SETTLING CHARGE OFF DEBT WITH CAPT 1

[Anonymous]

Can you tell me how you get got in contact with them, either by letter or call?

I have two Capt 1 credit cards that i got when i was married(bad marriage) i didnt have the money to support me and my kids so i used them. Then ended up going thru divorce and stopped paying on them..  1st credit limit 1000, (balance 1200) 2nd 2000 credit limit (2396 balance) they were both CHARGED OFF  2016 but still appearing on my CR now over 2 years in my revolving accounts with BALANCES reoccuring even tho they are charged off, ive gotten a letter last year sometime from a lawyers office (agency ) but its still showing balances and making my credit utilization 120%.

I had couple other cards from like lowes, walmart, that were already charged off and sold but showing 0 balance and not pulling my utilization.

Ive been trying to clear up my CR and get better and hopefully can purchase a house soon.

I want to see about PAY TO DELETE or SETTLE the old balances and either mark PAID in full or remove derog statements ... ANY ADVICE?? HELP!!!

CAPT 1 is the only one that keeps pulling my scores down every month!! when i look at my fico simulator those balances are in that total.. so i assume if i can get them removed or paid to capt 1 i can better my utilization and have my REVOLVING debt only down to $200

[Anonymous]

You will still have the balance because charged off is just for the companies records.  Just because it was charged off doesn't mean the debt is forgiven.  Just google Capital One and you will find the number to call or address to write to.  Search the boards here and you will find instructions on writing a PFD letter.  Follow those instructions to ensure you CYA.

[RobertEG]

Regardless of whether you pay in full or settle for less, if the creditor still owns the debt, they must update the current balance to $0.

The current status will then no longer be of any delinquency status, such as 180-late or CO. That will discontinue any increased period of delinquency that might be updated by the creditor making regular updates, and permit the derogs to begin to age.

That will remove the account from inclusion in your % util scoring, as once the balance becomes $0 on a closed revovling account, it is removed from % util scoring.

Yes, you can also first offer payment or settlement in exchange for either deletion of their entire account or for deletion of only reported derogs, thus also removing the adverse affect of any prior derogs.  Deletions based on payment of the debt are contrary to CRA reporting policy, and thus usually difficult to obtain, so offering to pay in full might increase your chance of acceptance.