Thanks in advance for the help. I’ve been helping my family (and myself) rebuild credit for the past 4 months. In that time I’ve gone from $ 2000 in available credit to $ 16000 and am consistently seeing score increases. I decided to see how my brother was doing and got dropped with this bombshell. He currently has two Cap One cares one with a 2k limit and the other with a 2.5k limit and he is currently maxed on both (2221 and 2752). Apparently his job cut back on business and he’s has been struggling for the past 6 months (late payment fees asses each month) but hasn’t made a payment for the past three months on either card because of the paralyzingly feeling that comes with debt (we have all been there). He needs to make $ 237 and $ 399 on the two cards by Feb 9 to bring the accounts current. Now. I am in the position to help make these payments so he doesn’t get them charged off and truly eff up his credit for the next 7 years. My questions to all are these.
1) Has anyone had major success getting late fees removed or reduced from capital one via chat when explains circumstances? Had success with BOA years ago but unsure with CapOne.
2) I’m thinking that we can keep the cards current for three months and get some score increases potentially when utitilization is brought to 75% or less for those three months. Would it do well to apply for two new accounts and not use them so we can decrease overall utilization quickly. Let those report for three months and then get a 0% balance transfer card and get these balances off Capone and pay down over the year? He’s incurring 80+ a month in interest fees. Any help is certainly appreciated.