Established Contributor
Posts: 932
Registered: ‎08-17-2007


[ Edited ]
I'm still relatively new to the forums and am still confused over the best route to take for charge offs.
I have  05-05 Cap1 charge off $1900, first late 2/03, last payment 8/04,original credit limit $200 (never exceeded--the overage is all fees).
I've received collection letters from different agencies, the latest being NCO.  These are not reflected on my credit report....just the Cap 1 charge off.
I want to get this monkey off my back and it's the last remaining one to tackle.
A wonderful forum member gave me a back door number to Cap1 and said they were successful in settling direct with Cap1 even tho had CA letters. I saw a lot of members said they were not so fortunate, but I thought I'd give it a try.  But am I opening a worse can of worms than having the CO on my report (ie: will they speed up collection activity, etc)
I live in GA where I believe the legal SOL is 4 years from last pyt (think I'm correct..if someone knows diff, let me know!), so I can still be sued or whatever.  Based on reporting SOL, Transunion shows will delete from CR  06-10.
Is there any benefit to waiting to contact Cap 1 to try to set up settlement?  I'm afraid NCO will report and I'll have a new collection on my record if I dont do something quick. And the Cap1 balance is not helping my utilization I'm sure. Aside from that, I dont want to be sued.  but then again, if I waited I might get a better deal from Cap 1 if I were past the legal SOl, altho realistically the increase in inerest added will probably offset any savings.   Any idea as to how much time before suit might be initiated? And since NCO is not reporting, is it correct  to assume they did not actually buy the debt?
Sorry for not being more concise........I'd probably get more replies to posts if I could be more so!
Thanks to anyone with any ideas or thoughts on this!!
EQ 622  TU 677  EX?

Message Edited by rom828 on 02-11-2008 12:38 PM
FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)

Frequent Contributor
Posts: 498
Registered: ‎05-01-2007


Even though a company has charged off an account they can still sell it to a collection agency. You can actually have both an charge off & a collection account. So if a company sells your account to a collection company that company will notify of the new collection account. Then you have thirty days and have to respond back because if you do not then they will add the collection to the credit report. You can actually have a collection account that does not ever get reported. Just make your payments on time.
Established Contributor
Posts: 805
Registered: ‎02-01-2008


I think it's pretty rare the Cap1 sells their debts.  However I can't get them to make any sort of deal with me, they're insisting I go through the collection agency, and quite honestly I'm no where near SOL running up so I'm super tempted to give up even though I feel getting them taken care of and the extra 1000 bucks off my Utl would greatly benefit me.  I'm just super not comfortable cutting deals with someone who's not on my credit report and therefore can make promises that Cap1 doesn't have to keep when it comes to adjusting my Credit reports
Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

Slate: $5000 Simplicity: $5000 David's Bridal: $3500 SW Chase: $3000 FNBO: $3000 Barclay NFL: $2500 BofA: $2400 Discover IT: $1700 Walmart: $1500 Victoria's Secret: $1000 Cap1: $750 Amex Zync: NPSL
(2 derogs to go until I'm squeaky clean in 2014!)

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