I have a charge off credit card with a company (Capital Management) claiming to represent the credit card company (Capital One) wanting to make me a deal to pay it off at half the owed amount. This is a 6 yr old charge off entry and I have been told it will go away after 7 yrs?
Also I am aware that the charge off will stay on my credit report and with a status of settled which may or may not help my score. If I pay I think it shoulf be in full but then I have to police them to ensure my credit is repaired in such a way that my score is improved or better the occurance on my credit report is gone.
I'm a little leary that they are aware of the 7 yr limit and are just trying to get what they can before they run out of time. That paying this card off which was $300 when I stopped using it and now is $1300 would be a mistake. So I have one more year or I am assumeing. How accurate is my assumption?
So My questions are:
1.) Will it go away after the 7 yrs is up - even if they are still trying to collect (AKA is 'last activety' defined as when card was used / closed or last collection activeties?).
2.) Is there any way it can come back if it does go away?
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I have the 6 yr old charge off...carefull what advise you take...
Ok I paid the collection company (Capital Management) and they had promised me that the account (charge off / collection) would be updated to settled after paying on my credit report. Well a month or so has gone by and all my credit report reflects is a decrease in the balance (You cannot tell it is a decrease becuase it only shows the current balance - looks like I never paid anything).
I am really upset about this. Everyone says if you owe money pay it. Well on reflection I must say they destroyed my credit and have made my life miserable (18% rate on my car finance etc).
Now I did the right thing and settled but now the promises are hollow - I didn't even change my credit report score - beacon etc.
I really feel like I was given bad advise by everyone but the people who said that I should not pay them since they had blown up what I owed (100 dollars to 1400 ?). And also since the entry would come off the report in a year or so. Since it is approaching 7 yrs old.
Even people who claim to have been there and done that - offer free advise are not on top of their game. It seems the bill collectors really apply to peoples good side (not what you imagine were people don't pay, negotiate etc they are bums), and if you are like me you and do what seems right you will find that the people you owe money to will only use it as a chance to get even.
So the lesson I have learned is if you really are only worried about your credit report and score..not collection litigations etc, you should just make arrangments to pay it off in full or not at all, since all that settling does is ensure that litigations / judgements are not made against you (I still have no gaurantee it will not be persued more - I think this will happen since it would be in synch with their past behavior - 'Capital One'), I didn't accomplich anything but making myself broke for a month and a half, I'm still trying to recover.
Also it just put every other collector on me when they saw that I was trying to pay...These guys are trully scum...don't trust them with any kind of deal unless you get something in writting...now thats good advise, and like I said if your scared of getting taken to court (under 2K and credit already bad, no big assets, I would not worry) then pay the settlment otherwise pay in full and get a guarantee in writting that the derogatory comments are taken off your credit report.
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