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Hope someone here can tell me what they feel is best to d...

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Anonymous
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Hope someone here can tell me what they feel is best to d...

Hope someone here can tell me what they feel is best to do.  I have a cap one account that was charged off.  It has a balance of $1128 with all the late fees ect..(was only a $200 CL to begin with, dumb me)  On my EX report it shows that it will be on my report until 2009.  My problem, i cant pay it in full right now so im pretty sure a PDF is not a good choice.  Its one of only two revolving accounts that I have, the other paid, but its also showing a very high credit utilization. My question WHAT SHOULD I DO WITH THIS?  Should I try to pay it down or would that then keep it on my reports longer? Any ideas?
Message 1 of 13
12 REPLIES 12
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...

Is the TL with a CA or still with Crap1? I'm not aware of anybody having luck with a PFD directly with Crap1.
Message 2 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...



bamf70 wrote:
Is the TL with a CA or still with Crap1? I'm not aware of anybody having luck with a PFD directly with Crap1.

TL is with cap one.
 
Message 3 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...

You may be able to get a settlement from whereever it is in collections for pennies on the dollar.  Tho settlements dont usually lead to deletion.  Whatever you do get it in writing before you do it.  At least if it is settled it will no longer continue to report or accrue interest
Message 4 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...



Brammy wrote:
You may be able to get a settlement from whereever it is in collections for pennies on the dollar.  Tho settlements dont usually lead to deletion.  Whatever you do get it in writing before you do it.  At least if it is settled it will no longer continue to report or accrue interest


If it was settled would it start that seven years over?
Message 5 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...



@Anonymous wrote:


@Anonymous wrote:
You may be able to get a settlement from whereever it is in collections for pennies on the dollar. Tho settlements dont usually lead to deletion. Whatever you do get it in writing before you do it. At least if it is settled it will no longer continue to report or accrue interest


If it was settled would it start that seven years over?



No.
Message 6 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...

I am in the same boat you are with Crapticular (Capitol)One an everything I've looked at on the net with PFD in regards to Cap1 is a serious NO .
Myself I'm going to try an work out a 50% settlement with the CA 's involved .
Yes a PFD would be better but Capitol One simply will not do this period !
I HIGHLY recommend that NO ONE use Cap one credit ever .
Anyone else have successful strategies for dealing with Capital One ?
Message 7 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...


I was just thinking that if I was to send even $200 this month and then see if I could get the rest settled next month or something Im just so afraid of starting the 7 yrs over by making the wrong move, I know that this utilization is killing me.
Message 8 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...

just my opinion..............sometimes it is better left alone.
 
What is you SOL??
 
 
 
Message 9 of 13
Anonymous
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Re: Hope someone here can tell me what they feel is best to d...

YOU WILL NOT BE RESETTING THE CLOCK ON THE 7 YEARS BY MAKING A PAYMENT. You will, reset the clock on the statute of limitations that gives the creditor a chance to sue you if you do not pay again.

Your idea is a good idea. Because, the longer you wait, the higher the fees attached to the account and the account can then be transferred or sold to a collection agency which would list a new derogatory on your report. Instead of one, you would have (2) baddies.

In my opinion, here are the pluses for paying it off, even a little at a time:

1) You are taking responsibility for your debts.

2) You will not have an additional collection on your credit report.

3) Since the balance is still with the original creditor and showing as such on your credit report, this account is figuring into your total revolving debt. Paying it off, even a little at a time, will reduce your debt and give you more FICO points. I have experienced this personally.

4) You will never have to worry about this debt haunting you again.

5) I would make a payment immediately for whatever you can afford. I would also send in a letter CRR stating your intentions to pay and that you have no intent on letting this debt go on for a long time.

6) After, I would just send a GW letter. You never know, someone may decide to help you. By demonstrating your desire to respectfully handle your finances, this will will show good faith.

7) You don't have to worry about being sued.

Also call and make the first payment and let them know you are willing to work with them. PFD's are great. That is what I want on mine as well. But, sometimes it is better to sleep at night. In the end, the account will go away.
Message 10 of 13
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