Chargeoff

[Anonymous]

I have 1 chargeoff on my credit report. It is from Capital One and it's from years ago. However, they still list $1522 as amount owed. This makes my utilization very high and I'm not in position to take on more credit so that I could offset it. If something has been charged off, isn't it true that they should report $0 as the amount owed?

[Kevin5974]

NO, THATS IF IT IS WRITTEN OFF TO A COLLECTION AGENCY I BELIEVE. CAPITAL ONE USUALLY DOESN'T WRITE IT OFF BECAUSE THEY HAVE AN IN-HOUSE COLLECTION AGENCY ALLOWING THEM TO COLLECT MORE OF THE DEBT AND NOT SELL IT OFF PENNIES ON THE DOLLAR. YOUR LIKELY TO BE ABLE TO CALL THEM AND SETTLE FOR THE ORIGINAL BALANCE MINUS LATE AND OVERLIMIT FEES. I DO KNOW THAT IF YOU PAY IT OFF SOMETIMES THEY ARE GENEROUS AND REMOVE IT COMPLETELY OR REMOVE JUST THE BAD REMARKS

[Tuscani]

Just because it's charged off does not mean you don't still owe the money!