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Contributor
dujaidecor
Posts: 80
Registered: ‎06-12-2012
0

Capital One Card

I had a Capital One card that I opened in 2004. Should I just pay it off? Or will it fall off at the end of this year?

 

Status:
Account charged off. $912 written off. $1,753 past due as of Mar 2012.
 
 

Date Opened:
01/2004
Date of Status:
04/2006
Reported Since:
01/2004
Last Reported Date:
03/2012

Type:
Credit card
Terms:
N/A 
Monthly Payment:
$0
Responsibility:
Individual 

Credit Limit:
N/A
High Balance:
$1,819 
Recent Balance:
$1,753
Recent Payment:
$0
 

Creditor's Statement:

Account closed at credit grantor's request.
 
 
Payment history legend
OK
 Current/Terms of agreement met
30
 Account 30 days past due
60
 Account 60 days past due
90
 Account 90 days past due
120
 Account 120 days past due
150
 Account 150 days past due
180
 Account 180 days past due
CRD
 Creditor received deed
FS
 Foreclosure proceedings started
F
 Foreclosed
VS
 Voluntarily surrendered
R
 Repossession
PBC
 Paid by creditor
IC
 Insurance claim
G
 Claim filed with government
D
 Defaulted on contract
C
 Collection
CO
 Charge off
CLS
 Closed
ND
 No data for this time period

Payment History:

2012

MAR

CO
 

FEB

CO
 

JAN

CO
2011

DEC

CO
 

NOV

CO
 

OCT

CO
 

SEP

CO
 

AUG

ND
 

JUL

CO
 

JUN

CO
 

MAY

CO
 

APR

CO
 

MAR

CO
 

FEB

CO
 

JAN

CO
2010

DEC

CO
 

NOV

CO
 

OCT

CO
 

SEP

CO
 

AUG

CO
 

JUL

CO
 

JUN

CO
 

MAY

CO
 

APR

CO
 

MAR

CO
 

FEB

CO
 

JAN

CO
2009

DEC

CO
 

NOV

CO
 

OCT

CO
 

SEP

CO
 

AUG

CO
 

JUL

CO
 

JUN

CO
 

MAY

CO
 

APR

CO
 

MAR

CO
 

FEB

CO
 

JAN

CO
2008

DEC

CO
 

NOV

CO
 

OCT

CO
 

SEP

CO
 

AUG

CO
 

JUL

CO
 

JUN

CO
 

MAY

CO
 

APR

CO
 

MAR

CO
 

FEB

CO
 

JAN

CO
2007

DEC

ND
 

NOV

CO
 

OCT

CO
 

SEP

CO
 

AUG

CO
 

JUL

CO
 

JUN

ND
 

MAY

CO
 

APR

CO
 

MAR

CO
 

FEB

CO
 

JAN

CO
2006

DEC

CO
 

NOV

CO
 

OCT

CO
 

SEP

CO
 

AUG

CO
 

JUL

CO
 

JUN

CO
 

MAY

CO
 

APR

CO
 

MAR

180
 

FEB

150
 

JAN

120
2005

DEC

90
 

NOV

60
 

OCT

30
 

SEP

OK
 

AUG

OK
 
Account History:

Charge Off as of Mar 2012, Feb 2012, Jan 2012, Dec 2011, Nov 2011, Oct 2011, Sep 2011, Jul 2011, Jun 2011, May 2011, Apr 2011, Mar 2011, Feb 2011, Jan 2011, Dec 2010, Nov 2010, Oct 2010, Sep 2010, Aug 2010, Jul 2010, Jun 2010, May 2010, Apr 2010, Mar 2010, Feb 2010, Jan 2010, Dec 2009, Nov 2009, Oct 2009, Sep 2009, Aug 2009, Jul 2009, Jun 2009, May 2009, Apr 2009, Mar 2009, Feb 2009, Jan 2009, Dec 2008, Nov 2008, Oct 2008, Sep 2008, Aug 2008, Jul 2008, Jun 2008, May 2008, Apr 2008, Mar 2008, Feb 2008, Jan 2
180 days past due as of Mar 2006
150 days past due as of Feb 2006
120 days past due as of Jan 2006
90 days past due as of Dec 2005
60 days past due as of Nov 2005
30 days past due as of Oct 2005
 

 


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Capital One Card

damage was done

let it fall

if you pay it off

it's a negative for another 7 years

now if they want to report you as GOOD ALWAYS PAY IN FULL for paying it off

nice to have a 7 year old positive

but for 7 years you had a negative

now it's gonna drop

if you acknowledge the debt or pay it off

you can get stuck 7 more years with it

so if they want 5% PIF with a CLEAN PAYMENT HISTORY for 7 years

pay it off

but it's not likely they will do that

end of year its like its never been there

sure you might get some dunning calls

but you send out certified letters to the dunners that you have no debt with them and any further contact will resut in legal action

the bank took their credit write off with the irs

the bank sold the note for almost nothing

few months it's gone from bureaus unless you claim the debt or pay on it

SO DO NOT PAY OFF unless you have a contract they report it as always good

since the original debtor sold it, they can't offer that, unless the original bank kept the debt which they never do usually

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Contributor
dujaidecor
Posts: 80
Registered: ‎06-12-2012
0

Re: Capital One Card

Thanks for the advice. Is it correct it will dropped off Oct 2012 since that was the first delinquent month? Or will it be more like 2013?


