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Has anyone heard of this from Capital One?


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Hello everyone.

Here is a brief summation of my situation.

I had an account with Cap1. The total outstanding balance was $1436 (over half of the balance is late fees, penalties, etc.) The principal balance was $556.45. They agreed, after numerous attempts, to settle with me for $735! (My persistence did pay off afterall, thanks to this forum. :D) After speaking with an executive for Cap1 today, he told me that upon receipt of my payment, my account would be rated as an "R9" with a status of "Settlement-Paid in full." I asked would my account reflect a zero balance on my credit profile and he said, "no" the residual balance would be reflected, however, the account would be paid in full. He also stated after receiving my payment they would not collect on the remaining balance.

My question is this, will the reporting of the above information drop my fico scores? I am going to be getting a home loan in two months which is the amount of time it will take for this account to be paid.

Any information would be greatly appreciated.

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