Capital One

I have two charge off accounts from Capital One from when I was naive and irresponsible, two months ago I decided to take control of my credit and to my advantage I found this forum, I've done lots of reading and a couple of postings, so no more around the bushes here I go:
1. Cap 1 paid charge off - last activity 06/96
2. Cap 1 charged off - last activity 11/98 Bal. $1800 past due

I've disputed the accounts with the CRA and they have come back as verified. I'm not too concerned about the first one 'cause it is about to fall off but anyways I sent a validation letter to Cap. 1 and they sent me copies of the last three bills from the 2nd account and a copy of the acceptance certificate reference the 1st account and in their letter they state reference the 2nd account:

" Please be advised that this account was opened as a reaffirmed balance from a previous Capital One Account. For this reason, we do not have a hard copy of an application to send to you."

What's next ? Need guidance.............I've heard so many horror stories about Cap 1

Thanks

The standard method of dealing with these things is to offer to settle the matter with the creditor in exchange for deletion. You need to make sure that the deletion thing is spelled out and agreed to by all parties.

Some creditors will not agree to the deletion thing. They'll want to put it as paid collection or settled for less than the full amount owing. Such notations should be considered totally unacceptable. No one wants to fork over $1,800 to find out that their credit has been further ruined for the next 5 years.

In general charge off debts can be settled for 40 to 60 cents on the dollar. Various negotiating tactics have varying degrees of success. How much is the total amount that Cap 1 claims you owe? $1,800?

I'm in Florida where the SOL is 4 years, why would I settle ? Also can they report a balance on a charge off account?

Shylock is correct with the settle for deletion as normally the only option, BUT I can tell you Cap1 absolutely will not agree to this. We have talked about this extensively in other forums and the only person who was able to get them to aggree to an R1 rating had to pay in full. They will not do it otherwise. Good luck.
Q

The next question would be, to "pay in full", does that mean all of the interest added to the account after it's been charged-off, or what the balance on the account was when it was charged-off?

I presently have 2 CapOne charge off's - charge-off amounts of $800, four years ago that are presently being reported as "past due current balances" of $1300.

I believe Full payment is full payment. It is a negotiation point though.

I think there is a couple of things to think about here... the main one is how much time do you have on your hands? These are obviously past the SOL so are uncollectable if you were to be sued over it... that is if all the debt was accumulated in FL. If outside FL, then it could go by other states with longer SOLs but I'm not the one to advise on that and is a whole other thread. Why do you want this cleared off now? Are you trying to get a mortgage and need it paid or settled right away? Do you have time to wait the 3 more years for it to fall off your reports? Do you have the time it may take to effectivly settle this? You could settle for less than full and take a huge hit on your credit score, makes no sense unless you need this paid for like NOW for some reason... since it is past sol you could use that little fact to settle for deletion but the negotiating time takes quite a bit of time and often not getting the answers you want... do you get my drift on this? Sorry to ramble... bottom line of what I'm saying here is if you have no need to get this paid for other than for peace of mind, save your money and just wait for it to fall off. Paying it will destroy your credit in the immediate future and will extend the negativity for another 5-7 years from payment.
Q

"Paying it will destroy your credit in the immediate future and will extend the negativity for another 5-7 years from payment."

That would be a violation of the FCRA.

I would dispute the amount owed, based on the interest charges after the charge-off. But I would only bother with it if it absolutely had to be deleted. And as old as the accounts are, why bother?

I'm pretty much done dealing with Capital One - I don't have the patience to put up with those morons.

I've researched the INTEREST after charge-off issue:

Capital One - exempt from FCRA and Truth in Lending Act? (http://forum.creditcourt.com/discus/messages/346/346.html)

There's Capital One and Amerix, fka Genus Credit Management (collectors in disguise) (http://forum.creditcourt.com/discus/messages/180/180.html)

And there's the MUST read Announcement to creditors and collectors - rev. 9-1-2002 (inquiries) (http://www.bayhouse.com/credit-forum/showthread.php?s=&threadid=496) with more links to Cap One issues.

I can't wait to see what James McAfee, Senior VP and General Counsel for the Federal Reserve Bank of Richmond comes up with, as of 11/21 he intended to complete his review "without unavoidable delay."

My questions to the Federal Reserve Bank of Richmond about Capital One's many bizarre business and credit reporting practices (http://forum.creditcourt.com/discus/messages/18/583.html)

Here is what I am doing with my charged off Capital One account....

Back when I closed on my Mortgage in October my lender made me pay them off at closing.

