How to handle old Capital One account

[Anonymous]

---

@sisyphuswins wrote:

---

@Anonymous wrote:

---

To help clarify - its the FIRST delinquency *immediately* preceeding the CO, with no intervening "current" status. So if you have a few lates, then bring the account back to good status for a while, then become late again, and never bring the account current again, the first few lates that were followed by a current status do not establish the DoFD, its the second series of lates that do so, and the CO will be removed "no later than" 7.5 years after the DoFD. The first series of late payments will be excluded individually at 7 years from the date they occurred.

---

Ahhhhhh, NOW it makes sense.    Okay, so March 2009 is his DoFD and the account will naturally drop off no later than Sept 2016, but we could potentially ask for GW a little sooner.     

I think all things considered the best plan is to write to the CEO, explain the training, and the entire situation and see if they'll accept hopefully no more than the original $500 debt to make it go away.  

---

Capital one is a tough nut to crack regarding PFD's but they have been known to do it in its last year. It takes a lot of persistance and luck.

[Anonymous]

FWIW:

As I said before, my experience was almost identical and my accounts were removed almost exactly at the 7 year mark. TU even gave an early removal. So if you can wait it out, start asking for an early removal around January - they might bite, but within a year or so you can expect the record to be wiped clean. They're not hanging on for the 7.5 years, at least for me - and we've got very similar circumstances (low balance, relatively speaking) so they're not really out for blood.

[sisyphuswins]

---

@Anonymous wrote:

FWIW:

As I said before, my experience was almost identical and my accounts were removed almost exactly at the 7 year mark. TU even gave an early removal. So if you can wait it out, start asking for an early removal around January - they might bite, but within a year or so you can expect the record to be wiped clean. They're not hanging on for the 7.5 years, at least for me - and we've got very similar circumstances (low balance, relatively speaking) so they're not really out for blood.

---

Thanks for that.   The problem is we do definitely need a new car and it would be better for him to get the loan than me at the moment--I'm already finishing out a car loan and it would help him diversify his credit lines.   He's got student loans, is authorized user on one of my cards, and has a store card.   If he takes this Cap 1 offer, he'll have his own CC.    And, we may have to relocate for work, which would involve buying a house sooner than January.   So, while I'd prefer to wait it out, it just might turn out that it isn't the best option.  

[Anonymous]

Are you looking to buy or lease? I do know from personal experience that when I was shopping around - without a cosignor, there was no lease option for me. They specifically said the old CO's were the main reason for my denials. 

I was offered some subprime deals if I wanted to purchase but I was able to get a great deal on a lease with a cosignor. Do you have any one who could cosign other than yourself?

[sisyphuswins]

---

@Anonymous wrote:

Are you looking to buy or lease? I do know from personal experience that when I was shopping around - without a cosignor, there was no lease option for me. They specifically said the old CO's were the main reason for my denials. 

I was offered some subprime deals if I wanted to purchase but I was able to get a great deal on a lease with a cosignor. Do you have any one who could cosign other than yourself?

---

We're going to buy.   I got a mortgage two years ago when I bought our current house.  He was a ful time student, so no income, so we didn't even try to put him on.   I had 2 judgments (satisfied), and a LOT of collections accounts that showed up initially when we started looking in June 2012.  I'm going to say there were a good dozen.  My credit score was around 540.   I paid and settled and got it over 700 by November 2012.  Some of the CAs just deleted without my asking to PFD--I really didn't even know what one was, to be honest.    I was/am self-employed--independent contractor.    The bank didn't mind any of this.  It's a smaller local bank which might make a difference. 

We will probably use the same bank for the next house and go FHA again.   His only issues are really a lack of credit (which I hope to fix with a car loan and now this Cap 1 card) and this single bad account.   He had a slew of medical collections about a year ago--again, I think it was just about one dozen.   We sent DV letters, and they all just came right off his reports.    It was much easier than I had feared it would be.