Settling with Capital One

call up mr cooke and discuss your options. This is what everyone will tell you. Search for his phone #. Be prepared to act immediately on any offers, as mr cooke is a no b/s kinda guy

 

Cooke #'s (800) 955-1455

 

Whatever you do, get it in writing and do it before you pay anything to them. I attempted to get a tradeline deleted from about 2 years ago before I learned anything about credit. Submitted a form through planetfeedback in hopes of getting some help but Mr Cooke wouldnt help me at all. I guess since I paid, they arent getting anything anymore to help me so why should they. I even offered to pay the difference in what I settled for and what the real balance was. Capital One is the only recent negative on my report and keeping my scores so low.

Misty

 

The most Mr. Cooke has done is settlement w/ R5 rating (that's what I got, and many others on the board who have settled as well)....I believe after a few months, you can try to dispute..if that doesn't work...in about 6 months, you can PFB Mr.Cooke, and he may change to an R2 rating and so forth.... Capital one is a tough one, but it's better than staying at an R9!

 

I must have gotten lucky. I disputed my Secured CC with Capital 1 (the one where you gve them $100 and they gave you $150 in credit) and it came off of my reports. Now this was last year and I do not know if they are doing things differently. But it was a charge-off and only on EQ & TU

 

And they're real pricks when it comes to giving you a another chance. I have Orchard, Nextcard and Getsmart but Cap One won't even give me a secured card now that my credit is much better, even though I settled with them for the amount THEY proposed.

 

I'm not trying to be a bitch (really, I'm not, just trying to understand your thinking), but why should they give you a card if you had to settle with them the first time for non payment?

Dani

 

I would never suggest the nutcase letter option (in case it doesn't work, lol), but I'm still wondering... has anyone tried going nutcase on Cap One yet? It worked for me very well with a fully paid but very late MBNA tradeline. Whether or not it would work with a paid chargeoff from Cap One I can't say. It seems to me, though, that such a letter would be referred to some hapless Cap One paralegal somewhere in the machinery rather than to their Office of the Consumer Advocate (Miller, Cooke, et. al.), and that person may do what MBNA did for me -- i.e., delete the tradeline rather than fool with somebody who may very well turn out to be the dreaded "litigious nutcase of the week"... Anyway, if somebody has nutcase experience with Cap One, I'd like to hear about it irrespective of how it turned out.

Doc

 

Doc,

I'm mailing it to Capital One on Monday. I'll keep you posted, they did change me to R-5 rating which shows 120+ days past due vs charge-off and with a zero balance, however I want R-1.

 

Ok, I need help here. I keep seeing paid R5 as a rating for settlements with Cap1.

am I drunk, or isn't a 5 a currently delinquent rating ???

Meaning, the software will pick it up as a trade line that's still late... How can a paid in full (or settled in full) account be currently late?

There were problems like this with Sallie Mae. If you were ever late, you kept a late rating even after the account was paid on time and even after it was paid in full. and how can an account that's paid in full be late? and if it's reported like that, don't you get punished like it's a currently late account as long as the line is on the report (and not just for the 24 mos hit it normally would give)?

I've been late before, and when the line is paid up (still open account) the rating changes to R1, so then the delinquent history falls into the past the further I get from the screwup... but this other seems different, and worse.

anyone???
anyone???

 

This defies logic!!!!!!!! If it's paid in full, then how now brown cow can it be currently late???

Honestly, I think that's a fcra violation. and you paid it in full, it's not a settlement, right??? you gave them everything... not a percentage.

 

Christi:

I've got to vent on this one. In a month I'd dispute the late directly with cap1, and I'd send it certified.

Dear sirs: I am disturbed by my current credit rating with your firm. I am NOT currently 120 days past due. In fact, I owe you nothing. the account is paid in full. Please correct my account to reflect its current R1 status with all bureaus.

wait 30 days, in the middle, pull a credit report. any dispute notaton directly from Cap1? if not, you've got them.

then sue Cap1 and use David as atty of record. Your account is old and I'm sure they never sent you an arbitration agreement. regardless, you can still sue in magistrate, i think; and I like Cap1, but this is unfair.

I truly think the R5 permanent status hurts you more in the long run. It'll never drop out of the 24 month period so it'll hurt til the line disappears... just my opinion... no Fair Isaac confirmation (yet)

 

I see the difference here. It was yesterday showing as charge-off zero balance. Today it says 120+ days late. Supposedly per Capital One and the Equifax attorney an R-5 is better than an R-9 which it was.

Doc ...yes I paid them $1532 & $932 for a $250 & $400 credit limit card/s. I did NOT pay a settled amout because they would leave it R-9 with that. I paid the full damn bill late fees etc etc.

Marie,

I will dispute in a few weeks and see what transpires. This only remains on Equifax though, EX & TU deleted the whole tradeline.

 

well I agree a r5 is better than an r9. that's not in dispute.

My point is this: an r5 is CURRENTLY late. a paid account is not currently anything...

it is currently paid, but under the account history they could put a date and notation with the 120 day late...

there's the difference I'm wondering about. If the derog is embedded in the history, it will age. If it's the current status, I don't think it will. I think with it this way, in 25 mos you still look 120 late now, so until it drops you're screwed. What's the drop date on the account? the first day of the delinquency, or are they using the paid date?????

Since you have access to David and Equifax's atty, can we ask them that. I think it will show you as always being 120 late from now on, and that's definitely not accurate.

 

I will ask EQ attorney tomorrow when we talk again, we are hashing the settlement.

 

well at least with equifax you get real scores. get your score and ask the codes. the codes tell you what's screwing with the score. If you're getting "recent derog" stuff then you're getting hit.

You'll know it if you see it.

 

Here are the reason codes:

First Reason Code: 40 Your first reason code is 40, â??Derogatory public record or collection filedâ?. This is the single most important factor affecting your score. I have the remaining paid collection accounts.

Second Reason Code: 14 Your second reason code is 14, â??Length of time accounts have been establishedâ?. This is the second most important factor affecting your score. ...self explanatory

Third Reason Code: 10 Your third reason code is 10, â??Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too highâ?. I'm needing to get off the AU accounts, they are close to credit lines. Mine are showing -0- balances, not yet reported as closed, but my ratio will be like $24799 CL with $4949 used when everything new reports.

Fourth Reason Code: 20 Your fourth reason code is 20, â??Time since derogatory public record or collection is too shortâ?. Could this be it???

 

the first and the fourth codes are dinging you nicely...

so what they're saying is your collection accounts are within the last 24 mos... I thought they all were older