Pay off old debt?
Date: Thu, 06/07/2012 - 13:11
I have two old debts with Capital One showing up on my credit report. I was young and dumb, had two credit cards, and eventually lost my job.
Card 1 has a past due amount/listed balance of $530. It was opened 7/2002 and closed (by them) 1/2007. The last payment was 8/2007. The pay status is ‘charge off’. The TU report states that this is due to fall off my CR on 4/2013.
Card 2 lists no past due amount/listed balance. It was opened 12/2004 and closed (by them) 12/2006. The last payment was 6/2007. The payoff status is ‘Account paid in full; charge off’. The TU report states that this is due to fall off my CR on 4/2013.
Card 1 was never sent to a CA. The OC is still Capital One. I hadn’t seen a bill/statement from them since late 2008 until almost 4 months ago. Honestly, it had been so long, I didn’t even realize it was my account. It doesn’t appear as though they are putting much effort into collecting this balance. I seem to receive a statement every month now.
Card 2 was a much higher balance and it was settled through a CA/Attorney in 6/2007.
After reading for hours on this board and a few others, it appears as if they will just fall off my CR in less than a year. I’m perfectly fine with letting the SOL run out and letting it fall off my CR.
Here is my dilemma. Obviously, the debt is mine, and I feel I should pay it. Also, I may want to be able to get a Capital One CC in the future. So, should I send a PTD letter, offering to pay the balance in full if they grant my request? And if so, would I be asking for too much if I asked them to delete the info for card 2, or at least make the information more favorable?
The only reason I am even contemplating this is, as I mentioned above, I may want to apply for a CC from them in the future. Would my non action – letting it fall off automatically, prevent me from ever again getting a CC from them?
Thanks everyone for your help. This board and the participants are a great resource!
Card 1 has a past due amount/listed balance of $530. It was opened 7/2002 and closed (by them) 1/2007. The last payment was 8/2007. The pay status is ‘charge off’. The TU report states that this is due to fall off my CR on 4/2013.
Card 2 lists no past due amount/listed balance. It was opened 12/2004 and closed (by them) 12/2006. The last payment was 6/2007. The payoff status is ‘Account paid in full; charge off’. The TU report states that this is due to fall off my CR on 4/2013.
Card 1 was never sent to a CA. The OC is still Capital One. I hadn’t seen a bill/statement from them since late 2008 until almost 4 months ago. Honestly, it had been so long, I didn’t even realize it was my account. It doesn’t appear as though they are putting much effort into collecting this balance. I seem to receive a statement every month now.
Card 2 was a much higher balance and it was settled through a CA/Attorney in 6/2007.
After reading for hours on this board and a few others, it appears as if they will just fall off my CR in less than a year. I’m perfectly fine with letting the SOL run out and letting it fall off my CR.
Here is my dilemma. Obviously, the debt is mine, and I feel I should pay it. Also, I may want to be able to get a Capital One CC in the future. So, should I send a PTD letter, offering to pay the balance in full if they grant my request? And if so, would I be asking for too much if I asked them to delete the info for card 2, or at least make the information more favorable?
The only reason I am even contemplating this is, as I mentioned above, I may want to apply for a CC from them in the future. Would my non action – letting it fall off automatically, prevent me from ever again getting a CC from them?
Thanks everyone for your help. This board and the participants are a great resource!
Hi, I think it would be great if you can pay the outstanding ba
Hi,
I think it would be great if you can pay the outstanding balance in full. Then it will appear on your credit reports as "Paid in Full". However, before making the necessary payments, you should negotiate with the creditor to get the status updated as "Paid in Full" after you make the payments. I think it'll be favorable for you if you plan to take out a credit card in future.
Quote:I think it would be great if you can pay the outstanding b
Quote:
I think it would be great if you can pay the outstanding balance in full. Then it will appear on your credit reports as "Paid in Full". However, before making the necessary payments, you should negotiate with the creditor to get the status updated as "Paid in Full" after you make the payments. I think it'll be favorable for you if you plan to take out a credit card in future. |
Paying a collection is not going to improve your credit. A paid collection is a paid collection....it is negative. Paid in full, settled in full...both are negative on a collection account.
To the original poster, if it is outside of your states SOL, save your cash and wait for it to drop off at the 7 year mark. Pay for deletes just dont happen. Get yourself a secured card and start rebuilding your credit.
Thank you!
Thanks for the answers. I think I will just let them fall off. Regarding the SOL, it appears to be 6 years in Minnesota. From what I understand, the first delinquent payment is when the SOL starts? I've been reading multiple posts, and I may be getting confused on that point.
Thanks again for everyone's help!