Two Cap One's Charged Off, How To Proceed

[adamkingadam]

Hello! I love reading this forums, it really gives me a lot of insight on repairng my credit! 

I have a question on how I should proceed with two capitol one charged off accounts.   Both were closed bye Cap. One in March 2010, with the last Payments in July 2009. Both are showing large balances in the $2,500 range but both only had credit limits of $500.00.  These accounts are showing as charged off/closed by credit grantor.  They seem to still be in the posession of Cap One, as I have never heard from a CA regarding these.

Any advice on how to proceed on getting these TL's removed and/or paid/settled? Should I wait to be contacted by a collection agency on these to make a settlement/PFD offer? I don't want to contact Cap One regarding it as I believe it is already out of the SOL.

Thanks for any input! 

[Burned2manybridgesB4]

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@adamkingadam wrote:

Hello! I love reading this forums, it really gives me a lot of insight on repairng my credit! 

I have a question on how I should proceed with two capitol one charged off accounts.   Both were closed bye Cap. One in March 2010, with the last Payments in July 2009. Both are showing large balances in the $2,500 range but both only had credit limits of $500.00.  These accounts are showing as charged off/closed by credit grantor.  They seem to still be in the posession of Cap One, as I have never heard from a CA regarding these.

Any advice on how to proceed on getting these TL's removed and/or paid/settled? Should I wait to be contacted by a collection agency on these to make a settlement/PFD offer? I don't want to contact Cap One regarding it as I believe it is already out of the SOL.

Thanks for any input! 

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If they still own the debt, it'll show a balance on the COs.

PFD...unlikely. They don't play well with others, and sometimes go after people for a lot less.

Get to know your SOL fast....

When is the last update on these lines? Every month, or sitting still for a while?

[adamkingadam]

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@Burned2manybridgesB4 wrote:

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@adamkingadam wrote:

Hello! I love reading this forums, it really gives me a lot of insight on repairng my credit! 

I have a question on how I should proceed with two capitol one charged off accounts.   Both were closed bye Cap. One in March 2010, with the last Payments in July 2009. Both are showing large balances in the $2,500 range but both only had credit limits of $500.00.  These accounts are showing as charged off/closed by credit grantor.  They seem to still be in the posession of Cap One, as I have never heard from a CA regarding these.

Any advice on how to proceed on getting these TL's removed and/or paid/settled? Should I wait to be contacted by a collection agency on these to make a settlement/PFD offer? I don't want to contact Cap One regarding it as I believe it is already out of the SOL.

Thanks for any input! 

---

If they still own the debt, it'll show a balance on the COs.

PFD...unlikely. They don't play well with others, and sometimes go after people for a lot less.

Get to know your SOL fast....

When is the last update on these lines? Every month, or sitting still for a while?

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Last reported date on karma report is feb, 9 2015.  Seems as it every month if that is what you are reffering to.  Im in Cali, it should be out of the SOL as last payment DOFD was July 2009. 

[Burned2manybridgesB4]

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@adamkingadam wrote:

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@Burned2manybridgesB4 wrote:

---

@adamkingadam wrote:

Hello! I love reading this forums, it really gives me a lot of insight on repairng my credit! 

I have a question on how I should proceed with two capitol one charged off accounts.   Both were closed bye Cap. One in March 2010, with the last Payments in July 2009. Both are showing large balances in the $2,500 range but both only had credit limits of $500.00.  These accounts are showing as charged off/closed by credit grantor.  They seem to still be in the posession of Cap One, as I have never heard from a CA regarding these.

Any advice on how to proceed on getting these TL's removed and/or paid/settled? Should I wait to be contacted by a collection agency on these to make a settlement/PFD offer? I don't want to contact Cap One regarding it as I believe it is already out of the SOL.

Thanks for any input! 

---

If they still own the debt, it'll show a balance on the COs.

PFD...unlikely. They don't play well with others, and sometimes go after people for a lot less.

Get to know your SOL fast....

When is the last update on these lines? Every month, or sitting still for a while?

---

Last reported date on karma report is feb, 9 2015.  Seems as it every month if that is what you are reffering to.  Im in Cali, it should be out of the SOL as last payment DOFD was July 2009. 

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CODE OF CIVIL PROCEDURE SECTION 335-349.4....................four years from DOFD.

This doesn't exempt you from any litigation. It's only a "defensive measure" you use in court towards the judge, and he decides by discovery, or documentation on hand. You can still get your butt dragged into court, or they can be slimy, and try for a default judgement. Watch your mail from them, or any CA's, especially after you reach out to them to resolve this. 

Past SOL, I'd say go for the PFD, but seriously expect a no. Also keep in mind that paid looks better than unpaid in the eyes of an underwriter.

[RobertEG]

You are apparently using the date of last payment as the DOFD.

DOFD is the date of your first delinquency with the creditor in the chain of delinquency that led to a charge-off or collection.

Last payment could have been before or after the DOFD, and is unrelated to DOFD.

The creditor can always sell the debt or refer it for collection.  In either case it could still result in a collectin being added to your credit report, which would remain for 7 years plus 180 days from the DOFD.  It would have the same exclusion date as the CO reported by the OC.

Paying will satisfy the debt,and thus prevent any sale or referral for collection.

That may or may not become significant to current scoring if a collectin is reported, dependng upon the actual DOFD, and thus the resulting credit report exclusion date.

I would make a PFD offer to the creditor.  If they decline, you can then decide whteher to satisfy the debt without the PFD.

If credit report exclusion is imminent, then PFD may not be significant in your decision, leaving only satisfactin of the debt as the issue.