Capital one Settlement

[Johnny35]

I have 3 cc's that are CO with capital one.  I got an email giving 80% off on a settlement for 1 card.  Would it be possible they would give 80% off on all 3 cc's with them? Total on all 3 cards is $2600. CO just happened in few months ago.  If i decide to settle with them, will they let me back in? or will i likely be blacklisted for a long time?

[GatoradeZeroGuy]

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@Johnny35 wrote:

CO just happened in few months ago.  If i decide to settle with them, will they let me back in? or will i likely be blacklisted for a long time?

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minimum a year, could be longer 

[CreditCuriosity]

Usually 1 years.  So let me get this right only 2600 owed between 3 cards and asking for 80% off.  Trying to settle for $520?  Wow steal of a lifetime.  If manage to get that you will have to pay taxes on difference if not mistaken.

[Johnny35]

Yes thats correct.  I do have many other COs(12 total).  Should i start with the highest debt and work my way down?

[jolietjake]

I was once in a similar situation. I got invited to apply for a new Capital One card a little over a year and a half after settling a charge-off with them. When I paid the settlement, the phone operator told me after a year, I would be eligible to reapply. Three years later and I have three Capital One cards - two for personal use and one for my business. They have since given me several CLIs.

I found Capital One to be one of the most forgiving lenders in that I paid about 40% of what I owed to settle, then they took me back as if nothing ever happened.

[crrredit]

I had a Cap One card charge off in 2019. I'm currently paying a settlement ( I only got down to 52%, never got a 20% offer) They gave me a secured card a couple months after I started paying the settlement. Before I settled I was being contacted by a lawyer threatening to sue. I was able to sign into my account and I saw that they charged me $140 lawsuit filing fee, then the next month they removed the charge. I don't know what happened there. I didn't see any of that until 5 months later. After all that I got a secured card. Not sure if they'll forgive enough to unsecure the card or give me a CLI.

[kb2ehj]

I would be totally surprised if you will ever get it unsecured.

I just attempted to get mine unsecured after being clean for over two years with that card.

I was told it was a completely automated system and nobody at capital one could manually review the account or manually unlock it.

Said thank you, close my account then......this was an hour ago.

[crrredit]

You're right, they probably won't unsecure it, but they did offer me preapproval for a Savor One. They started emailing me and showing the offer on my online account just a few months after getting the secured card. I finally went for it last month and got approved. I paid off the settlement last month, too.