I'd hold off and grow your file some more with just 1 card. As you said you'll be sitting in a better position in 1-2 months. Many companies frown on negs on SL's. Once Cap1 is PIF. You can pre-qual again. AMEX isnt really for a newer file as a starter card. Dont know who youi bank with. You can talk to a Rep and ask. Mailers are really marketing.
PIF is paid in full. A paid charge off will no longer count against your util %'s. Even though you have 1 card. Then try Cap1 for a card once paid. AMEX is a couple yrs down the road. Have to climb the mountain to get to the top. You just dont land there. Pay off the CO ASAP to help your credit file. The rest will fall into place.
If its not on your report. Its gone. Though zombie collectors will still try to collect on that past debt. Its past its time. Gone. Once you started payment on the CO debt the SOL clock restarts and valid for the new time limit set by the state. And Creditor can sue. The Credit Report Item would drop off after 7 years from the DOFD. That DOFD does not change even if the payment made onto a CO debt. And CRA would still remove the information from the credit report as per the initial scheduled date of DOFD + 7 Years.
One question: where did you get that score from? FICO isn't a score type, it's the algorithm used to generate a score. There are three bureaus (Experian, Equifax, and TransUnion), and the most common model used by CC companies is 08.
But yes, I'd wait to do anything until your SLs fall off. Also, Capital One is actually pretty forgiving. 7 years is plenty of time for them to forgive and forget. I don't know if you've tried getting back in with them since 2016, but you should at least try to run their prequal tool.
