What should I do? Cap One charge off and Firstsource Advantage

[Anonymous]

Hi Everyone,

I had a Capital One Cash Rewards card that charged off in December 2014. I received a letter from Firstsource Advantage offering to settled for $280.42 instead of the original $560.82. Since this is a very recent account, what should I do? I know that the charge off is already on my report so is there even any value to paying Firstsource? Or would I be better off just opening another secured card or increasing my limit on one? I've read that CapOne is difficult to deal with and won't delete anything. Can I settle for the amount Firstsource offered and get a PFD? I'm not sure what will help my scores if any of these options.

[RobertEG]

Did First Source Advantage purchase the debt, or does the OC sitll own it?

If they have not yet reportted a collection, then you may be able to secure a pay for not reporting agreement, thus avoiding additon of a collection.

Paying will also show that you do honor your debt obligations.  Ignoring the debt reinforces the perception that you dont pay your debts.