I had contacted them prior to this and the best I could do was get them to agree in writing to settle the $1300.00 debt for $700.00 and get them to notate the account as settled and balance owed as 0. This was given to me in writing. I then went and sent them a check to at the very least pay them off before closing.

I noticed that the following month they reported the payment I made but the balance still said $600.00 owed and no mention that the account was settled.

I started a CRA dispute telling the CRA to contact Capital One, that this account was paid as agreed and has a zero balance.

The results came back as unchanged???

Based on my letter and cancelled check from them I filed suit against them for violation of FCRA 623 for supplying inaccurate information they know is not correct, as clearly listed in their letter to me.

I will contact them and talk to their lawyer, I will agree to deletion and call it even and drop the suit if they agree.

I will state to their attorney..."Hey I tried to play fair and do everything I promised but your company did not live up to their promise to update this account correctly, even after I contacted a rep by phone., I think it is only fair at this point that since you have been paid in full and I no longer owe you any money and since it is quite obvious you cannot report the account correctly then you need to delete it, otherwise I will go to court with the letter, my correspondence to and from you and the CRAs to undeniably prove my case of Capital One knowingly reporting inaccurate information."


I think only an idiot would pass on this offer for nothing spent out of pocket to defend this case.

What do you think??

BTW, did the same deal with Providian since they are doing the same thing as Capital One.


Tac

Good move. You DO have a great case. Thing is, I'd like to see you get more than deletion, at the very least court costs.

And, I'll be posting some screenshots that will give you some ammo - they really can NOT report correctly no matter what, even AFTER they've been sued.

I know this is an older thread, but I too have had nothing but problems with Cap1. I recently have been pushed over the edge by them and have since created a gripe site dedicated to them. For those of you who have had problems with Cap1 or have strong feelings about them taking jobs from Americans and outsourcing them to India, please go to the web site below. I understand that this forum does not accept spam, and I would like to assure that this is not spam. It is merely a means of letting other potential Cap1 customers know that they may be in for a horrible experience of their own...and I hope that my little site can help steer them clear of this company. Thanks for listening.

Tom

http://www.cap1sucks.com

P.S. Admin, if you have a problem with my post, please let me know so we can discuss if need be. Many thanks! :)

I don't have a problem with your posting at all.

Thing is, the ADVICE you're giving people will hurt them. Closing that account could cost someone the ability to buy a house, or just a few thousand in interest for other cards or cars.

Wished you'd tell people how to CHANGE things!

And then the fact that you link to Bill Bauer - the only credit repair guy so hard up for business that he had to sign up as a 70some year old disabled woman, claiming that Bill saved her from foreclosure.

Bill makes Cap One look good!

Thanks Christine. You're right about the fact that I should inform my site visitors of ways to change things. It's my opinion that Capital One will do more harm than good for most people. Again, that is only my opinion. I just don't want to see people have to go through what I went through. It's been incredibly frustrating to deal with.

Thanks again for your input. I'll work on the site some more and try to get it to a point where it's more user-friendly. :-)

Tom

P.S. As far as Bill Bauer goes, I really don't know him. He helped me get my site optimized for search engine submission. Reciprocal links are very important in that capacity. He has vowed not to do any advertising on my site for his business and I believe him. If that changes for whatever reason, I'll deal with it accordingly.

Capital One is reporting my account as being a "Charge Off" however, I paid the account in full. I have a letter from them stating as such. Capital One will not delete the "charge off" from my credit report. One of the credit reporting agencies deleted the account from my report, but the other 2 will not unless Capital One says its ok to. How do I get this fixed? I've been battling this for 2 years now.

It sounds like you paid Cap One AFTER the account was charged off. If so, quit wasting your time - if they report a 0 balance, it's accurate.

If the account was not charged off, please clarify. It helps to post the reporting from the report.

Originally posted by qofther
Shylock is correct with the settle for deletion as normally the only option, BUT I can tell you Cap1 absolutely will not agree to this. We have talked about this extensively in other forums and the only person who was able to get them to aggree to an R1 rating had to pay in full. They will not do it otherwise. Good luck.
Q

Mistake 1, I did not get the offer in writing because they said they will not send anything until the account was paid in full. I was late 120 days, owed 698+/- and was given the choice to pay in full in return for deletion of entry, however when I did pay in June of 03 they still have not removed and WILL NOT remove the entry. I have spoken to the CEO secretary and she too refused to remove the entry. What should I do next?

Well, after several and I mean several attempts to get the situation taken care of with Capital One. I have just had a conversation with one of their reps to read the notes in my file. To my total disbelief, he told me that, after I was put on hold, that "...I will be recieving a letter within 24 - 48 hrs stating complete deletion of this tradeline on my credit file..." Even better I have in on tape!

