Come on in. Need your help and opinions.

[Anonymous]

Wow, great for you it wasn't sold and I was wrong! Pay them, it will always look better on a manual review you paid it. It will also stop updating with utilization. Once paid start a GW campaign to get it off your reports.

[CreditCuriosity]

Agree Pay them since it hasn't been sold.. This way your utilization won't be 100% or whatever and updated monthly.  You have two choices you can PIF (pay in full) or try to talk them into taking less that what is owed and settling and your report will show (settled for less than full)..  Really your choice on that one.  Depending on how much you owe, consider both options. 

Best of luck whatever you choose to do.   Glad they still are holding it as well, one less ding on your CR.

Cap1 is one of the most forgiving lenders especially if you settle with them.. I have 35k on one card with them after having a CO 5 years ago with them.  Do the right thing and they will return the favor!

[Dalmus]

Wait... They sent you a 1099?  If that's true, you don't have to worry about future collection activity because you don't OWE anything.

If you got a 1099 from Cap1, that means they cancelled or "forgave" the debt, which means your credit report, while showing the negative tradeline, should show you as owing $0.

There is no point in paying, since they've already forgiven the debt, and they will not remove the chargeoff.   Paying will NOT help your credit report unless paying causes them to fix the balance owed, but they should have fixed this already when they issued the 1099.

Now, if you want to pay them because its the morally correct thing to do, that's great.

I personally would simply dispute the tradeline, including a copy of the 1099 as proof.

[Cuzer]

Thank You. I do owe a good chunk but I currently have the means to pay every dime of the balance and will rather pay in full. Im going to my Bank Tomorrow and get a certified check and Mail it out with the fastest USPS option.  A quick question though, Could I also include a short GW letter with my Check?  Im wondering if i could try to knock out 2 birds with 1 stone so to speak.

[Anonymous]

You certainly can send a GW letter with your payment. Although most likely will do nothing.

My suggestion would be to send a GW email to the CEO of Cap1. They will call you and at least hear you out. Worked for me X2!!

[Cuzer]

Thanks for your input. Yes my 3 credit reports are showing and reporting a balance owed every month.

[CreditCuriosity]

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@Anonymous wrote:
You certainly can send a GW letter with your payment. Although most likely will do nothing.

My suggestion would be to send a GW email to the CEO of Cap1. They will call you and at least hear you out. Worked for me X2!!

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Impressive they told me to pound sand in a nicer way and stuck with it for 1.5 more years on report.. Mind sharing by PM your letter? .  I tried every month for a year in a row to no avail.

[Anonymous]

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@Cuzer wrote:

Thats for the feedback. I only have 1 charge off and thats only with Capital One. The crazy part is that they approved me for Credit with them and making offers. I think i may just go in and talk to someone and see if I can convince them to take the money in full. The representatiives on the phone and online chat didnt seem to help much at all. If the account is charged off, Why is it still getting reported on a monthly basis and showing a high utilization as if the account is still actively open.

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This is whats good about Cap One. Unlike many of the other "prime" lenders they do not have a "long memory". A charge off with them only disqualifies you for new accounts for twelve months. Its actually spelled out right in their disclosures on the website.

One of the posters on here might be able to help you with Cap One contact  contact info - jjnels is the user name. 

[Anonymous]

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@FroggieMom wrote:

I may be mistaken here but....aren't charge off accounts supposed to be zeroed out as far as balance goes once the account IS listed on a CR as a charge off?  They can definitely still show what the "high balance" once was on the account but the actual balance owed should be listed as $0.  Also, beware that making ANY payment less than the full balance on an old account will reset the SOL and set you up for potential judgement action from a collection agency if the account has been since transferred to one.

And +1 on the comment of Cap1 not PFD...they won't even GW me 1 missed pymt from 2009 even though I called them when I knew I wouldn't be able to make the payment and set up an arrangement (DH lost his job unexpectedly).  That being said, they are also a very forgiving lender, which is why the reopened the doors for you and gave you a 2nd chance.

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No. That only occurs if the account is sold to a JDB, or its paid/settled. As long as they still own the account it can show a balance. Charge Off is just an accounting thing to move it from assets to losses on their books.

[Anonymous]

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@Dalmus wrote:

Wait... They sent you a 1099?  If that's true, you don't have to worry about future collection activity because you don't OWE anything.

If you got a 1099 from Cap1, that means they cancelled or "forgave" the debt, which means your credit report, while showing the negative tradeline, should show you as owing $0.

There is no point in paying, since they've already forgiven the debt, and they will not remove the chargeoff.   Paying will NOT help your credit report unless paying causes them to fix the balance owed, but they should have fixed this already when they issued the 1099.

Now, if you want to pay them because its the morally correct thing to do, that's great.

I personally would simply dispute the tradeline, including a copy of the 1099 as proof.

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Actually, case law is split on whether the balance must be zeroed out when its 1099'd. BoA and many others will not zero it out, arguing that the 1099 is only an IRS formality, and does not discharge the debt.