mikefl Posted October 17, 2010 Report Share Posted October 17, 2010 I just received a letter from CapitalOne in regards to a credit card account. The letter is directly from CapitalOne and not a third party. They say I owe them $1,xxx (little over a thousand) and so far this year they have charged me $118.90 in interest and are charging me 28.100% on a balance of $646.28. This account is listed on all 3 bureaus (I just pulled an up to date report) and the bureaus show the account was opened on 11/2003 and a payment status of "charged off or collection" and comments are "closed due to inactivity" or "credit card cancelled by credit grantor". What I want to do is address this issue in a way that will benefit me the most (as far as my credit score, etc). Should I just start paying off the account but also write them a letter and get something out of them (like send them a payment and say by cashing the check they are agreeing to blah blah blah)? Then again doesn't this thing reach the statue of limitations next month, it will be 7 years old should I even bother doing anything with it at all? My ultimate goal here is it to do what would benefit my credit score the most. I'm not too concerned about CapitalOne as they are doing well for themselves and besides they have already made my credit miserable for the last couple years.I appreciate any advice. Thank you.-Mike Link to comment Share on other sites More sharing options...
Flyingifr Posted October 17, 2010 Report Share Posted October 17, 2010 SOL is from the last payment, not when they opened the account. Link to comment Share on other sites More sharing options...
mikefl Posted October 17, 2010 Author Report Share Posted October 17, 2010 SOL is from the last payment, not when they opened the account.Good point! I did the research, looked at a full credit report from earlier this year and it looks like the last payment made is showing up as 11/2006.-Mike Link to comment Share on other sites More sharing options...
Flyingifr Posted October 17, 2010 Report Share Posted October 17, 2010 SOL in revolving accounts in NJ is 6 years from last payment, so this matter is well within SOL. Link to comment Share on other sites More sharing options...
mikefl Posted October 17, 2010 Author Report Share Posted October 17, 2010 SOL in revolving accounts in NJ is 6 years from last payment, so this matter is well within SOL.Thanks, I didn't know that. However, according to the credit report this account is only going to be removed from my credit report on 2013. I would like the benefit of having this addressed sooner, what options do you recommend I take?-Mike Link to comment Share on other sites More sharing options...
willingtocope Posted October 17, 2010 Report Share Posted October 17, 2010 SOL is different from "reporting period"...Do some reading...The best outcome you can expect from Crap 1 is pay the account in full with one payment. Your CRs will still show the negatives, but it won't get any worse. Nothing you can do will make it go away... Link to comment Share on other sites More sharing options...
mikefl Posted October 17, 2010 Author Report Share Posted October 17, 2010 SOL is different from "reporting period"...Do some reading...The best outcome you can expect from Crap 1 is pay the account in full with one payment. Your CRs will still show the negatives, but it won't get any worse. Nothing you can do will make it go away...Well can't I make a commitment to them to start paying the account in return for removal of negative information on my credit report? I would be making various installments to pay it off within a couple months hopefully.-Mike Link to comment Share on other sites More sharing options...
willingtocope Posted October 17, 2010 Report Share Posted October 17, 2010 You can always call (ask for their "hardship" department) but the general experience on the board here is that Crap 1 doesn't remove negatives. Link to comment Share on other sites More sharing options...
mikefl Posted October 17, 2010 Author Report Share Posted October 17, 2010 You can always call (ask for their "hardship" department) but the general experience on the board here is that Crap 1 doesn't remove negatives.In that case it seems I might be better off not paying it and just letting it age until it comes off the charts. -Mike Link to comment Share on other sites More sharing options...
willingtocope Posted October 17, 2010 Report Share Posted October 17, 2010 Well, you can take your chances, but they'll probably sue first... Link to comment Share on other sites More sharing options...
mikefl Posted October 18, 2010 Author Report Share Posted October 18, 2010 Anything you recommend I say when I talk to them?-Mike Link to comment Share on other sites More sharing options...
mikefl Posted June 14, 2011 Author Report Share Posted June 14, 2011 Ok so I decided to pay Capital One in full. Basically on my credit report they were reporting a credit limit on this account of $300 yet my balance with them was 4 times that amount (I believe in accumulated late fees/interest). I paid these scum bags the amount in full, when I called Capital One Solutions (they had sent me the bill), they transferred me to a collection agency by the name of ARS National which I guess handles the account for them. I advised them that after paying the account I want my credit report updated asap, etc. They told me they would forward the info to Capital One and they also faxed me a letter stating that I paid it in full. This took place at the beginning of April, I use a credit monitoring service and get updated credit reports every month, they never updated my credit report at all with any of the bureaus. What can I do to force them to do their job and update my credit bureau info and can I sue them under the FCRA?-Mike Link to comment Share on other sites More sharing options...
antiquedave Posted June 14, 2011 Report Share Posted June 14, 2011 Sounds like another one of those bait and switch scams that Cap 1 llikes so much, offer a solution (not) to get you to call in order to send your call to a 3rd party collector,misleading and deceptive Link to comment Share on other sites More sharing options...
1stStep Posted June 14, 2011 Report Share Posted June 14, 2011 Generally it should take about 1 month to update your CR. You can sue under the FCRA if they report anything inaccurately, however, you need to build a paper trail first. Link to comment Share on other sites More sharing options...
Recommended Posts