I will be updating you to let you know if I really get it and what steps I took in order to get this resolved.

Thank you for what you do! You are great!

Thanks, I hope they come through!

For people interested in more than credit repair, please check the CreditCourt topic about my legal efforts. (http://forum.creditcourt.com/discus/messages/18/18.html)

Well....it has been several days, weeks, and hours involved in this game Capital One likes to play. I have filed suit in Cherokee County Magistrate Court against Capital One. I was notified by a private process server in Richmond, VA that Mrs. Crump has been notified and will be served in the morning.

I have lost all communication with Capital One Executive office as they will not take my calls. I am forwarding by fax, every correspondance I have had with the customer service dept. I have several taped conversations and look forward to going to court. It is now not a credit report issue..it is about screwing with people. I am pissed and will see this to the end.

I was advised to also sue Equifax and name Capital One as a co-defendant in Federal Court. I have started this process but was able to contact Equifax's lawyers today. They have been corresponding back with me and I will keep you posted. I sent a demand letter/settlement offer for $10,000 for each of the violations and $4,000 is costs. In Georgia you can sue in Magistrate court for $15,000. The lawyer said he has forwarded my letter to his client, but after I file, he is sure someone will contact me. So now I guess I have to play their game and file..$$$ more money I will get from them. I will keep you posted. The file is quite large to post, but any suggestions and I will make all material available on your site.

Wow - so you didn't get the promised deletion letter?


It would be great if you posted it over at CreditCourt and I recently moved the Cap One thread to the public posting area

Updated 9/1/04: http://www.fight-back.us/forum/index.php?showtopic=97

If you want to post a lot of documentation, I can also set up a separate topic for your case and I you can edit your postings there, that always helps.

I'd say start by posting a summary at the Cap One topic, I still have to post a bunch of stuff there too. And then we can take it from there.

Oh, forgot to mention:

It's not "Mrs. Crump" but the law firm of Beverly, Crump and maybe others. I talked to Crump once and he sure sounded like a guy :)

Well, after I posted the last thread, guess what. Equifax's lawyer began talking to me again.

I again stated my intentions and gave a deadline of Weds. 5pm to hear back from him. He told me to do what I needed to do because he was sure he could not meet my FIRST deadline ( weds. 5pm is the new deadline maybe he can meet that) I almost wrote something bad!

Anyway, I will keep you posted. I got the listed agent as Beverly L. Crump. The process server F. Couch said he knew HER very well. who knows. I have yet to hear back from Capital One. Maybe tomorrow.

Thanks for what you do. I will post all my stuff in order to try and help others.

PS I put a CC on the bottom of my letter to Equifax to you, clark howard, ftc, and capital one. That ought to get some attention, or just piss them off.

I did not get the letter to delete as promissed they said no body would make such a claim. But I have it on tape.

Also a correction or clearification. I asked for a total of $10,000 for the violations plus $4,000 in other costs. Not $10,000 for each violation.

I used Couch too, well, maybe you found that here. And it's Beverly L. Crump, McSweeney & Crump. I swear I talked to Mr. Crump!

I remember asking for "her" and then some jokes later about a guy named Beverly by Sassy.

Anyway, it's cool that you cc'd me. Well, Wednesday is tomorrow!

Christine,

I know you are very busy and I am greatful that I found your site and all of the folks who have posted in here. I am not clear about the outcome, but I am going to be relentless in getting to the bottom of this.

Again, I will post the documentations etc. here once I get it all in order.

I did get the Couch contact from this site. The Executive office was also surprised that I had there number and asked how I got it. I simply told them they were not dealing with the typical "consumer" and I had done my research on their violations.

Anyway. I'll keep you posted.

THEY HAVE BEEN SERVED. 10:00 AM FEB 25, 2004

Christine, you were right. Beverly is a guy!

Too funny, did you talk to him?

And it looks like Frank Couch is doing a good job. I found that the individual process servers were a lot more accomodating than big companies, some actually were really insulting.

Am glad to be assisting people with sueing Cap One.

This is not a response to the previous posting, however, something new to me.

I recently was charged for an overlimit fee for cap one. I checked my "available credit" online before making the purchase and was within $15.00 of my available credit shown.

To my surprise, I checked my balance online 2 days later and was over my limit and charged an overlimit fee of $29.00!

Spoke to a Cap One rep who stated that my interest to be charged on my next statement was already added to my account balance, yet was not subtracted from the "available credit". And this is true if you add the amounts provided online (Available credit + Balance = A balance over your credit limit!!!)