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Capital One Card

it's 7 years from 1st delinquent payment as long as you never made more payments

u might have to notify bureaus though if they keep it past 7 years

so watch for the drop date

then complain to bureaus

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Contributor
dujaidecor
Posts: 80
Registered: ‎06-12-2012
0

Re: Capital One Card

Thank you for the help:smileywink:


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Capital One Card


dujaidecor wrote:

Thanks for the advice. Is it correct it will dropped off Oct 2012 since that was the first delinquent month? Or will it be more like 2013?


What date was it charged off?  It will not drop off in Oct.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Capital One Card

It's illegal for a bureau to report any delinquent CC account past 7 years from the delinquency, CO's are insignificant, it's the first negative payment that triggers 7 years and if the bureaus don't show the drop they will as soon as you complain to them the delinquency is OVER 7 years, so the bureaus will clean it up as soon as you complain

that account is dead 7 years after it goes first delinquency unless you pay on it, that's the trigger, within that account when they charge it off or whatever is insignificant, the law is 7 years on delinquent accounts so october it drops and if not, you certified maill a complaint to all 3 bureaus after you file complaints on line and it will drop fast

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Established Contributor
pipeguy
Posts: 631
Registered: ‎10-31-2011
0

Re: Capital One Card

[ Edited ]

User592954 wrote:

damage was done

let it fall

if you pay it off

it's a negative for another 7 years

now if they want to report you as GOOD ALWAYS PAY IN FULL for paying it off

nice to have a 7 year old positive

but for 7 years you had a negative

now it's gonna drop

if you acknowledge the debt or pay it off

you can get stuck 7 more years with it

so if they want 5% PIF with a CLEAN PAYMENT HISTORY for 7 years

pay it off

but it's not likely they will do that

end of year its like its never been there

sure you might get some dunning calls

but you send out certified letters to the dunners that you have no debt with them and any further contact will result in legal action

the bank took their credit write off with the irs

the bank sold the note for almost nothing

few months it's gone from bureaus unless you claim the debt or pay on it

SO DO NOT PAY OFF unless you have a contract they report it as always good

since the original debtor sold it, they can't offer that, unless the original bank kept the debt which they never do usually

 


Where do I start? There are so many things wrong with this post that with no personal disrespect directed towards the poster, please IGNORE the advice offered above.

 

A negative account can be report for 7+ years from the date of first delinquency, additional payments do NOT change the reporting period.

 

One should always pay whatever debts they create - I understand life gets in the way sometimes, but 5% with "terms", really?.

 

"certified letters to the dunners that you have no debt with them and any further contact will result in legal action" - again, really? On what basis will you take legal action?

 

It doesn't matter if the debt is owned by the OC or a CA, reporting a Charge Off carries forward 7- 7.5 years, neither OC or CA is obligated to delete any correct record with the CRAs and I've already mentioned the ethics of keeping ones promises by honoring their obligations.  

*** Remember the Tallyman because he sure remembers you ***
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Capital One Card

[ Edited ]

User592954 wrote:

it's the first negative payment that triggers 7 years and if the bureaus don't show the drop they will as soon as you complain to them the delinquency is OVER 7 years, so the bureaus will clean it up as soon as you complain


No, delinquencies fall off 7 years after it occured not 7 years after the first one occured.  

09/12/2013 FICO: EQ: 772 EX:813 TU:752
New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Capital One Card

actually the 1997 adjustment to the fair credit act does extend 180 days into the 7 years

legal grounds for legal action

every state has strict dunning rules

legally once a debt is written off a companies 'books' the fact they resold it is irrelevant, the IRS gave them a loss on the debt and it's technically 'satisfied''

I've helped many people clean up old debt and yes, 5% to a company that took the tax writeoff is a gift IMO

as to morals or whatever

debt is debt,there's rules about it

7 years is the window given by laws so anyone can recover from past mistakes

when you're dealing with unsecured credit card debt the problem is the banks were too lienent in the USA with all these cards

when you consider the usurous rate banks charge on these cards I have zero pitty for banks with usurous violations

any credit rate above 10% is usury IMO

banks greed put most into bad debt situations

as to morals

my morals are simple owe no one money

Lived by that for years

I had to reappear on bureaus due to one of my companies maybe doing an IPO

the banks are so screwed up they can't even consider real stuff like net worth when issuing credit cards today

so the 'game is simple' you have to appear in bureaus like a square peg in a square hole

you have a car loan

maybe a mortgage

you have 3 to whatever revolving debt

you keep the revoling low or 0

as the mortgate and installment age you are upper echelons of credit bureaus

you go to a bank with millions of networth and a ghost n bureaus they look at you like you don't exist

so necessary evil

if you have money you need no credit

I did that for years

now with a potential IPO on one of my companies yeah I got to appear in bureaus

all these banks took advantage of the loose IRS rules as to bad debt

when they charge you off, 'legally' that debt is paid in full as far as the 'laws' are concerned

it's their choice, keep the debt and try to get paid or take the write off

so the banks are all double dipping with charge offs and then reselling debt etc

so INFORMATION is the key

morals

the banks are the most immoral institutions in the world

I feel sorry for john doe public

take the info if you can use it

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal

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