Dumb kid needs help as an adult.

[Anonymous]

So a little background on me, I was a financially incompetent teenager. Now that I've put that out there, let me tell you a bit about my problem. In Aug 2008 I opened a credit card with Capital One. I proceeded to spend the $500 limit plus about $400. I made roughly one payment and then lost my job at the time and pushed it aside. I had collection calls from 2008-2011ish. I never made a single payment after the first one. Now my balance is $1,800ish after interest.

Fast forward to last year (first time I've spent figuring out my credit situation). This card is obviously really impacting my score. I only have 3 things on my credit report, and all of 3 accounts were opened in 2008. One is this card, a second card from BoA (that I settled and closed in 2010) and lastly, a $20,000 Subaru that I paid off in Oct. 2014.

The first "date of delinquency" on my Capital One card is in Nov. 2008. According to my credit report last year, it's set to be removed from my report Nov. 2015.... less than a year away. My question is this, would it be possible to use this as leverage to settle the debt for say... $250-500 and have them remove it from my report ASAP? If so, how would I go about doing that? I believe Capital One has retained the debt collection duties in house which should make it a bit easier, right?

[ojefferyo]

If it's inhouse then maybe it may be easier but they may also want the full amount, if it's about to fall off anyways why pay it? I hear Cap1 may be a but difficult to work with.

[Anonymous]

I'm trying to get it taken off ASAP so I can work on rebuilding. However, I'm not in a financial position to pay the full amount this year so if need be, I'll wait until it falls off.

[ojefferyo]

They may try collection all over again once you start talking to them

[Anonymous]

I can definitely see that happening. I wonder if it would matter if I told them if they didn't except my offer, then I'd just wait it out and they would get zero money in return...

[ojefferyo]

Nope, once you confim that you owe them they can start collections again.

[Anonymous]

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@Anonymous wrote:

I can definitely see that happening. I wonder if it would matter if I told them if they didn't except my offer, then I'd just wait it out and they would get zero money in return...

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Check your SOL, if it's passed, they can't collect on it anyways. They can try...but legally, they have no way to make you pay. Having an expired SOL is much more leverage than having it off your credit reports. 

[Anonymous]

Unfortunately Cap One does NOT like to do PFD's at all, not even for full payment. You might get them to settle, but not a chance of getting them to settle for removal of reporting.

[ojefferyo]

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@Anonymous wrote:

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@Anonymous wrote:

I can definitely see that happening. I wonder if it would matter if I told them if they didn't except my offer, then I'd just wait it out and they would get zero money in return...

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Check your SOL, if it's passed, they can't collect on it anyways. They can try...but legally, they have no way to make you pay. Having an expired SOL is much more leverage than having it off your credit reports. 

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But if you make contact and reaffirm you owe that starts everything again.

[Anonymous]

The SOL has expired. It's only 3 years in SC (where I live) and 6 years in UT (where CAP1 is based). Seems like that, coupled with it falling off later this year regardless, would get me a PFD.