I had a Cap One account charged off a few years ago and I'm seeking to clean this up after avoiding it for a while. I've sent a PFD letter to Cap One (which is the only party listing this on my credit reports)...however, I have been contacted in the past by a couple of different CA's attempting to settle it (OSI was one...but I can't remember the other without looking through files). Am I best just do deal with Cap One since they are the only one listing this on my credit reports or would the CA's possibly be able to offer a PFD (something which Cap One apparantly doesn't do often)?
I have sent one PFD letter to Cap 1 and it was a no go. I then sent two PFD letters to the CA that is also listing this account and they just keep ignoring my letters and sending me settlement letters.
Even if settling is the only option available, I will probably take them up on it now as I need to clear this revolving credit from my CR's. According to the score estimator that I got with the Suzie Orman kit, doing this alone would raise my score from about 600 to up around 670 (Personally, I have my doubts it would do this much...but even if I get half that jump, it would be worth it). I also want to avoid the possibility of them filing against me before the SOL expires and desire to put this chapter of my life (when I made many bad credit decisions) behind me.
As far as seeing the bigger picture (ie: protecting your credit so your can get the bigger loans like a mortgage or refinance at the lowest possible interest rates, thereby saving lots of money every month), I would strongly advise you to try and settle up NOW with CapitalOne, so long as you can afford to. Even if you have to, work out a payment plan with this creditor before this goes any further...