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I just pulled my credit and noticed that I have a capital one charge off being factored as revolving credit. If the account has been charged off why is it considered revolving? Also what should I do to get the account cleaned up? I know that capital one is not easy to work with which is why I have not tried to clean the account up yet. ...but I guess now is the time. Any advice will be appreciated!
Would you happen to have any knowledge on settling a charge off with capital one?
you can settle that right through capital one. since it is a charge off ,.
When a debt is charged-off, it is an internal accounting measure that permits them to recoup a portion of the bad debt.
A charge-off does not relieve the consumer of continued obligation for the entire debt, just as if they had not charged the expected loss to bad debt in their books.
From the pserspective of the consumer, the reporting of a charge-off places a formal statement in their file that a current creditor has assessed them as a consumer who is unilikely to pay their debt. A very negative assessment that both hurts their score and can impact the willingness of others to thereafter take a risk at lendng to a consumer who is considered as one who is likely to stiff a debt.
All other aspects of the OC account, including its type and remaining balance, are unaffected by the CO.
Its balance is still accrued debt under their revolving line of credit.
You have an account with unpaid debt, and if they still own it, you can pay the debt the same as any other delinquent account.
Ok, but once I pay the debt what affect will the payment have on the charge off? I am trying to figure out what approach I should take to increase my score.
Ok thank you! I did not know who I should pay because there is a collection for the Capital One account as well.
Ok. Thank you for your help!
Is the charge off showing a balance? Is there a CA listed on your credit reports for the same account? A charge off is a major derogatory and will affect your score for nearly the entire 7-7.5 yrs until it is removed. Paying a charge off in full might give you a score bump, but it depends what else is negative listed on your credit report(s)
DaBears