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Cap1 EO still ok to contact for forgiveness?

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Cap1 EO still ok to contact for forgiveness?

I've spent the 6 months helping my brother fix his credit. Made a few moves to get him from the high 500's to the 650's-670's. He's sitting on $9175 in higher interest CC debt & just got him approved for a $9200 lower APR consolidation loan to get it all into 1 payment.

 

He has a maxed out Cap1 GM card that was closed about 1.5 years ago for being late 2 months in a row. It's not in collections...Cap1 is working with him allowing him to make monthly payments. I wrote a forgiveness letter I plan on sending to the EO but I noticed a lack of current data points on whether this still can work.

 

Any advice? Is the EO still the best route to attempt a pay for delete?

Message 1 of 5
4 REPLIES 4
Regular Contributor

Re: Cap1 EO still ok to contact for forgiveness?


@Physh1 wrote:

I've spent the 6 months helping my brother fix his credit. Made a few moves to get him from the high 500's to the 650's-670's. He's sitting on $9175 in higher interest CC debt & just got him approved for a $9200 lower APR consolidation loan to get it all into 1 payment.

 

He has a maxed out Cap1 GM card that was closed about 1.5 years ago for being late 2 months in a row. It's not in collections...Cap1 is working with him allowing him to make monthly payments. I wrote a forgiveness letter I plan on sending to the EO but I noticed a lack of current data points on whether this still can work.

 

Any advice? Is the EO still the best route to attempt a pay for delete?


It's always worth a shot, but it has been my experience that Cap One EO will do nothing for you.


Starting 5/2018

Current 3/2019
Message 2 of 5
Frequent Contributor

Re: Cap1 EO still ok to contact for forgiveness?

I also have not seen much goodwill out of Cap1 these days, based on posts on the rebuilding board.  Lots of deny, deny, and deny.  Its always worth a shot, and YMMV, but don't hold your breath for it.  Good job so far in getting your brother moving in the right direction!

Fico 8 as of 11/13/19:



Message 3 of 5
Frequent Contributor

Re: Cap1 EO still ok to contact for forgiveness?

That was my fear considering the lack of recent data points...we are sending it anyway. Cannot hurt...

 

Getting his util under 10% & adding a loan should be a good boost. If Cap1 doesn't budge those 2 lates will just need to be dealt with.

 

Thanks guys...

Message 4 of 5
Super Contributor

Re: Cap1 EO still ok to contact for forgiveness?

Yes, GW attempt the EO. If it doesn't work, try again. If that doesnt work, try again. Repeat the process until it works. It can take MANY letters to a creditor to achieve a GW adjustment, especially from those that are considered tough nuts to crack.

There have been a couple of Cap One GW success stories in the rebuilding forum in the last few months, so definitely look those up.
Message 5 of 5
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