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Capital One Charge-Off


mtsooner
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I've got a couple of questions. I'm a newbie, but reading many of the posts about Capital One on here, I understand they are hard to work with.

If you know your credit limit was originally like $300 and on your credit report they are showing a credit limit of $866....isn't this fraud since you didn't agree to anything?!

They are also showing I owe over $1400 on this account, although as of last activity the balance was appx. $350....this seems like a majorly sever jump.

If the account is a closed account, how can they still be reporting it with current records as recently as November 2005? Isn't this fraud as well?

The last time this account had activity was June 2002. The SOL in Oklahoma where I live is I believe 3 years.

Where should I begin guys to get this removed from my CR? It seems from my perspective I have sufficient ammo against Capital One to get them to remove this account, but I wanted to run it by you guys first before I do anything.

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They can still tack on interest charges and fees after the DOLA. For six months, I believe. I am having a similar problem. I wouldn't worry about the fraud of reporting the wrong limit. That doesn't hurt you. It is a point to possibly dispute on, though. Also, the account is not closed. It is charged off or at least it should be. If they are reporting it as current, then they have likely reaged your account, which is illegal. The SOL does not pertain to credit reports, it pertains to actual debt collection, so that won't help you. If, in fact, the last activity was in 2002, then you are looking at 2009 before it comes off of your report.

What you need to do is start building a paper trail. Dispute with the CRAs, then try for debt validation with capital one. I think that because they are the original creditor, they likely will not respond to debt validation (they are not technically required to), but it will produce more paperwork to give to your attorney. IF your state allows you to tape phone calls, get a recorder for your phone. Other than that, there really isn't anything you can do until you have the right paperwork in hand.

In other words, you will have to force capital one to remove their entry. The only way to do this is to sue them (or threaten to) for the various credit law violations that they have committed. The only way you can do THAT is by building the paperwork that you need to prove that they broke those laws. It is a very frustrating process, but it will be worth it in the end.

I can't tell you what you should do about this, but I can tell you what you shouldn't do. You shouldn't talk to them at any time for any reason unless you tape the conversation. You shouldn't start threatening to sue until you have an almost open and shut case. You shouldn't start hammering the bureaus with disputes because they will start to classify them as being frivolous. Basically, read everything that you can here in these forums and build a nice case for yourself so that you CAN force them into submission.

I hope this helps.

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If you know your credit limit was originally like $300 and on your credit report they are showing a credit limit of $866....isn't this fraud since you didn't agree to anything?!

It's in your cardholder agreement.

They are also showing I owe over $1400 on this account, although as of last activity the balance was appx. $350....this seems like a majorly sever jump.

It's now 2005. That's 36 months of interest at the default APR. Again, it's in your cardholder agreement.

If the account is a closed account, how can they still be reporting it with current records as recently as November 2005? Isn't this fraud as well?

No, it's not "fraud". They are reporting the current status of the debt. Negative information cannot remain for more than 7 years (7 years +180 days for charge offs).

The last time this account had activity was June 2002. The SOL in Oklahoma where I live is I believe 3 years.

SOL is a defense, not something you go after them with. They can still sue you.

Where should I begin guys to get this removed from my CR? It seems from my perspective I have sufficient ammo against Capital One to get them to remove this account, but I wanted to run it by you guys first before I do anything.

You have no "ammo" against Cap1. You agreed to the terms and conditions of the cardholder agreement. They didn't pull the rug out from under you, you stopped paying on the card. Correct?

Your best bet would be to consider a settlement where they agree to stop reporting to the CRA's. The CRA's may have pressured their subscribers (threaten them) into not agreeing to change information reported, but they cannot control them not responding to a dispute.

So.... once paid off, your business relationship with Cap1 is over - that means they can cease "maintaining" a file on you - that's how I would approach it.

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