Charged off, can I return to that company as a new customer

[AspiringDink1991]

I have a charge off with Capital One and A Kohls/Cap One 2016 on my report. Id like to be a customer with Cap One again, try their secured card. 

It's my understanding that even though these have $0 I still owe the money, even though they may have been (unknown at this time) bought by a JDB. I'm told that I cant pay the original creditor because theyve already written off the debt and it would be double enrichment for them. I cant find anything out about being a return customer

[Brian_Earl_Spilner]

Cap1 will take you back a couple of years after the charge off, but depending on how much you owe, I'd be worried about the collection agency. Portfolio Recovery Associates like to buy cap1's charge offs and they have no problem suing for as little as $1000

[RobertEG]

The fact that they charged-off the debt is not the relevant issue preventing you from paying the debt to the original creditor.

Taking of a CO does not discharge the debt, and it remains fully due to the current owner.

The issue with now paying the original creditor is that the creditor has apparently sold the debt, as evidenced by their update of the current balance to $0.

After sale of the debt, regardless of whether or not they did a CO, you no longer owe any debt to the original creditor, and thus they have no authoriity to accept payment against the debt.

You can only now pay the debt to the new owner.

You can offer a pay for not reporting to the new owner, which could, if accepted, prevent the additon of a collection.

Deletion of the charge-off will now require a GW request to the original creditor, which may be difficult because they have sustained a loss was only partly recovered by their sale of the bad debt at very low pennies on the dollar.

[Harmony12]

The same thing happened to me in 2007 I got a Capital One card and Kohl's Card both were CO in late 2007/early 2008. In 2014, I decided to do a pre-approval app with Cap One (got info from this myFico forum) and I was approved for Platinum and QS1. I never did pay the original balance of those cards and I got a third card with them in 2018. 

However, if PRA has your accounts then you should definetely settle to avoid being sued. My balances were under $1000 each at the time of CO. PRA will now delete the collection from your report if you simply settle or PIF.

[haleyjen]

PRA is settling and deleting now?  I have a 1000 cap one collection with them that's outside the SOL, but still on my report for another 2 years.  How much should I offer?

[Anonymous]

On their website: 

I previously paid off my account with PRA. Are you going to remove it from my credit report?

Yes, if it has been 30 days since the final payment resolving your account successfully posted, PRA requested the credit reporting agencies delete the PRA tradeline related to your account from your credit bureau report.

I have over $3000 worth of Collections with PRA, I plan on using some of our tax money to pay off the debts with them. Since, I know they are not shy about suing. I'm hesitant but at the very least in the .001% they don't remove it; at least it would marked as paid and one less stress. From what I see when I log on to prapay on my account, they only remove it if you PIF. Of course, you could always call or write a letter to see if they will still remove it if settled. 

[Harmony12]

Yes, I settled in September because of different creditor and it was removed from all 3 CRA in October.