CapitalOne charge-off

[terrymac]

HI everyone,

I need some advise. About two years ago I cleaned up my credit with the help of this fabulous forum, but since then because of an illness, I was out of work for a while. It was either pay my mortgage or credit card bills. Needless to say, I choose the house.  Anyway, fast forward to day and my credit is now in the toilets again. I have made payments to some, but still have two more to pay off.

My question is about my CapitalOne charge-off. It went to a collection agency and I never had the forsight to even think of a PFD. I did PIF, but have recently pulled my CR from annualcreditreport.com, and for status, it just says: "Paid. Closed. $2,363 written off. Is this correct? Shouldn't it at least say, Paid in Full? Will it make a difference to my score if it says the former or the latter? 

[Burned2manybridgesB4]

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@terrymac wrote:

HI everyone,

I need some advise. About two years ago I cleaned up my credit with the help of this fabulous forum, but since then because of an illness, I was out of work for a while. It was either pay my mortgage or credit card bills. Needless to say, I choose the house.  Anyway, fast forward to day and my credit is now in the toilets again. I have made payments to some, but still have two more to pay off.

My question is about my CapitalOne charge-off. It went to a collection agency and I never had the forsight to even think of a PFD. I did PIF, but have recently pulled my CR from annualcreditreport.com, and for status, it just says: "Paid. Closed. $2,363 written off. Is this correct? Shouldn't it at least say, Paid in Full? Will it make a difference to my score if it says the former or the latter? 

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CO's have three flavors; paid CO, unpaid CO, and settled for less CO.

If the Cap one entry is showing a zero balance, then Cap sold it to the CA, and they're out of the picture with a zero bal reporting.

I'm guessing you paid the CA, instead of the OC?

[terrymac]

HI Burned2,

I did pay the CA, but the CA is not on my CR, only CapitalOne. This is what is on it:

Credit Limit/Original Amount

$1800

High Balance

$2363

Recent Balance

N/A

Should the CA I paid be on my CR instead of CapOne? Thanks for answering.

[Burned2manybridgesB4]

Here's the trick question:

Did cap one show a balance, during your CA payment?

You need to determine if Cap one sold it to the CA, or retained ownership of the account.

If the CA was collection on behalf of the OC, then the CO should update to paid CO.

If the CA bought it from the OC, then the OC just needs to list $0 bal CO.

Either way, start with the GW. Can't hurt to try.

[terrymac]

Do I send the GW letters to CapOne, or the CA? Both? 

[Burned2manybridgesB4]

Both, if you want removal.

[terrymac]

Thank you so much for replying. 

I just called CapOne and they are going to send out a letter that my account was paid in full. The CA was collecting on behalf of them so I guess that is why CapOne is on my CR. Will start sending out my GWs ASAP to both companies.

I know this stays on my CR for 7 years, but how long before the "sting" is gone? Full 7 years if I cannot get it removed?

[Burned2manybridgesB4]

CO's hurt until they're gone. Paid, or unpaid makes the difference, when you're applying for something, and an underwriter takes a peek.