Deleting Negative Tradeline with Capital One

[Anonymous]

Hello -

I have a Capital One Credit Card account that has been charged off and I'm hoping to pay the balance (or settle it by paying a significant portion of the balance) and then request that this tradeline be deleted from my credit report.  I phoned Capital One and they informed me that the account is being handled by a company called Asset Acceptance and instructed me to call them.  I have not yet done so.  If this charge off is listed on my report by Capital One, can Asset Acceptance remove it from my report?  Can anyone give me some advise on how to best handle this situation?

Thanks in Advance

Labeau1

[AndySoCal]

Only Capital One can remove the trade line. The chances of them removing the tradeline is slim.  When was the account charged off?

[Anonymous]

About a year ago.

[Anonymous]

Is the CA reporting at all? 

Only Cap One can remove their own account and they have the ability to have the collection recalled.  If you have to deal with the CA, the CA can only remove their account, if they are reporting.

Cap One is notoriously difficult to deal with.  Even if you pay I highly doubt they will remove it.  Especially since it is only a year old.

You can always ask.

[Anonymous]

No.  It seems it's been sold to a new CA and I did recently receive a letter from them - not showing on my report though.

The person I spoke with at CapOne told me that there was no way i could just settle it directly with them.  So, do you think I should try to settle it with the CA?  Even if I pay it, will it help my credit rating??

[Anonymous]

Call Cap One and ask if the debt was sold.  They seldom sell their accounts, only assign them.

How is it showing on the CR?  Is there a balance showing for Cap one?

Paying it and it helping depends on how it is reporting.  If the CO was not sold then Cap one is reporting a balance which is included in your revolving utilization.  By paying it your utilization would go down.

If the CA is not showing on your CR, paying it could help your score by them agreeing to your paying it for them not reporting it.  Paid or not they can report.  Get it in writing if they agree, before any money changes hands.

[Anonymous]

Okay, I just pulled my CR again to make sure, and it now says that it has been charged-off, sold with a 0 balance.  So I assume that changes things a bit.  Now, what is your suggestion with the CA?  It is still not showing on my CR.  Should I offer to pay it with them and just make sure they delete any tradeline?  I don't suppose there's anything I can do about CapOne now.

[Anonymous]

No, there is not much to do right now with Cap One.

As for the CA, you have never received any thing from them and they are not reporting correct?

You should DV them first, then if they validate offer a PIF for not reporting.