Hi, Well I took the plunge and wrote a letter concerning my Capital One charged off account. Mr. Cook contacted me this morning with the results. I was asking for complete removal of the file or all negative information for full payment of the account. Mr. Cook told me that he could not remove the account from my credit report, however, he could remove the chargeoff status and all the late payment notations. He also would rate the account an R3 instead of the R9. He would send this agreement in the mail for me and on receipt of payment from me the account would be updated. Now this is my question to all of you...Is this a good deal? I was thinking basically it must be better since the chargeoff notation would be removed as well as all of the 30,60, 90 day late notations. Which I hope would increase my credit score. However, I do know thanks to this board that an R3 is not the greatest. What is your opinion? NJ_Newbie
Well, as you may well know I normally recommend you don't pay them a crying dime for any reason but I do think that you have a reasonable offer from a reliable source. He is willing to put it in writing, so I'd say go for it. When I say don't pay them a crying dime I say so because normally you can't trust them to do anything but take your money and tell you to kiss off afterwords. This seems to be an exception to the way things usually go, so that changes my way of looking at things. If you don't have the cash to make an agreement with and complete it or they won't deal with you in an honorable way then you just don't have too many choices open to you so you have to tell them to shove it and go about it in a way that you can handle. It's not that I believe in beating creditors just because you can or it's so easy to do. It's just because one usually doesn't have many optons open to them. So you have to do what you have to do.
Thanks for responding. I contacted them because I have the money to pay the debt off. I am trying to buy a house in the new year and one of the most damaging things on my credit reports is this charge off account with Capital One. I am hoping that I will see an increase in my scores immediately. Until I get it in writing from Mr. Cook I am very optimistic, however, from what I have read on this board Mr. Cook is a man who keeps his word. NJ_Newbie
Mr. Cooke and Mr. Miller are both very reliable. Perhaps in the future the R3 could be changed, I would take the deal.
