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Capital one pay for delete???


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I have two charge off accounts with Capital one. The date of first deliquency on one is from 2002 and the other is 2003. The cards originally had a $1000 credit limit. However with interest, late fees, and who knows what other charges they have added, the balance on one is over $3000 and the other is over $2000.

Those are the two main black marks on my credit right now. Capital one still owes them. I disputed them both with all three credit companies and they came back verified and Capital one updated the date of last activity.

So now i'm at a loss of what to do to get rid of them on my report. Has anyone tried to work out a pay for delete agreement with Capital one and had any luck with it?

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I have two charge off accounts with Capital one. The date of first deliquency on one is from 2002 and the other is 2003. The cards originally had a $1000 credit limit. However with interest, late fees, and who knows what other charges they have added, the balance on one is over $3000 and the other is over $2000.

Those are the two main black marks on my credit right now. Capital one still owes them. I disputed them both with all three credit companies and they came back verified and Capital one updated the date of last activity.

So now i'm at a loss of what to do to get rid of them on my report. Has anyone tried to work out a pay for delete agreement with Capital one and had any luck with it?

I have. They won't.

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Goodwill to the CEO worked for me.

On a charge off account? If you have the info of who you sent it to and the letter you sent them, would you mind sharing that info? I won't use your letter, I just want an idea of what to say. It's worth a shot to see what they can do. Thanks.

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In addition, by disputing to the CRAs, you probably have set in motion a lawsuit since the SOLC is coming up on your accounts. Cap1 is sue happy. Are you being dunned for these yet?

I haven't seen anything as of yet, but i'm expecting something from them in the next few months. Unfortunatly I started working on my credit before I found these boards. So I disputed Capital one, not knowing about waking the sleeping giant.

After I joined these boards and have read about how sue happy Capital one is, I should have just let them sleep on my credit till the SOL expired. Now all I can do is wait. I do have legal care as a benefit of my job, so when the time comes i'll make sure to use them to respond to Capital one.

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Date of Last Activity is not the issue. It will come off your report on the 7th year of the Date of First Major Delinquency

It's 7 years and 180 days from the date of first delinquency. It doesn't matter whether it's a major or minor delinquency.

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Crap1 give no love to CO accounts. The good thing is that they aren't hurting as much anymore.

Crap 1 hurts each and every month because they reopen the account, add interest, and charge off the account with a new balance each month. This creates a new chargeoff each month--horrible for your FICO.

Everyone on here says that a charge off is an accounting event as opposed to a legal one. As a CPA, I agree with that.

But if we assume that a charge off is an accounting event, then we shouldn't we assume that generally accepted accounting principles apply? Under GAAP, companies are required to estimate their bad debts each time they report in comformity with GAAP. This means that when an account is charged off, it is not charged to profit and loss; rather, it is charged against an asset account and has no effect on the financial statements.

Also, GAAP does not allow an account to be reinstated for the sole purpose of adding interest and fees and then recharging off the account.

So my question to the lawyers here is: Is this truly an accounting issue, a legal issue, or a hybrid of both?

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Crap 1 hurts each and every month because they reopen the account, add interest, and charge off the account with a new balance each month. This creates a new chargeoff each month--horrible for your FICO.

Everyone on here says that a charge off is an accounting event as opposed to a legal one. As a CPA, I agree with that.

But if we assume that a charge off is an accounting event, then we shouldn't we assume that generally accepted accounting principles apply? Under GAAP, companies are required to estimate their bad debts each time they report in comformity with GAAP. This means that when an account is charged off, it is not charged to profit and loss; rather, it is charged against an asset account and has no effect on the financial statements.

Also, GAAP does not allow an account to be reinstated for the sole purpose of adding interest and fees and then recharging off the account.

So my question to the lawyers here is: Is this truly an accounting issue, a legal issue, or a hybrid of both?

I think what Crap1 does is report it as a Charge-off one time, then report Collection Account monthly. From what I understand, CO could mean Charge-off or Collection if you look at the "legends". Anyone know for sure?

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