Come on in. Need your help and opinions.

Cuzer · ‎10-05-2016

Well,.... I'll get straight to the point. Like many others, I fell into the Credit Trap in my early 20's. Young, Dumb and ... you know the rest, I had it all going for me. I was working on the technical side of things on the trading floors of investment banks downtown Manhattan and money felt abudant so I ended up opening Credit Cards with Capital One, Citi Bank and JP Morgan Chase. In 2009 when the Sh*t hit the fan in the financial world, I like many around me were getting their jobs slashed left and right. With the remaining money i had left, I was able to Pay off Chase and Citi but i dropped the ball with Capital One and my account got charged off in 2011-12.

Fast forward to recent times, Being more responsible and making money again... I wanted to clear up my credit and get a high score like i once did. Out of all the Credit Card companies out there, Capital One give me a Quicksilver One card even though i have a Charged Off account with them. They are still throwing offers at me with their Venture Card etc. I recently took a look at my 3 Credit Reports and although my Charge Off account was closed back in 2011/12, It is till getting reported and showing a high utilization percentage. I contacted Capital One through Online chat and by Phone asking them, if i showed up to the Banking Center with all the cash for the debt owed, Would they work with me and take the payment for the account. No one could give me a straight answer on how I could pay this off.

Should I go in anyway and speak with them and see if they would take the cash? What can I do to pay this off in full? It seems that although this account is old, It is still being reported and showing a high balance and this is bringing down my score a good amount. Any advice would be greatly appreciated.

Anonymous · ‎10-05-2016

Not sure I can give great advice but I had the same issue back in the day and ended up with quite a few charge offs. I ended up contacting the credit card companies directly and paid them directly (I did this with Kohls, Kays, and Capital One). All accounts were about 5 years old and they allowed me to make actual payments on them. I was also able to dispute some accounts on my credit report that showed charge off's and they fell off. Good luck at rebuilding!

Cuzer · ‎10-05-2016

Thats for the feedback. I only have 1 charge off and thats only with Capital One. The crazy part is that they approved me for Credit with them and making offers. I think i may just go in and talk to someone and see if I can convince them to take the money in full. The representatiives on the phone and online chat didnt seem to help much at all. If the account is charged off, Why is it still getting reported on a monthly basis and showing a high utilization as if the account is still actively open.

nachoslibres · ‎10-05-2016

@Cuzer wrote:
Thats for the feedback. I only have 1 charge off and thats only with Capital One. The crazy part is that they approved me for Credit with them and making offers. I think i may just go in and talk to someone and see if I can convince them to take the money in full. The representatiives on the phone and online chat didnt seem to help much at all. If the account is charged off, Why is it still getting reported on a monthly basis and showing a high utilization as if the account is still actively open.

Cuzer, I would definitely try to pay off the charge off - and you could pay the full amount (which is great) or you might could get them to take a partial payment to settle it - but whatever you do you need to make sure you get IN WRITING that your payment constitutes full payment of the debt and the chargeoff being removed from your report. If they won't agree to it then don't pay - as it will be your word against theirs.

It may take more phone calls and talking to different people but you should eventually find someone who will take your money and agree to providing something in writing saying you have payed off the charge off.

Creditaddict · ‎10-06-2016

While it's a great idea in theory to pay for delete... it's RARE to get a creditor to do that like capital one.

Just call the number listed on your credit report for the charged off account or check helpful numbers in the backdoor number thread for collection department.

Not sure that going into a bank is going to help since it's going to be a department that can only be reached by phone that handles accounts charged off.

Anonymous · ‎10-06-2016

If Capital One sold the account to a CA, they will not take any payment. If CAP1 sold it, find out to whom before the CA starts reporting it.

They most likely sold it and it is sitting with a CA and it could show up on your reports at anytime.

CreditCuriosity · ‎10-06-2016

Who currently owns the debt Cap1 or a collection agency? If Cap1 owns the debt you certainly can call them and make a payment over the phone. I believe they hold the payment for 20 days if I remember correctly before they will report it as settled and stop reporting future negatives going forward and avoid legal (judgements, garnishments, etc) that way. I paid them 4k+ on a CO I had with them when I feel on rough times 5+ years ago and it went smoothly. If it is a CA, then a bit different.

Cap1 won't PFD either, but you can stop the damange going forward. if owned by a CA they might agree to delete it, but will still show charged off by Cap1. Depends which bucket you fall in though, but you can stop the bleeding though if you can resolve it.

Cuzer · ‎10-06-2016

Thanks for all of the replies, I will dig in further and try to resolve this as soon as possible.

FroggieMom · ‎10-06-2016

I may be mistaken here but....aren't charge off accounts supposed to be zeroed out as far as balance goes once the account IS listed on a CR as a charge off? They can definitely still show what the "high balance" once was on the account but the actual balance owed should be listed as $0. Also, beware that making ANY payment less than the full balance on an old account will reset the SOL and set you up for potential judgement action from a collection agency if the account has been since transferred to one.

And +1 on the comment of Cap1 not PFD...they won't even GW me 1 missed pymt from 2009 even though I called them when I knew I wouldn't be able to make the payment and set up an arrangement (DH lost his job unexpectedly). That being said, they are also a very forgiving lender, which is why the reopened the doors for you and gave you a 2nd chance.

Summer 2018 FICO 8 scores~

Gardening until 2019....at least

Anonymous · ‎10-06-2016

@Cuzer wrote:
Thanks @nachoslibres, I'm going to just try to go in and talk to them. If i get turned down at one location, I may head to another. Sometimes different reps dig deeper to help and resolve things. I'm ready to pay right now, I just need them to accept the money.

Don't waste your time going into a location. They won't be able to tell you. Call Cap1 and speak to someone in their recovery dept. And find out who owns the debt. A regular CSR is not going to be able to help you.