Capital One Card

[Anonymous]

first negative means

when an account first goes 30 days delinquent

that's the trigger

unless the person makes payments and brings it current

so an account could have a 30 day late, then it goes current, then later it goes negative

so the first 30 day negative that isn't 'cured' triggers the 7 years

a bank won't cancel an account the first 30 day late 'usually'

so you can see negatives on an account that get 'cured' meaning the user made it current and the relationship restarted

once you have a negative 30 day hit and the account goes to CO the first 30 day negative when it's no cured is the trigger and the 1997 act seems to have added a 180 day bonus for the banks to still report you negative

but my experience with the bureaus is once 7 years hit the first uncured 30 day late

they will drop the derog upon complaints but technically the lender don't have to drop it until 180 days after the 7 years now, that's a change since 1997

[llecs]

I know I'm hammering the same point, but with so many posts to weed through, pardon the duplicity:

•  Per the FCRA, Sect. 605, OP's CapOne CO cannot legally remain for longer than 7.5 years from the Date of First Delinquency of the debt which might be 10/2005. That'll place the drop off date somewhere between 10/2012 and 4/2013. IME, DW's CapOne CO dropped at 7 yrs. on one report up to 7 yrs and 3 or 4 months on the other two.
•  Nothing can reset the 7-7.5 yr CRTP. It's illegal to do so. Paying can't reset it. Acknowledging the debt can't reset it. Having it sold to a CA cannot reset it. Nothing can reset it.
•  Based on what OP posted, CapOne still owns the debt. They will assign CAs to collect, and yes you should send DV letters, but they are still allowed to collect if verified per the FDCPA. OP, I'd remain silent and personally wouldn't send DV letters. CapOne LOVES to sue. I'd save up and remain mum about it until you have 100% saved. This is assuming you are in SOL. Not enough info posted.
•  OP, once you have 100% saved, I'd either PIF or wait for it to drop then be open to paying if, especially if inside your state's SOL.
•  COs are very significant. DW's last baddie was a CapOne CO and it raised her scores by 30 or so when it fell off. In fact, most CO'd CCs still factor into CC util. Revolving util is a major score drain if bad.
•  Usury is relative, and certainly the level is opinionated. For some 5% is too much. For others 30% is just fine. I'm commenting on opinion here, but if a debtor agrees to the rate, is it still usurous? If I sign a car loan at 20%, I wouldn't be so smart. But if I agreed to it, who's to blame?
•  Part of this thread was removed because it went off-topic, and didn't want to distract from OP's org. question.