@Nikita2008 wrote:So, as I posted in some other posts, I am rebuilding and I've had some recent success.
I was approved for a Navy Cash Rewards Visa Signature 15k limit last week ( blew me away. I also managed clean my slate with Capital One, they removed 12 late payments on a goodwill letter.
As for my single charge off it was for a Total Visa card, it charged off in Sept 2019. The CL was $300, and I know for sure that it was under the CL before it defaulted. What they charged off was $700 something. I never received anything from them. I called twice, and they said it sold and gave me a number , who in turn said they didn't have it.
Today, I get a missed call from Activate Financial, I call them back, and at first they said they had nothing for my name / phone number etc. Finally they kick it to supervisor after 20 minutes on the phone, and it is in fact that Total Card. I googled Activate Financial and they are part of Vervent who owns the account, so I'm not so sure about the sold off part.
I am obviously anxious and willing to settle this account. I asked though, how they got to that $700 something number, and she said " I don't know". It sounds awfully high. She said they would begin the validation process, and mail it to me. They did offer a 60% settlement of $454. I'm not sure if I should wait for the validation or shoot lower. It's my only CO.
If the OC is still reporting a balance they own it, must update to 0 by law once sold. Typically they can still add interest and fees for a period of time. IMO wait for the validation then you might be able to negotiate something better and if not then take the 454.
