Capital One revolving credit. Course of action?

[TiffanyMJones]

Hello!

I'm not really new to this place (I mostly lurk), but I've recently found myself in a position to start paying off some collection bills, charged off accounts, etc.

One entry has seemed to haunt me for years. It's my Capital One credit card. I opened it in April 2008 with a $300 limit. Life happened (a baby) and as hard as I tried, I failed to make payments on time (or at all) and eventually the account was closed and charged off.

Fast forward to now: I'm more financially stable than I've ever been and I decided to check my CR . The amount has almost tripled ($976!) and it's revolving credit. (cries)

I really believe that this is what is destroying my credit more than anything else listed on my CR.  Does anyone have any experience with Capital One and have any suggestive steps on how I can go on with getting this settled? It does say on other CR's that it's due to fall off in late 2015, but I wish to rebuild now. What are the risks associated with paying this off starting now? Will the SOL clock start all over? Can I ask to pay off the original limit plus a percentage? Any advice on the matter is greatly appreciated. Thank you so much for reading.

[randyrhodes]

Depends on what state you live in as far as the SOL goes. Most states don't let the SOL restart with payments...some do tho. The time that it has left on your credit report will not be affected by any payments made. Has it been assigned to a CA? If so...youre getting double dinged for it.

[TiffanyMJones]

Thank you for your response, randyrhodes!

I'm living in Texas. However, I opened the credit card when I resided in California. As far as I am aware, the SOL for CA is 7 years. Like I said, the guesstimated date in which it is supposed to fall off is August 2015.

After checking, it doesn't look like it's been assigned to a CA, but the CO is being reported on my CR and has been since March 2012 at least.

[randyrhodes]

That's only for the good if no CA is involved. I believe CA SOL is 4 years. You could Google SOL for OK as I have no idea what it is.
Another plus is if they've been reporting this whole time when you pay or settle it it won't bump bit current and possibly drop your score for showing up like a new derog. I'd pay it now instead of later tho. Good luck.

[gdale6]

CA SOL on open accounts is 4 yrs; In TX its 4 yrs as well. SOL time runs from the DOFD.

[TiffanyMJones]

Well I'll be darned.

So it is.

I'm opening up an investigtion with TransUnion right now.