Capital One Charge off

What is the name of your state? Ga
My ex husband and I had a capital one credit card and I was the co applicant of the card .He took it when we got divorced and never paid it so therefore it is on my credit report as a charge off and they are still reporting it and adding interest.It had a balance of 1792 now it is over 1800. Can they do this? I undestand the charge off will remain on the report up to 7 years but what about them adding interest? I did contact them and they tried to get me to pay it and they said I was liable but I just can't afford too. I know it is hurting my credit.They also said even if I did pay it they could not change the charge off.

[Tayla]

My Answer: Yes to both questions. Be forewarned a judgment may occur on this debt if the creditor wants to play hardball.What year did this account go delinquent?

It went delinquent in 1998.I have since been able to get 2 other capital one cards. Can you believe this?

[Ladynred]

The statute of limitations on credit cards in GA is only 4 years. If it went bad in 1998, the SOL expired in 2002 ! You don't have to worry about being sued, the debt is time-barred. If they DO go that far, the expired SOL is your defense to get the case thrown out. Since it HAS expired, you don't have to pay them a single penny.

What you can do now if Crap1 or a collection agency is bugging you - send them the following cease and desist letter and tell 'em to go pound sand.

[url]http://community-2.webtv.net/YCHANGE/STORAGE/page13.html[/url]

Watch out for Crap1's little bit of trickery though - they send out 'offers' for "new" credit cards to 'pay off' an old debt - which will make it a NEW debt for which they can sue you all over again with a NEW SOL. If you get an 'offer' like this - BURN IT !!!

What should I do about this hurting my credit? My credit score is barely a 600 b/c of this. I have not been able to get any loans b/c it shows a current delenquencey on my report.

[Ladynred]

I would venture a guess that there are other things on your credit reports keeping you below 600. Once old charge-off won't tank it that much. What is your utilization like ? Do you have other lates, collections or charge-offs ? How long a credit history do you have ?? All are factors in your score.

Can try the follow-up to the credit bureaus that goes along with that SOL letter I sent you the link to. It has worked for some people. Otherwise creditboards.com is the place for credit repair help.

Ladynred what happens to your FICO score if you pay a charge off account to the collection agency instead of the original creditor?

[Ladynred]

Nothing really. Paying off an old charge-off does NOTHING to better your scores, and it could even lower them. Some will argue that a paid charge-off is better than an upaid one - maybe to a mortgage lender who's afraid of risks, but as far as FICO is concerned its still a negative.