Ok guys tell me what you think. I just got off the phone with Mr. Cooke at Cap One. I have an outstanding charge off with them that now stands at over $1400 ( mind you this account started out as a $400 limit card). First of all, just like everyone said, he is a very friendly and accomodating person, not nasty or berating as many of these paople can be. Anyhow, this was his offer: He offered to reduce the amount I owe to around $980 and take me from an R9 to an R5. He said re-activation was out of the question at this point, and there would be nothing possible in the future to improve my rating further with them regarding this account. Right now I'm pretty desperate to get this thing cleared up. Sound like a fair deal to you experts out there, or should I have held out? Mediccc24
He went out of his way to be fair not only with the rating but also the amount. Re-activation shouldn't even be on your mind until you clear this up. Take the deal!
If I understand your question right I think that he can provide the best possible situation for replayment.
Ok, thats what I thought. Seems like the best way to get out from under this thing. By the way, I realized that reactivation would be out of the question even before I asked it. but I figured while I've got the guy in charge on the phone, what's it gonna hurt to ask? All he could do is say no. Which he did. But I'm no worse off for it. Well I hope this R9 to R5 will start to affect my score positively. Thanks for your help. BTW, he is sending a letter to this effect right away.
Don't worry about reactivation. Once you settle the chrage-off, just apply for another credit card. You'll should be able to get a secured card i.e. $49down/$200cl or $99down/$500cl. R5 is not a positive rating, however it looks better than R9.
I've got a friend in the same boat. I going to have him contact Mr. Cooke via PFB. At this point my friend just wants to clean this up without the touch of the CA . Thanks to the poster for the info. Best regards, Mirage
I had a charge off with capital one with an original 500 dollar card that went to 1800 in fees and interest. I paid off this card slowly but surely refusing every settlement offer coming my way from them. They lowered my interest almost every month I made a payment. The interest was at 25.99 and by the end, I had zero % interest to help me pay off the charge card. When I paid off the card in Nov of this year, I got a new card from them with a 9.9 rate and an initial credit line of 200 but I am sure it will get increased as time goes on. I hated dealing with capital one when I was avoiding them like the plague but I started making payment arrangements with them when I had the money to pay them that is then they started treating me very fairly and kept me as a customer after the fact. Yes, my old capital one card still reports as a charge off but then I have a new card reporting too so I am sure other creditors can see this and say, this person must have done something to deserve another chance with capital one so maybe they are crediworthy afterall.
Well I guess I'll just try and settle with them the way we agreed. He said a card in the future is not out of the question. Also I was recently approved for an unsecured Centennial card from I believe it's First Premier with a $400 limit and an ungodly intrest rate but it's better than no card at all. So I just have to keep up a good defense. Mediccc24
Hmmm...I settled with Cap One in a manner very similar to Mediccc24's case, and was later rejected for a secured card based solely on "past handling of account," or something to that effect. wajaba
Well has anyone had any luck removing paid Cap 1 charge offs using the dispute/validate methods with the CRA's? Are they sticklers with their validations? mediccc24
PFB Cap One, I had a paid charge off it was paid about 1 year AFTER charge off, and it charged off in 98, I PFB'd Mr Cooke in October and he changed the rating from an R9 to an R5. It helped my score a lot!
Mine will be going to R5 as soon as I complete the agrement we made. But then it will be stuck there as an R5 for all eternity (or at least 4 or 5 more years.) I want to know what I can do about the R% once the debt is paid.
I just talked to him and he's changing both of mine to R-5 but I have to pay FULL amount. So $2400 of my income tax is going to them. I was hoping he would offer me to pay less..but he didn't
Christi- What about sending Mr Cooke a counter offer? If you pay in full, they remove ALL negatives and keep the tradeline open, but a secured account. OR you pay 1/2 and get an R5, or deletion? They want their money, I would settle on YOUR terms, not theirs!
Chrisit, same happened to me on my husbands account. Mr. Cooke agreed to change status from r-9 to r-5 for payment of about 50% of outstanding balance. I don't know what happened with your deal... btw I contacted him via pfb.
I PFB him last night and he called me on my cell phone at 7:35 AM today. He said the amount owed is $1532 & $932. I will change rating to R-5 and will put a hold on the account so you aren't charged anything else between now and Feb 28, to allow you 30 days to get the payment in. Gave me a PO Box in Richmond, VA to mail payment and that was it. Should I PFB again and say I KNOW several people who paid 50% for R-5 or if i'm willing to pay 100% can't I get it showing as never late. What do you suggest?
