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I had a Capital One card that I opened in 2004. Should I just pay it off? Or will it fall off at the end of this year?
Status: Account charged off. $912 written off. $1,753 past due as of Mar 2012. | ||||||||||||||
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Creditor's Statement: Account closed at credit grantor's request. | ||||||||||||||
Payment history legend OK Current/Terms of agreement met 30 Account 30 days past due 60 Account 60 days past due 90 Account 90 days past due 120 Account 120 days past due 150 Account 150 days past due 180 Account 180 days past due CRD Creditor received deed FS Foreclosure proceedings started F Foreclosed VS Voluntarily surrendered R Repossession PBC Paid by creditor IC Insurance claim G Claim filed with government D Defaulted on contract C Collection CO Charge off CLS Closed ND No data for this time period | Payment History: 2012 MAR CO FEB CO JAN CO 2011 DEC CO NOV CO OCT CO SEP CO AUG ND JUL CO JUN CO MAY CO APR CO MAR CO FEB CO JAN CO 2010 DEC CO NOV CO OCT CO SEP CO AUG CO JUL CO JUN CO MAY CO APR CO MAR CO FEB CO JAN CO 2009 DEC CO NOV CO OCT CO SEP CO AUG CO JUL CO JUN CO MAY CO APR CO MAR CO FEB CO JAN CO 2008 DEC CO NOV CO OCT CO SEP CO AUG CO JUL CO JUN CO MAY CO APR CO MAR CO FEB CO JAN CO 2007 DEC ND NOV CO OCT CO SEP CO AUG CO JUL CO JUN ND MAY CO APR CO MAR CO FEB CO JAN CO 2006 DEC CO NOV CO OCT CO SEP CO AUG CO JUL CO JUN CO MAY CO APR CO MAR 180 FEB 150 JAN 120 2005 DEC 90 NOV 60 OCT 30 SEP OK AUG OK | Account History: Charge Off as of Mar 2012, Feb 2012, Jan 2012, Dec 2011, Nov 2011, Oct 2011, Sep 2011, Jul 2011, Jun 2011, May 2011, Apr 2011, Mar 2011, Feb 2011, Jan 2011, Dec 2010, Nov 2010, Oct 2010, Sep 2010, Aug 2010, Jul 2010, Jun 2010, May 2010, Apr 2010, Mar 2010, Feb 2010, Jan 2010, Dec 2009, Nov 2009, Oct 2009, Sep 2009, Aug 2009, Jul 2009, Jun 2009, May 2009, Apr 2009, Mar 2009, Feb 2009, Jan 2009, Dec 2008, Nov 2008, Oct 2008, Sep 2008, Aug 2008, Jul 2008, Jun 2008, May 2008, Apr 2008, Mar 2008, Feb 2008, Jan 2 180 days past due as of Mar 2006 150 days past due as of Feb 2006 120 days past due as of Jan 2006 90 days past due as of Dec 2005 60 days past due as of Nov 2005 30 days past due as of Oct 2005 |
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 resut 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
Thanks for the advice. Is it correct it will dropped off Oct 2012 since that was the first delinquent month? Or will it be more like 2013?
it's 7 years from 1st delinquent payment as long as you never made more payments
u might have to notify bureaus though if they keep it past 7 years
so watch for the drop date
then complain to bureaus
Thank you for the help
@dujaidecor wrote:Thanks for the advice. Is it correct it will dropped off Oct 2012 since that was the first delinquent month? Or will it be more like 2013?
What date was it charged off? It will not drop off in Oct.
It's illegal for a bureau to report any delinquent CC account past 7 years from the delinquency, CO's are insignificant, it's the first negative payment that triggers 7 years and if the bureaus don't show the drop they will as soon as you complain to them the delinquency is OVER 7 years, so the bureaus will clean it up as soon as you complain
that account is dead 7 years after it goes first delinquency unless you pay on it, that's the trigger, within that account when they charge it off or whatever is insignificant, the law is 7 years on delinquent accounts so october it drops and if not, you certified maill a complaint to all 3 bureaus after you file complaints on line and it will drop fast
@Anonymous wrote: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.
@Anonymous wrote:it's the first negative payment that triggers 7 years and if the bureaus don't show the drop they will as soon as you complain to them the delinquency is OVER 7 years, so the bureaus will clean it up as soon as you complain
No, delinquencies fall off 7 years after it occured not 7 years after the first one occured.
actually the 1997 adjustment to the fair credit act does extend 180 days into the 7 years
legal grounds for legal action
every state has strict dunning rules
legally once a debt is written off a companies 'books' the fact they resold it is irrelevant, the IRS gave them a loss on the debt and it's technically 'satisfied''
I've helped many people clean up old debt and yes, 5% to a company that took the tax writeoff is a gift IMO
as to morals or whatever
debt is debt,there's rules about it
7 years is the window given by laws so anyone can recover from past mistakes
when you're dealing with unsecured credit card debt the problem is the banks were too lienent in the USA with all these cards
when you consider the usurous rate banks charge on these cards I have zero pitty for banks with usurous violations
any credit rate above 10% is usury IMO
banks greed put most into bad debt situations
as to morals
my morals are simple owe no one money
Lived by that for years
I had to reappear on bureaus due to one of my companies maybe doing an IPO
the banks are so screwed up they can't even consider real stuff like net worth when issuing credit cards today
so the 'game is simple' you have to appear in bureaus like a square peg in a square hole
you have a car loan
maybe a mortgage
you have 3 to whatever revolving debt
you keep the revoling low or 0
as the mortgate and installment age you are upper echelons of credit bureaus
you go to a bank with millions of networth and a ghost n bureaus they look at you like you don't exist
so necessary evil
if you have money you need no credit
I did that for years
now with a potential IPO on one of my companies yeah I got to appear in bureaus
all these banks took advantage of the loose IRS rules as to bad debt
when they charge you off, 'legally' that debt is paid in full as far as the 'laws' are concerned
it's their choice, keep the debt and try to get paid or take the write off
so the banks are all double dipping with charge offs and then reselling debt etc
so INFORMATION is the key
morals
the banks are the most immoral institutions in the world
I feel sorry for john doe public
take the info if you can use it