PIF Cap1 to lower utilization vs Re-open???

[Mrzjbabii]

Very simple:

Captial One is reporting a charge-off for a CC I had with them in 2011. The original credit limit was $300. The chargeoff amount that includes interest is $559.

I believe the amount is included in my utilization which is at 104%. Should I pay PIF Cap 1  and let them close out the account or does anyone have experience with revivng a chargeoff with them?

Please help!

[Anonymous]

They are not very accommodating.  If the CL is being reported along with the balance, it is included in your utilization.  The account isn't closed yet?

If you can, I would just PIF.  Then you won't need to worry about a CA reporting also, and your utilization will drop.  Is this the only revolving you have?

[Mrzjbabii]

No, I have a CC with Navy Federal I've had almost 5 years with a limit of $1000 it reported as maxed out last month. I was hoping to reopen the Cap1 card to have anoyher CC but I guess I could try PIF again. I sent off a PIF letter the 11th. No response so far but I'll wait.

[dddewdrop]

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@Mrzjbabii wrote:
No, I have a CC with Navy Federal I've had almost 5 years with a limit of $1000 it reported as maxed out last month. I was hoping to reopen the Cap1 card to have anoyher CC but I guess I could try PIF again. I sent off a PIF letter the 11th. No response so far but I'll wait.

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Do you have money to pay down your Navy Federal card? That would be the quickest way to improve your score and util%.   You gotta get that Capital One account off your credit report as quickly as possible however. I would call and discuss with Capital One and if you don't get satisfaction, just wait a day and try a different rep or politely ask to speak with a supervisor. Remember those customer service associates have to deal with the dregs of humanity all day everyday and your friendly understanding positive voice on the other end of the line may be very refreshing and different to them and by being real nice they could really help you. They certainly have the power to. I would suggest talking to them on the phone. Focus on your tone and keep it light and positive and you can get a lot accomplished. Good luck!

[Shogun]

I really don't see much hope in reopening the cap1.  That's not in their policy and the chances of that happening are quite low.  I'd pay down the util on the NFCU.

[Mrzjbabii]

I will paying nFCU down to $70 on the 6th it reports on the 9th. I think I may just focus on PIF to delete with Cap1. Them and my state tax lien are killing me!!!