Question

Has anyone ever had their capital one credit card “cured”? I called them to set up a payment plan to keep my acct from being charged off because I’ve neglected it while I was unemployed the past few months. She told me as long as I make these 3 $70 payments that it would bring my account down to a zero balance despite it being over the limit by almost $500 and the credit limit being $1500. So the total amount “cured” would be almost $1800. BUT they won’t close my account by doing this like how a settlement would close it. I’m just mind blown by this and trying to figure out why or how this is an option even. Anyone?  

Answer 1

It sounds like a reage to me. They will bring the delinquency down to 0 days past due but it won't reduce the overall amount you owe. I would call back and ask more questions.  

Comments

@sousa60 this is what i was thinking too.  

Answer 2

Some cards have an insurance on them for if you become disabled or unemployed. Maybe this card had it?  

Answer 3

Yes that are Cruel people they don't wanna work with you I had one years ago there had a negative balance try to make a payment plan with them they wouldn't work with me so I get mad and told them to do what they had to. Never wanted to do business with them ever again

Comments

@dominions i never understood this type of action. I understand that people, even myself, fall on hard times but why make that threat? The person calling is doing their job and who knows if they are struggling too but have no options for you based on your situation. Just eat crow (own it) and move on. Happy Thursday  

Answer 4

How many days past due was it? Are you sure it wasn’t already closed, most banks close the card at 60 days and if you were close to charge off I’d be surprised if it wasn’t already closed

Answer 5

Capital One is generally helpful in repairing and rebuilding credit and tend to be one of the easier going credit card companies. I had not been able to pay for 4 months one time and they worked with me and were very helpful and I was able to keep my account open. Target was actually the same way. That being said, I'm not sure if that was "curing" or if it was just due to me being a govt employee after a long shutdown. Regardless call them and ask as many questions as you need to understand the situation fully.  

Answer 6

It may have changed because I haven’t worked there in almost 4 years, but I never once heard of this happening. I would call and speak to another person just to make 100% sure. I had people call daily falling on hard times and they almost always could only get payments deferred for 3 month periods, or no late payments for so long, etc. even account 6+ months past due, Capital One would write off on their end but a collection agency would still own the balance.