Re: Capital One Card[ Edited ]
06-16-2012 11:24 AM - last edited on 06-16-2012 04:33 PM by llecs
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.