I doubt that many people would bother to add the two amounts together to see if they equal your credit limit. I called and complained and they reversed the charge.

I just wonder how many others out there have experienced this and didn't even realize it?

Sam

Sam, can you maybe post that at CreditCourt at http://forum.creditcourt.com/discus/messages/18/18.html?

First impression - that's not legit. BUT, need some more info.

I did post my reply, hope you can find it. If not let me know.

Sam

Yes, found it: http://forum.creditcourt.com/discus/messages/18/3837.html

Really want specific issues like that at CreditCourt so I don't forget about it. Thanks!

Well I recieved a phone call from Capital One's legal department. She told me that she look into the situation and more than likely file an answer against my claim and continue to court. I have to say the phone call caught me off guard. She asked for the credit file where it shows specific dates of AR, however I told her she could easily research her files and find those dates out herself. I did not feel as though I should send her anything. She also claims that Capital One has the right to check credit even though the account was closed, because of the original agreement I signed when I opend the account. I have found several FTC opinions defining when a company can access individual files, and this is not one of those times (my account was closed). She then proceeded to tell me that the PRM and AR inquiries are the same. When I asked her why would they access my account within 5 days of each instance, she did not answer. I told her I guess we will see you in court. I feel strongly that my research is correct. And the FCRA is behind me with facts. Have I misinterpreted the FCRA? I do not think so. I also played her a part of recording where one of their employees told me I would have a letter stating the Cap One tradeline would be erased (of course she was silent) she told me prior that no body would say that.....HA!

"I have to say the phone call caught me off guard."

That's why I use K7 #s on the filings and I don't give out my direct # unless we're seriously talking about settling.

So I call them back when it's convenient for me, the recorder is running, I got the file in front of me and I'm mentally prepared.

I also wouldn't mind providing the evidence for the inquiries, Cap One does settle when all you want is money and deletion, you don't get paid extra for going to court, preparing responses etc.

I will have to say in all honesty, the Capital One legal person I talked to was great. I know they are not your friends, however she was great. My advice is to anyone, is to find the FACTS, pursue what your gut tells you to (and the law) and get busy, it is a long long road to fixing errors.

What was so great?

Not allowed to say

(duplicate)

I guess you settled with a confidentiality agreement, but I hope you didn't sign anything that will prevent you from stating that you settled and that makes you publicize how "great" they are.

:)

Since I became an ID theft victim last week and someone started charging to one of my Capital One accounts, I've been closely monitoring all my credit cards.

Another Cap One account currently has a NO intest special and I couldn't figure out why the amount available was less than the difference between the limit and the balance.

Today I finally got my statement, and now the numbers added up, apparently they deducted the interest from the available amount and then credited it at the closing dates.

Well, that sure was waste of time, I kept checking because I thought the amount available was reduced due to fraudulent authorizations!

Actually I have read, and read , and read, and read... And thats why I finally posted, and in fact I wasn't expecting you to reply as I had read that you are not answring new questions anymore. But I was hoping to get some advice from others that had posted here before.

I realise that you are VERY VERY VERY busy and I thank you for any advice you give.. basically I am looking for advice on the Capital One account.

I did read the link you sent me, this is not the first time I have read that. BUT the two Direct Merchants bank credit cards are still sending monthly statements and they did lower the interest rates down from 26% to 4% because of the credit counceling agency. The monthly statements reflect that and they show the payments being received. And the finance charges have gone down plus they dropped the late fees and over limit fees.

Of course Capital One being the way they are did not approve the credit counceling agency's offer, and then put the card in charge off status. Thanks to your forum here I knew to contact them right away and ask if they had accepted the credit agency's proposal, and thats when I found out they had not.

So I took them off the payments at the credit agency. But I don't understand how having the late payment fees, overlimit fees taken off and interest rate dropped 22% on the other two credit cards is a bad thing when I am getting the monthly statements every month to show this.

I read your post about judgements. And what I read was that they could bring a judgement against her. If at the time they do it she has no assets then nothing will happen. But lets say 4 years down the road (SOL here is 5 years) they do bring judgement and she does have assets, or income. Then she could be stuck paying $16,000 or more because of $100's a month in interest. On the other hand she has no need for a good credit rating.. now or ever. So if she settles now that would make it so no judgement could pop-up 4 years down the road.. and she would only have bad credit rating.

If you decide to reply I appreciate it. if not hopefully someone else does. Thank you for taking your time out of your busy schedule to at least reply to me twice.