Established Contributor
pipeguy
Posts: 823
Registered: ‎10-31-2011
Re: Capital One Card
[ Edited ]

User592954 wrote:

damage was done

let it fall

if you pay it off

it's a negative for another 7 years

now if they want to report you as GOOD ALWAYS PAY IN FULL for paying it off

nice to have a 7 year old positive

but for 7 years you had a negative

now it's gonna drop

if you acknowledge the debt or pay it off

you can get stuck 7 more years with it

so if they want 5% PIF with a CLEAN PAYMENT HISTORY for 7 years

pay it off

but it's not likely they will do that

end of year its like its never been there

sure you might get some dunning calls

but you send out certified letters to the dunners that you have no debt with them and any further contact will result in legal action

the bank took their credit write off with the irs

the bank sold the note for almost nothing

few months it's gone from bureaus unless you claim the debt or pay on it

SO DO NOT PAY OFF unless you have a contract they report it as always good

since the original debtor sold it, they can't offer that, unless the original bank kept the debt which they never do usually

 


Where do I start? There are so many things wrong with this post that with no personal disrespect directed towards the poster, please IGNORE the advice offered above.

 

A negative account can be report for 7+ years from the date of first delinquency, additional payments do NOT change the reporting period.

 

One should always pay whatever debts they create - I understand life gets in the way sometimes, but 5% with "terms", really?.

 

"certified letters to the dunners that you have no debt with them and any further contact will result in legal action" - again, really? On what basis will you take legal action?

 

It doesn't matter if the debt is owned by the OC or a CA, reporting a Charge Off carries forward 7- 7.5 years, neither OC or CA is obligated to delete any correct record with the CRAs and I've already mentioned the ethics of keeping ones promises by honoring their obligations.