How to settle with Cap One

[Anonymous]

I have an old account with them ( Cap One), but not old enough for it to fall off.  I owe 1300+ on a $300 balance ( DOFD 2004ish).  It is my account and all but I tried to call them directly and they couldn't find my account, well then I realized it was under my maiden name.  That was straightened out , heard nothing from them then I get two letters from two different collection agencies.  I DV'd first and then tried to send a settlement letter. still nothing.  I need them taken care of so I can improve my score.  I have almost all baddies taken off due to the great letters found here ( they really do work,  except with fingerhut;(

Anyone have luck settling with them, I'd hate to PIF, but I may have to for a delete.  What do you think is best?

Thanks!!!!!!

[soxcited]

Who is reporting on your CR? Cap1 or CA? Or both?

This is lowering your score probably because of utilization (you have 430% utilization). Cap1 is known for not deleting even with PIF but you can try. In my case I PIF

and sent GW letters to remove the bad entries. They did not but my score increased because of 0 balance and no utilization. 

If you are not planning on appyling for a big loan anytime soon, settling might be better in your case to save money. If you settle and pay that will change the DOLA but

if I am not mistaken they go by the DOFD. 7 years after DOFD the entry is dropped from your CR. Maybe experts can correct me if I am wrong. So you have one more year.

Settling and PIF will prevent Cap1 from sueing you. If you settle just make sure that you get a letter indicating that the account is fully satisfied. Otherwise they might still sue you for the rest.

[Anonymous]

If it is out of your states SOL, they can't sue you.

If Cap one is reporting a balance, yes, it is hurting your utilization. 

[Anonymous]

Yes they are reporting a balance, so I know it's hurting my score.  I do need a mortgage very soon and when I go to apply they always bring up the Cap 1.  So it seems I sould PIF and try to GW or really try for PFD.  Thanks

[soxcited]

If planning for a mortgage PIF is probably better, lenders would probably like that better than settlement.

In my case they updated the CR quickly once I paid (in one month).

I tried PFD but it was like talking to a wall at least in my case. 

Good luck !

[Anonymous]

Cap one is very hard to deal with.  I don't recall seeing anyone get an early deletion.

[Anonymous]

Thanks~ The PIF might be the way to go, even if it's not deleted right away I can still say it's paid!  Now the question is who the heck do I pay, do I send a payment to Cap one, or wait for another CA?  I don't have an account number.

[Anonymous]

call Cap One and ask them.  They should know. 

[Anonymous]

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@Anonymous wrote:

I have an old account with them ( Cap One), but not old enough for it to fall off.  I owe 1300+ on a $300 balance ( DOFD 2004ish).  It is my account and all but I tried to call them directly and they couldn't find my account, well then I realized it was under my maiden name.  That was straightened out , heard nothing from them then I get two letters from two different collection agencies.  I DV'd first and then tried to send a settlement letter. still nothing.  I need them taken care of so I can improve my score.  I have almost all baddies taken off due to the great letters found here ( they really do work,  except with fingerhut;(

Anyone have luck settling with them, I'd hate to PIF, but I may have to for a delete.  What do you think is best?

Thanks!!!!!!

---

IDK guiness this part right here jumped out at me.  I would leave those CA's alone and just wait for 2011ish to roll by and this to drop off my CR.

EDIT: Dont make the mistake of resetting the debt collection sol in you efforts to get this erased from your credit report.  This thing is within one year removed of coming off naturally.

[Anonymous]

I called them about two accounts similiar to yours. I settled both for around 30-40%% of total balance. Just call and ask to settle. Whatever you decide, there is no offer until it's in writing. Have them fax a copy before you give them a dime.