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In April of 2014 we were unable to continue payments on our Capital One Card with a balance of ~$12K. Funny thing is I don't show a TL for Captial One with a charge off....nothing at all for this card which we've had for years. I only see a line for the collection account with Portfolio Recovery. Perhaps this is why they approved me for a Platinum card last week with a $500 CL? Does this seem normal?
I have a similar situation here.
I had a charge off with them which was never reported. The debt is owned by PRA now. This was from couple years ago.
I applied for a CO QS 1 few months ago and got approved for a $300 CL.
Yes, it looks like they are pretty forgiving.
If a creditor sells a delinquent debt, they recover a bit more of their expected loss, and thereafter, if the debt is paid,they get nothing more.
They are essentilly through with any credit reporting after they update the debt balance to $0.
Some creditors will then delete the entire account as a housecleaning measure, thus avoiding any update issues or any need to process any disputes or good-will requests.
That is unrelated to their future ability to consider your prior payment history on the account, as they likely have their own internal account records.
Whether they still consider past charge-offs on their accounts is not dependent upon whether that info is still of record with a CRA.
That makes a lot of sense. Thanks.
@RobertEG wrote:If a creditor sells a delinquent debt, they recover a bit more of their expected loss, and thereafter, if the debt is paid,they get nothing more.
They are essentilly through with any credit reporting after they update the debt balance to $0.
Some creditors will then delete the entire account as a housecleaning measure, thus avoiding any update issues or any need to process any disputes or good-will requests.
That is unrelated to their future ability to consider your prior payment history on the account, as they likely have their own internal account records.
Whether they still consider past charge-offs on their accounts is not dependent upon whether that info is still of record with a CRA.