Need Advice on a Debt Settlement

[Anonymous]

I am in the process of building and rebuilding my credit. I owe nothing at this point and my scores are slowly increasing. TU695,EX 644 EQ679. The issue is that I have an old Capital One account that is with an attorney.It is no longer reporting on my CR, but I will not be able to get a card with any company associated with Capital One ie Neimans or anyone of that nature. Not to mention Capital One. The bill is 3500. The original amount was 750 and will all of the intrest and fees it is 5 times that original amout. What suggestions do you have as far as payment, if I should settle for less, pay the whole thing and or will it make a difference for any future relationships with Capital One. Thank you in advance

[myjourney]

Welcome to the forum 

How old is this account and when did it go delinquent? Is this the possible reason its not on CR's?

[pizzadude]

You should first check the SOL for your state to know where you stand if they decide to sue you.   However many CAs masquerade as attorneys so they may or may not do anything.   

Did the account age off your reports already?  If so then I'd think that will give you more leverage.

Cap1 is fairly forgiving about extending new credit for people who've burned them in the past so I don't think it would be much of an issue going forward.

[Anonymous]

this is true my dw had a cap 1 card in her 20's...she got behind it was charged off $2000...fell off report after 7 years...now she has basically the same card

[Ambular1304]

Cap1 was my very first credit card as soon as I turned 18. I charged it up and hardly ever paid on it. It fell of my reports and guess who is the first company that gave me an actual credit card again? Yup Cap1. They seem pretty forgiving.

[dave36021]

+1 Cap1 is very forgiving I had 4 accounts charged off worth 6-7k they fell off earlier this year and I now have a Cap1 and Kohls (backed by Cap1)