Hi. I received a letter today from a CA regarding a past charge off amount from Capital One. The letter stated they are willing to take a settlement in the amount of $442.18. (Original amount $736.96). The CA is not on my credit report YET, but Capital One obviously still is with a charge off. What would be my next step? Should I send a validation or a dispute letter? Is there any way to have the Capital One charge off removed? Thanks.
It's difficult to gauge because I have no idea how your overall credit picture is. If there are other charge off's on your report, then I would worry less than if this is your first charge off. If this is your first I would contact Capital One and see what they could offer as far as reporting to CRA's. For example, you might say you will pay the full balance off over a period of six months, and in return they will remove your charge off status and change it to R3 or R4. Again, if you have a series of collection accounts and charge off's than just recognize that your overall credit picture is bleak at this time, and work on rebuilding over the next couple of years. Best of luck to you. Sean
It's difficult to gauge because I have no idea how your overall credit picture is. If there are other charge off's on your report, then I would worry less than if this is your first charge off. If this is your first I would contact Capital One and see what they could offer as far as reporting to CRA's. For example, you might say you will pay the full balance off over a period of six months, and in return they will remove your charge off status and change it to R3 or R4. Again, if you have a series of collection accounts and charge off's than just recognize that your overall credit picture is bleak at this time, and work on rebuilding over the next couple of years. Best of luck to you. Sean
It's difficult to gauge because I have no idea how your overall credit picture is. If there are other charge off's on your report, then I would worry less than if this is your first charge off. If this is your first I would contact Capital One and see what they could offer as far as reporting to CRA's. For example, you might say you will pay the full balance off over a period of six months, and in return they will remove your charge off status and change it to R3 or R4. Again, if you have a series of collection accounts and charge off's than just recognize that your overall credit picture is bleak at this time, and work on rebuilding over the next couple of years. Best of luck to you. Sean
clk Should I send a validation letter to the CA? ============================================ Y E S Thf END ************************* LB 59
Paid or unpaid Cap 1 will never remove the negative from your credit report so your better off not sending them a dime.
Ask for an agreement to delete the TL before paying anything. As far as FICO goes, a settlement notation is not much better than a unpaid charge-off, if at all.
