Question paying a collection/charged-off acount – Cap 1

Question paying a collection/charged-off acount – Cap 1Question paying a collection/charged-off acount – Cap 1
DavidEthix asked 5 years ago

So I finally am going to tackle one of the last demons in my bad credit profile, but have a few questions as I go into the adventure..


This is a Capital One Charge off / Collection in the Amt of $ 6300..Original amount was around 4500ish I believe 6300 is with penalities/interest..  They are willing to settle for around 3800.. I reached out to them today as I had a ceast and desist on this for over a year.


I have questions regarding how this will impact my score and other things going forwards.


DOLA showing on my reports is Nov 2011.


Cap1 still own this debt, unfortunetly it was never sold for whatever reason.  This debt reports on a monthly basis as a Charge-off/Collection under accounts still, not under collections section of Fico, not sure how they do that, but maybe someone can enlighten me on this..  Here are the questions..


1) Ok my questions, since this is reporting on a monthly basis I assume paying this off will not impact my score in a negative way whether I do it in one lump month payment or over a payment plan of say 6 months?  Since it is reporting monthy already, is this a correct assumption it will only help me score as it ages and eventually stops reports?


2) It will show as Payed for Less on the credit report, this should make no difference score wise correct, other then possibly a manual review of future creditors?


3) Will this still fall off after 7.5 from the Nov 2011 DOLA or if I pay it or do a payment plan does it restart the 7.5 year clock?


I Just want to get this past me as I have disputed off most of my other old baddies and such and working on the biggest and badest of them now.. Thank gosh they are only hitting EQ/EX and not TU or you wouldnt see alot of the cards in my signature. 


Thank you for all the advise of the knowledgeable people within this section. on my 3 questions.


Please see the screen shots of how it is reporting.





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