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Looking Advice for old Capital One charge off


boxingurl
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Capital one was my very first credit card and admittedly I charged much more on this card than I ever should have. I tried and tried to reduce the balance and then finally realized several months into owning the card that the company was charging high interest. What I agreed to was the 0% APR for 12 months that they offered me but their representatives said I'd have to have that original offer paper for them to change it and refund the interest I'd already paid. I had no clue where the original offer slip was, I was thinking who keeps junk offer slips, this should all be listed in the documents on their site. Time went on and the account closed it was a little over $600 owed. It ballooned to over 2k even after being closed and somehow is now listed at 1,800ish (not sure why it went down). They also listed this account closed with a date months after I could no longer access my account (a period in which I believe they nearly doubled all cc interest rates with some paying as much as 23%)

 

I have filed a dispute about the original terms being violated. I'm fairly certain the amounts I paid in the 12 month period where I should have had 0% APR more than cover what I charged. With no interest this would have been paid off and after dealing with their customer service I most definitely would have, and did try to, close the account. They wouldn't allow me to close it without paying it off.

 

Has anyone else got the old bait n switch from Capital One?

 

Anyone have an idea of what I should expect from filing a dispute against them considering I have no paperwork showing their original offer?

 

Any advice dealing with this type of company is appreciated.

 

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You can expect that this will remain on your credit report until the end of the reporting period no matter what disputes you file.  Cap1 has a hard line policy of not doing good will, pay for delete, or any other removal of accurate trade lines.  They also sue quite often so if the SOL is still alive you could be inviting litigation.

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It's due to be removed in about 2 years and the PA sol is listed at 4 years from what I can find. The account has been closed by their record for a little over 5 years so I'm hoping its already run out. The only reason I tried is because I'm cleaning up my credit and its like other debts you might say, "Okay I messed up there" but with this debt I truly felt taken advantage of. They have had on and off class action suits against them for years. I was sent something at least once saying I likely fall into that class but I never heard anything about it after that.

 

Anyways thanks for the honest answer.

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I have another question regarding this charge off. Is anyone familiar with the SRCA and does it have any relevance to disputing credit report info?

 

I incurred the biggest portion of debt prior to active duty and was charged interest above 6%, which is 6% higher than I should have had anyways. To my knowledge the company was informed of this through deferral requests sent by my recruiter and they made no efforts to respond or comply. I called them after returning home and informed them of the situation, where I had been, why I hadn't addressed the interest problem months earlier, and the representative knew this was something their company should comply with. Their site even has a full section devoted to SRCA which states even if the company is told after the fact they must back date and refund interest amounts above 6% and cannot raise the rate beyond what it originally was or extend the time of repayment after active duty in efforts to recoup what was lost during active duty periods.

 

Would an SRCA violation have any importance outside of litigation type efforts?

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For the SCRA benefit, you would have had to request it.  If you didn't request it, that is now water under the bridge.

 

There have been some recent successes with Cap One through their EO, especially on accts that old.  With a PIF offer, you might get a PFD from the EO.

 

You never know unless you try.

 

BTW, Cap One has always had very high interest rates. 

 

Lessons learned.

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It's due to be removed in about 2 years and the PA sol is listed at 4 years from what I can find. The account has been closed by their record for a little over 5 years so I'm hoping its already run out. The only reason I tried is because I'm cleaning up my credit and its like other debts you might say, "Okay I messed up there" but with this debt I truly felt taken advantage of. They have had on and off class action suits against them for years. I was sent something at least once saying I likely fall into that class but I never heard anything about it after that.

 

Anyways thanks for the honest answer.

 

Don't expect them to honor this.  They sued me for an old cc debt that was out of SOL and were banking on me being a no show and winning by default (and they would have and then I would have had to try and get a judgement removed).  If you are served a notice to appear, MAKE SURE you go to that court hearing and point out to the judge that the SOL has passed.   When I did, the judge asked the attorney if it was true and he lied and said he would have to review the file and see and the judge reset the court date.  When we returned again and were both called up to the judge, Cap1's attorney told the judge that they had decided to withdraw the case and everything was tossed.

It STILL remained on my credit report until the 7 years were up (only about 6 more more months were left) even after I tried disputing it, they would still validate.

 

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