How To Settle Capital One Judgment Against Me?

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neptunejcw
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How To Settle Capital One Judgment Against Me?

Postby neptunejcw » Thu Mar 07, 2013 2:31 pm

The last baddie on my credit report is a judgement from Capitol One. Its from like 2009. Should I make a settlement offer from this or pay it it full. Im responsible for the judgement it came from when I was laid off. My scores are all between 670-680 which means it's not hurting me that bad but I'm afraid if I apply for a car loan or another credit card that this will stop me from getting 1. The total is $1400.


s.jessica
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Postby s.jessica » Thu Mar 07, 2013 5:33 pm

If you can afford it, always pay the full amount as it looks best that way. Also, there's nothing more they can try to collect because it's all been paid.

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Postby Preferred Member » Fri Mar 08, 2013 9:06 am

A few years ago I settled with Capital One. It took me about 1 full year after that to start all over with new cards one by one by one. Capital One was the first credit card offered to me after the settlement. Now I have excellent credit and a pretty good choice of cards. Settle it however you can. They just want your business again.
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neptunejcw
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Postby neptunejcw » Fri Mar 08, 2013 4:11 pm

Does the judgment still remain on your credit even though you settled ? After settling it what steps did you take & did that being settled raise your score?

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Postby rossmo » Mon Mar 11, 2013 9:38 am

The judgement (a charge-off) will remain on your credit report for 5 years, even if you settle with them (it's still a charge off).

When you are settling with them, try to do a "pay for delete" which means you pay the full amount and they delete the judgement from your credit report entirely! Not all companies do this but be persistant and if they agree, make sure you get it in writing that they will delete the judgement from your CR. Also, pay them with a check (send via certified mail), and on the check, write something along the lines of, "by depositing this check you agree to the terms of a a pay for delete..."

Do a google search for some more detail around this. Good Luck!
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Postby namvet » Mon Mar 11, 2013 5:11 pm

Not much you can do but wait! Time and patience is key!

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Postby Preferred Member » Tue Mar 12, 2013 7:27 am

neptunejcw wrote:Does the judgment still remain on your credit even though you settled ? After settling it what steps did you take & did that being settled raise your score?


The report that I ran last summer still showed the Capital One judgement on it and I still managed to get other cards.

Also, a friend of mine filed for bankruptcy (crediti card debt of 40,000+) last year and he already has a Capital One card and is rebuilding his credit today.

Like I said before, pay it off how ever you can with whatever you can afford. Like others mentioned here, it's still going to be on your report. They just want your business back.
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Postby Calipso » Tue Mar 12, 2013 4:54 pm

2009 and it's now 2013. almost 4 years.

What is the statute of limitations in your state for negatives? I had to wait 7 years for one baddie to drop here in MA.

Sometimes even if you pay it in full, they won't delete it. So sometimes it's just as well to not pay it. Not advocating screwing a company.....I'm just saying you need to do what is best for your credit and finances long term.
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Postby neptunejcw » Tue Mar 12, 2013 5:56 pm

Thanks for all the advice. At the end of the day its gone be there from the way it looks, so in 2 weeks I'll just call & make a settlement offer. No use of paying in full when its still gone be there

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Postby Sevenfeet » Tue Mar 12, 2013 6:34 pm

Typically 7 years. I had a baddie on mine from 2001 and I didn't app again until 2008 when it dropped off.
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