CC issue Help

[Anonymous]

In December of 2006, i had let me sister open an account to use for xmas because she was a new mom.  I told her that she had to pay the card and keep up on it.  Well, i looked at it in March 2007 and the card was still in good standing and reporting "paid as agreed"  Well my wife and i where going to buy a house in May-june and i did a credit report and it was running about 540-560.  Before this happened to me i was sitting around mid 600's.  So in other words i was passed due 5 months and those 5 months where reported as bad of course.  I have paid the balance down from 900.00 to about 450.00 Limit was 500.00.  I disputed this online and of course it came back as veified just as i thought it would but it didnt hurt to try.  It is a CapitolOne card.  Any one have any suggestions on how to get some of these months taken off.  It is going to be hard because since the card was issued 5 months was not paid but i paid off 500 bucks in a month and now i am paying monthly minimum to get some of the credit back that i have lost.  The card it set to close after i pay it off because of the 5 months.  I dont mind getting it down to 9% but i dont want to completely close until next year sometime.  If someone has a good GW letter or other suggestions i would greatly appreciate this.

Thanks in advance.

SD

[Anonymous]

You could try but Cap1 is knon for their hard nosed tactics though I have heard of limitd success with these guys.  How is the card now?  Are you still making payments?

[Anonymous]

Yes, still making payments and under the limit and not late since i found out. 

[Anonymous]

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Someday wrote:

Yes, still making payments and under the limit and not late since i found out. 

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Send a letter of goodwill explaining the situation as it occurred.  Be very contrite about learning your leson about loaning your good credit name ot others even if it is a relative.

[Anonymous]

That is exactly what i was thinking too.  Trust me i have learned my lesson.  Of course i blame myself and not my sister.  I got mad but was ok after a while.  I still dont have a house ( lol) and my wife hounds me about every second of the day.  We are having #2 kid in December and would like to get something done before then.  Thanks again and i will try a GW letter to them. 

Thanks again,
SD

[SmartCookie]

Someday... the Cap1 card is closed by them and you are trying to pay off the balance and are stretching it to get 'OK" months generated on your CBRs?

If so, Cap1 will not GW you.  Well, technically anything is possible in life but you have a bigger chance of winning Powerball.

If you have the money to pay the balance in full, write them a PFD letter offering to settle the account for let's say 300, keep paying min payments, and see if the accept so you can get the entire TL wiped.  If they won't, reoffer full balance stating you have many other bills to pay with that money but will give them priority if the accept and send you a written acceptance.

This TL will never look good on your CBR IMHO it is best removed.

[Anonymous]

Well on my credit report, it says CURRENT, 120 days late. 

[SmartCookie]

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Someday wrote:

Well on my credit report, it says CURRENT, 120 days late. 

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What did you mean in your first post when you said " The card it set to close after i pay it off because of the 5 months."?   Current means payments, not card validity.

Do you have available credit now that you are under the CL, i.e.  could you charge something on the card right now? Or does your CL say N/A or $0, blank etc.?

[Anonymous]

No, i cannot use the card.  From what Cap1 said is that when i get the balance to 0 it will be closed 2 months after that. Yes i still have a balance on it. ON my CR it says CURRENT, 120 days past due

Message Edited by Someday on 09-29-2007 08:21 PM

Message Edited by Someday on 09-29-2007 08:22 PM

[SmartCookie]

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Someday wrote:

No, i cannot use the card.  From what Cap1 said is that when i get the balance to 0 it will be closed 2 months after that. Yes i still have a balance on it. ON my CR it says CURRENT, 120 days past due

Message Edited by Someday on 09-29-2007 08:21 PM

Message Edited by Someday on 09-29-2007 08:22 PM

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That's what I suspected.  Your idea of how to try to get some good months in is very good, BTW.  Most people don't think of that.  However, you can do hugely better.  This is Cap1 you are dealing with and they are not very friendly in the goodwill aspect.

Your card is now "closed by grantor".  Very bad (at the least, on a manual review).  You have 120 day lates.  Very bad.  You would need years to pay this off each month to get rid of the lates and mathmatically that can't be done with your balance.  And your card will still have been closed by grantor.  It will never look good without a GW and that is not a given that you could even get one with any CC co.

To anyone in the situation you were in a few months ago when they might have offered you a settlement or better payment arrangements, that is the time to settle for hugely less than the total balance with a PFD.  You still have a chance being that you have $450 on the card.  Should they accept, they will wipe your entire TL out and no one will ever see that Cap1 acct on your CBRs.   

It's in your court right now to take the only opportunity you will get for a PFD.  Once they have all your money, there goes the chance. 

Edit: add'l info

Message Edited by SmartCookie on 09-30-2007 02:25 AM