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pkat1

Defaulted on Secured CC - Where is Deposit?

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So, I defaulted on a secured credit card (It's a CAP1 but was some other company back when I first got it) at the end of 2013.  Stupid I know.  I'm in the process of cleaning up my credit and this is my next one to tackle. 

 

I want to say the deposit was $300 as was the CL.  The balance is now at $499 (because of fees, interest, etc.)

 

Acct is charged off, but not in collections so it's the OC that's reporting to my CR.  They have not sent me any letters for quite some time (probably since early 2014)

 

I want to DV them to find out what happened to the deposit and perhaps make a settlement for the difference.

 

I've had success when dealing with CA's but I know things work different when it's the OC so I'm not sure how to go about this without screwing things up.  Should I dispute with CRA's or should I DV the OC?

 

This is how it shows up on my CR

 

                            TransUnion         Experian              Equifax

  Account #:         xxxxxxxxxxxxx*   xxxxxxxxxxxx****   xxxxxxxxxxx****

  Condition:         Derogatory         Derogatory            Derogatory

  Balance:                  $499                 $499                     $499

  Type:                 Credit Card          Credit Card         

  Pay Status:        Collection/Chargeoff      Collection/Chargeoff      Collection/Chargeoff

 

Any insight would be greatly appreciated! 

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Here's a case where its probably best to call Crap 1 directly.  In theory, you owe them $199.  Ask...

 

Don't agree to anything over the phone unless you're absolutely sure you know what's going on.  Probably the best you can hope for is "Paid in full" on your reports.

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I'm going to do some research and see if I can find where I originally paid the deposit.  I'm not 100% sure that I actually did, but I'm pretty sure.  It was Orchard Banik at the time and from everything I've found, they required at least a $200 deposit plus some other fees.  Either processing and/or annual fee.  Really wish I was better at keeping records. :/

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I haven't been able to locate where I made my deposit and the bank requires $20/hr to research.  I called the number that came up when I tried to log in to my account and it is for a collection agency.  

 

I'm going to start by disputing the information with the CRA (before a CA shows up on my report) and tell them that the amount is incorrect as there was a security deposit that should have been applied to the balance.  

 

I guess my next step is to wait and see how/if they respond.   

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When you called the number, did  you get the name of the CA?  If it's not being reported by a CA, then it may either be in Cap1's in house collection department, or it's been assigned to a CA who is, for what ever reason, not reporting it yet.  Either of those and you may still be able to keep it off of your credit report. It sounds like the DOLA isn't even 18 months yet, so you're going to want to approach anything about this debt carefully.

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Collection agency name is ARS.  I know that I owe the debt, and I intend to deal with it, I just need a quick increase to my score because I am trying to replace my car.  

 

Date of last payment is 8/2013 although date reported is 4/2015.  

 

I did find where I rec'd a letter from a collection agency last year, but didn't DV it. :(

 

I have the letters ready to go to the CRA's but not trying to figure out if that's my best option.  This will be my first time disputing and OC, but I legitimately feel that there is $300 out there that should be applied to the account.  May have to pony up an pay the $20/hr to the bank to search.  

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