I had an unsecured Capital One credit card that was opened in 2004. I defaulted in 2006; Cap One charged off the balance ($2100) and it lists on my credit as a negative mark in revolving accounts. They never pursed any collection efforts but still report CO to the CRAs every month.
Now that I'm cleaning up my credit, I was approved for and received a secured card from Cap One last month. I was initially considering a PFD for the old Cap One balance, but now I'm wondering if they may be open to rolling over that old balance to my current account and deleting the negative tradeline... Of course, I wouldn't request this until I have several months of good payment history on the new card and add more cash to increase the secured balance beyond the amount of the potential balance transfer. I know this would make the old balance subject to my current interest rate, but it could be a win-win situation as they will get paid and I'll lose the negative tradeline. Thoughts?
Starting FICO (Equifax): 466 - 10/2009
03/2012: EQ 515
06/2012: EQ 515/TU 572
07/2012: EQ 505
08/2012: EQ 567
Short-term goal: 625 by end of 2012/Long term goal: 700+
