Capital One CO Payment Question

[lisbonic]

Hello all.

I have a closed CapitalOne credit card that reads as follows:

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Mar, 2013

May, 2007

Oct, 2008

$1,033

Revolving

Individual

All Banks

Descriptions [?]

• Charged off account
• Account closed by credit grantor

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]

$1,693

Bad debt/collection

$1,693

Seven year payment history [?]

30 days late60 days late90+ days late

1 time

1 time

3 times (Mar 2009, Feb 2009, Jan 2009)

Worst Delinquency [?]

120+ days past due

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score. I have been told by posters on here that because they list the balance, it means they still own it, even though I have a duplcate trade line from Midland for the same account. I have the money to pay this balance in full now, but I want to maximize my credit boost by asking for some further assistence here.  Should I : A) Just call Capital One about this account and agree to pay in full to them directly?  Will they be able to accept it?  What if they tell me I have to pay Midland instead? B) PFD them with letters, or do I want to keep the history of the credit line, bad lates and all? C) Try to get a settlement and pay less? D) Ignore it completely since its been somehting like 4 years since the DOFD. I am not sure of the best way to approach this and could use some help!  Thanks!

[guiness56]

If it lists a balance and CL it is factored into your utilization and hurting your score.  Yes, they can report and so can the CA.

You can call them and see if they will accept payment or if you have to work with the CA.

Is this your oldest account?  Either way, I would rather suffer a hit in AAoA and have a clean report if they will remove the CO TL.

Is it still within suing SOL for your state?

[lisbonic]

Hi, thanks for responding.

I live in NH, and as far as I can tell, SOL is 3 years for Credit Cards, so I shoudl be out of that woods.

So it also looks like when I puleld my full report, that it does have the credit limit of 1k posted too, with the balance, and with a matching TL from Midland on the same account.

So maybe you could clarify what you think is the best coarse fo action for me, knowing I have the cash in hand to PIF if need be?

Thanks, just confused by all this. 

[txmomma26]

I would contact Capital One and see if they will accept payment in full and possibly just remove the late payment/CO status. 

[guiness56]

Yes, contact Cap 1, first see if they will even accept payment, and if they do work something out so they will remove at least the CO status upon payment.

[RobertEG]

The OC reporting of balances apparently refers to highest balances and last reported status, but does not specifically report a current balance owed to them.

Thus, it cannot be determined from that prior account info alone that they do or do not still own the debt.

A debt collector can report regardless of whether they own the debt or are an assigned collection agent of the creditor, so the presence of both the OC account and a collection does not mean the debt collector owns the debt.

Call the OC and ask.  If they still own the debt, they can agree to delete any reporting they have made.  Ideally, you would want them to delete all derogs and not the entire account if its date opened of 5/2007 is earlier than your avg age of accounts.  They cannot agree to deletion of the reported collection.

In many cases, the consumer will consider the reported collection to be more serious than prior reporting by the OC.  In that event, they will request CR deletion of the collection, which requires the PFD offer go to the debt collector.  You send the PFD offer to the party whose information you are seeking deletion.

Offering a settlement for less than the full amount may make acceptance more difficult, as it is asking for two concessions on thier part.... CR deletion and acceptance of satisfaction of the debt by way of less than its full amount.  They have the option, if the debt is still within SOL to go to court and pursue payment of the enfire debt, so their might be some risk in holding out for a payment for less.  Hard to say if they have other options......

[guiness56]

The OC reporting of balances apparently refers to highest balances and last reported status, but does not specifically report a current balance owed to them.

Thus, it cannot be determined from that prior account info alone that they do or do not still own the debt.

That makes no sense RobertEG.  There is a balance being reported by the OC.  If it was sold it would have a 0 balance.  And the TL does not say it was sold/transferred.

[lisbonic]

Thanks for the advice. So I contacted Capital One and got someone in the collecting department. They not only confirmed they still owned the account, but that I could pay them. They told me that if I paid in Full, they would update that on my TL to the credit agencies, but she seemed oblivious when I was asking her about deleted my lates and/or deleting the trade line. Should I attempt to mail them a PFD or a GW letter instead of just calling back and paying in full over the phone? Ask for a manager?

[guiness56]

I would send them a PFD either email or snail mail.