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FINALLY PAYING OFF CAP ONE CHARGE-OFF. QUESTION.

Jannelo
Frequent Contributor

FINALLY PAYING OFF CAP ONE CHARGE-OFF. QUESTION.

 I have been paying $200 a month (sometimes more) towards an almost $4,000 QuicksilverOne charge-off since last October.  It was charged off in 2016.   I am now down to a little over $1,100.  I called them today and told them I wanted to get this taken care of instead of dragging it out for five more months or so in payments.  I asked for a reduction in pay off of remaining balance.  They thanked me for being diligent about taking care of this debt and offered to reduce it by $400 down to a $750-something pay-off and paying the balance owed in full or two payments.  I agreed.   They told me upon payment they will mark my charged-off account as "paid in full."  So I'm happy about that. 

 

Question(s).  I have lots of lates on this card.  A 30, 60,  a 90-day late, and two 120-day lates.    I was thinking after it's updated as paid  that possibly, upon my request in a good will letter, they might be amenable to taking at least the 120s off of my credit report, possibly the 90-day late also.   Will that help my FICO scores, or will it even matter since this is a charged-off account, thus already a degogatory on my credit report?  I didn't know if whatever little increase I get in my FICO score from finally paying it off could be improved even more by have the 120-day lates removed.  And if so, has anyone ever been successful with Cap One deleting lates off of their charged-off accounts?

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $2800 CL
Amazon Prime Store Card (4/20) - $10,000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL
Navy Federal More Rewards American Express® Card (3/21) - $9700 SL - at 9.65 %.
Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 673
Equifax FICO 8 score 9/2020 - 680
TransUnion FICO 8 score 10/2020 - 662
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1 REPLY 1
FireMedic1
Super Contributor

Re: FINALLY PAYING OFF CAP ONE CHARGE-OFF. QUESTION.

Over the years here. It's a rare occasion that Cap1 does any GW's for even 30 day lates. It does happen. But it was an act of God situation. You can try. But I wouldnt get your hopes up too much. Doesnt hurt to try. Here's a thread on all of the people and their denial and sucuess stories with different banks and such you can research on:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...

I wish you the best of luck!

Side note. They lower their amount and still didn't probably lose any money from the interest it accurred in your case. Like the casino's. The house always wins.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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