Capitol1 (aka Northland group) offer

[Anonymous]

Recieved a collection offer from northland group for pyment of $75 month. when paid in full they will mark the account as "satisfied and closed" .  they will still be charging interest......  I have read so many neg things about Capitol one I am concerned..........

QUESTION#1  Satisfied and closed comments, are they still negative on CR?

QUESTION#2  This account is in collections.  Orig amt 3072 now is up to 6975 ahould I go ahead and make the payments they offered?  Can I negotiate?

QUESTION#3     Date of removal from CR is 7/2008 or does that start all over agin since they have moved it to Northland Group?

[Anonymous]

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hopeless wrote:

Recieved a collection offer from northland group for pyment of $75 month. when paid in full they will mark the account as "satisfied and closed" .  they will still be charging interest......  I have read so many neg things about Capitol one I am concerned..........

QUESTION#1  Satisfied and closed comments, are they still negative on CR?

QUESTION#2  This account is in collections.  Orig amt 3072 now is up to 6975 ahould I go ahead and make the payments they offered?  Can I negotiate?

QUESTION#3     Date of removal from CR is 7/2008 or does that start all over agin since they have moved it to Northland Group?

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#1 Yes, because it is a collection. As far as score goes......probably wont help.....during manual 

     review it will. But if fall off date is 07/2008, then @75/month it wont even be on the reports no more.

#2 Yes you can negotiate.

#3  No, it doesn't start all over again.

Read this thread about SOL though,

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

[modernsurrender]

Is this is an actual collection  being reported on your CR by the CA or is it a Charge Off being reported on your CR by Cap1.

If it's a charge off, paying it will most likely lower your utl and increase your score because Cap1 is notorious for reporting balances on charge offs in a manner that inflates your UTL and kills your scores.

If it's scheduled to come off this summer, I'd be tempted to not pay it because that's an incredible amount just for interest as it is, and technically if it's past SOL they're not supposed to be able to Win a lawsuit against you so long as you show up.

But that's just me... and that's also because it's Cap1 and I'm bitter that my 300 card turned into a 1100 (and growing debt) that's giving me 367% util on my TU report (which should drop some once my Orchard card starts reporting since I'll actually have a revolving credit line again lol, and hopefully I'll get my BofA soon as well).