection with DirectTV is not valid, then yes, dispute. If it is a valid charge, then a PFD is your best course of action. That works many more times than it does not.

You didn't state that your CR has any lates. If it does, you can GW them also.

Lastly, keep your balance on your cc low. No more than 10%. Even if it means totally not using it until you get the balance down, and going strictly cash.

Hang out on this forum. It contains a wealth of information on how to repair and build your credit. Good luck.

[Anonymous]

I have 2 Cap 1 accounts that still carry a balance but are chargeoff.  They were scheduled to drop (7) years in Feb/08, but were reaged and now scheduled to drop in Sept/08.  Fortunately i have the HARD COPIES from CRA from back in June 2006, that show that prove that they re-aged the accounts .

Now that Cap 1 reports CL the high balance's are killing my UL.

However, I do have a third Cap1 that was a chargeofff/collection account/  Settled about 19 months ago, sent them a GW letter (about 2 months ago) to remove the the 90 lates, and they couldnt find any record of the account, so they DELETED the account from my CR>

I WAS SHOCKED!

[cec2417]

I am in the same situation as you.   I settled the account for less then owed back in 2001.  I have written 3 GW letters, the last one to the CEO and all of them were rejected.  They didn't even send a letter in response the first two times. The last time the CEO had someone write me a letter and tell me that they could not change how they were reporting because it was accurate. 

They have no sympathy!