Need help dealing with Cap 1! Just got the signed app. from Cap 1. Balance on credit report say's around $1500. This charge off is 3 years old. I would like to get this behind me and off my report if I could. Any ideas of a good offer for me to make? Any one here ever deal with these people? What's the best I could do, and what's the worst. Any one think they would go for $500 with a deletion? Can an one come up with a good letter? PS: They took 6 months to verify. I wrote to the Att Gen of Va., and that got them moving.
Re: Need help dealing with Cap 1! I have a Cap 1 chargeoff. I talked to Eugene Cooke. I owed 500+ with fees and he offered 200 and change it to an R5. I have since disputed on my own with all 3 CRA's and had it reduced to an R5 on all 3. Now I'm trying to get it reduced to an R1. So far, EQ has come back and changed it back to an R9, but has taken off all payment history off the account. They even mentioned it in the comments. I don't know yet if I screwed myself or what. I'm sending a letter off today to dispute it. What I would do in your case is dispute with the CRA's once or twice and see what happens, then call Eugene Cooke and see what he offers. I don't think that they will give you better than an R5 and you have to pay for that. Just my opinion. Every case is different. Charlie
Re: Need help dealing with Cap 1! They never told me Charlie. All they sent was a copy of some of my past payments and my signed applc. It's most likely around $500. What's a R5? Is that good?
Re: Need help dealing with Cap 1! R5 is a paid chargeoff. I may be wrong so if someone knows different please say, but I don't think it affects your score. It didn't appear to affect mine at all. Charlie
Re: Need help dealing with Cap 1! Paid chargeoff aint much better than a chargeoff, is it? Why even bother to pay it?
Re: Need help dealing with Cap 1! Not only is not any better, I believe it also restarts the 7 year clock if you pay. I am in the same position with Cap 1 - they refuse to delete for me, so I am not paying. It can just sit there for another 3 years before I'll pay without a promise of deletion.
Re: Need help dealing with Cap 1! Making a payment on an account that has been charged off does not restart the 7 year reporting clock.
