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Pay off Capital One?
Hi Everyone. I got my first credit card my senior year of high school which was a Capital One card with a credit limit of $300. I admit that I was very irresponsible with it. I have since done well with other credit, but I never paid off this card. The balance on it now is $1185. I can afford to pay this off now in one lump sum, but I am confused about some things.
If I pay this account will the 7 years of reporting start all over? Right now it is scheduled to be deleted in August of 2008. I would really hate to mess that up with the deletion date so close. I know that if i don't pay it, I could still be hounded by creditors for years to come. I live in Massachusetts where the SOL is 6 years, so I don't think I can be sued for it.
The account is reported on Experian as follows:
Cap One Bank
Status Details:
This account is scheduled to continue on record until Aug 2008.
This item was verified and updated on May 2006.
Address:
PO BOX 85015
RICHMOND, VA 23285
(800) 903-3637 Account Number:
xxxxxxxxxxxxxxx....
Status:
Account charged off/Past due 150 days. $575 written off. $1,185 past due as of Feb 2008.
Date Opened:
12/2000
Type:
Revolving
Credit Limit:
NA
Date of Status:
04/2002 Terms:
NA High Balance:
$1,185
Reported Since:
05/2001 Monthly Payment:
$0 Recent Balance:
$1,185
Last Reported Date:
02/2008 Responsibility:
Individual Recent Payment:
$0
Your Statement:
NA Add Statement
Creditor's Statement:
Account closed at credit grantor's request.
Account History:
Charge Off as of Feb 2008, Jan 2008, Nov 2007, Oct 2007, Sep 2007, Aug 2007, Jul 2007, May 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Nov 2006, Oct 2006, Sep 2006, Aug 2006, Jul 2006, Jun 2006, May 2006, Apr 2002
150 days as of Mar 2002
120 days as of Feb 2002
90 days as of Jan 2002
60 days as of Dec 2001
30 days as of Nov 2001, Jul 2001
Thanks for any help!
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