You are probably getting tired of my posts, but I am really in need of assistance to get my credit scores up and quick. Have a CapOne chargeoff, settled for less than full balance. I spoke to the people at the corporate office and they said they would help me if I paid the remaining balance. Is there any advantage to paying the balance? What kind of rating would CapOne give me if I paid? A paid chargeoff does not gain you anymore points than an unpaid does it?
You need to get an agreement with them BEFORE agreeing to send any money IN WRITTING, that they will either DELETE the item from your credit report OR change the rating to a paid as agreed/never late. If they don't do that don't send them a dime, or a penny for that matter.
Proceed as follows: 1) Ask for an R1 rating in return. 2) Ask for reopening the account in return. 3) Ask them politely to fax over a letter and then you'll send them the money (priority, quick collect, moneygram, whatever) If you do it right, it will work. Don't do anything without written confirmation.
I did this, and was able to get them to delete the entry from my CR and also to open a new account for me. Call the customer advocate. jmart
I tried to get them to do this and they said no way, they never do that. How did you get them to do that? -Cindy
Encourage them: "what would it hurt for you to delete the account? you're getting your money. do you want your $money? you can have it in a matter of hours, i can wire it to you. just fax me a statement from your supervisor or person authorized to make the deletion on company letter head and the money's yours." Arrrghhh, kickind self in foot.. there's only 1 item left on my report, and i never got to say any of the the stuff within that quote. it was before i ran into this board and paid off the debt without any negotiation. good luck, hth
By the way, I've asked to do all those things, pay in full, send money in a matter of hours, blah, blah, and the best they could give me was an R5 rating. So much for the Capital One advocate's office.
Maybe that's the problem, they've already been paid. Has anyone been able to do this after the account was paid off? -Cindy
I don't know what the difference is....although my charge-off was a couple years old....but I contacted the advocate's office, and they gave me what I asked for.. I actually paid about 90% of what I still owed on the chargeoff (reminded them that much of the amount was interest & fees), and they deleted the charge-off account and also opened a new account with the same terms as my old acct.. They will NOT RE-open an account, but they will help you open a NEW account.. Good luck.. jmart
Simple make it clear to them that if they want the money they have to do what you want. Tell them that they can have have the neg. on your report or they can have the money but they can't have both:
I can't even get a fone call. I have sent 3 PFBs as of today and as I said took my chicken suit off and called and left Mr. Cooke a message. I hope to get someting in the mail by next week.
My Cap1 experience... My wife had a chargeoff from Cap1 that she did not even know about (thought she had paid it off completely when she closed the acct.)... anyway, we found out about it and paid Cap1 the $$$. Down the road appx. 1 year she contacted Cap1 through PFB and Mr. Miller got in touch with her. He said that since she had paid the account in full he would change the listing on her CR's from a chargeoff to Paid/Never Late. Sure enough about 1 month after speaking to him we pulled her reports and they had changed the listing to Paid/Never Late. Just my $.02.
