Waiting for the 22 days after settling w Cap1 on a CO - what will the CR say?

[W261w261]

On Feb 24 I talked with Cap1 and agreed to pay them 65% of an almost $6k CO from late 2019. On Mar 1 the ACH for $3800+ was paid out of my checking.  Cap1 said that they wait 22 days (not sure if the clock started on 2/24 or 3/1) before reporting the updated info.  Right now the account is listed as Derogatory.  I have a couple of questions:

1.  For those with Cap1 experience out there, how will the account now be labeled?  "Settled for less" or somesuch?

2.  The balance has been shown as $5800.  Now that it's been settled, will the $1900 that remains be shown?  Or will the balance be reported as zero or paid?  If I had PIF, would that extra $1900 have made a meaningful diffence in my CS?

3.  Thls CO is the last payment in a string of payments, which have resulted in my having no balances at all.  Given my limited understanding of how these things work, I'm assuming that the reason my Vantage score is 736 and my Fico 8 is 651 is the Cap1 CO.  I did recently open a share-secured loan at Navy.  Other than that, my CR shows a perfect record up until fall 2019 when there are 4 mos of missed payments  on Cap1 and the resulting CO.  There were also 4 missed payments on a Merrick account which I PIF, and which now shows current on my CR with no balance. All payments after Nov 2019 have been on time.

4. Cap1 for me has reported on the 15th.  Given that the 22 day waiting period extends beyond that, will I have to wait until April 15 to see the new reporting on my CR, or will they do a mid-cycle report? 

5.  Anyone care to guess what my new FICO 8 will be?  The Navy install loan (now $48 bal) which just reported, was good for 6 pts. I'm not applying for anything until the dust settles on this.  Hopefully, I will be above maybe 670, as there doesn't seem to be much more I can do at this point except wait for the late 2019's to age away.

Thanks.

[kittycreditmeow]

I settled the full amount with capital one many years ago prior to my bankruptcy, they actually agreed to delete it from my report but they actually ended up just deleting the collection and marked it "closed/paid in full after closed for non payment" I forget exactly how they worded it but it was along those lines. I can't remember how my score was impacted because it was so long ago. I don't think it went up much. Unfortunately one thing I can remember is that I vowed to never pay another collection ever again because it changed nothing. However years later after filing bankruptcy, capital one was the first card to approve me so maybe it was a good thing I paid the account. I dunno if that helps but just sharing my experience. 

[W261w261]

I just settled with Cap1 for 65% of a $6k CO, so I presume my next CR is going to say something like "settled for less," but the 4 or 5 months of 3-60-90+ will remain.  While I hope for a bump from the settlement, I wonder if the bank would agree to delete the bad months if I agreed to pay the 35% that I didn't have to pay on the settlement.  I'm looking to apply for a mortgage in a year or two and perhaps to a loan officer the "settled CO" won't look as good as a PIF?  Or would doing this just throw $2k away?

[Remedios]

Capital One will not delete in exchange for payment, none of the major lenders will. Some of the less scrupulous ones might, but this is not one of them. 

Since the account was charged off, GW approach will not work either, since removal of lates would make CO status incorrect and  pointless.

Cannot have a CO if it appears one never defaulted in a first place. 

[W261w261]

So I gather that the (expected) bump in my Fico CS would come only from the removal of the $6k balance from my UTIL, not from any ancillary notation attached to the account, like "settled for less."   Still, that should help, as my total open lines are only $9k. We'll see in a month or so I guess. 

[gdale6]

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@W261w261 wrote:

So I gather that the (expected) bump in my Fico CS would come only from the removal of the $6k balance from my UTIL, not from any ancillary notation attached to the account, like "settled for less."   Still, that should help, as my total open lines are only $9k. We'll see in a month or so I guess. 

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Yes. Settled for less or paid in full make no difference to Fico, the 0 balance will. Typically it will be updated to the balance that they are writing off then its updated the next month to a zero balance.

[W261w261]

Well, that sounds like good news!

[Remedios]

You will have two updates.

First one to reflect your payment with remaining amount showing as still outstanding.

Second update will zero out the remaining balance. 

After that, If you have no other negatives that are currently updating with regularity, your scores will start recovering slowly as more time passes from the date of last update.