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Question By
xaeo

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Is there a way to pay off a charged off credit card to have it removed from credit reports?
In 2008, at 20 years old, I foolishly opened a credit card account. The last payment was in 2010, and it was brought to court in 2011. Looking at my Transunion it says it will be removed in 2018. Now at 27 years of age, i'm finically stable and would be able to pay off any amount needed. My question is how would I go about handling this and would this even work to remove it? I opened a new (secured) credit card with the same company (capital one) in 2014 and have had it in good standing for over a year. This is the only bad mark on my record and money isn't an issue, it's more about me being inexperienced in knowing if removing it is possible in anyway. Any advice would be very appreciated. I haven't tried contacting them about this yet and was going to ask here first.

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edit

last payment was in 2009 I mean, soon after the first card was opened. 

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You said it was taken to court in 2011, so I am assuming that they got a judgement against you for the debt. That would explain why it would remain on your reports until 2018. You are lucking they haven't tried to garnish your wages. I really doubt that you will be able to get it removed, most credit card companies are not willing to do so, but that doesn't mean that you shouldn't try. Do some research on PAY FOR DELETE (PFD), use google and you will find some information on how it works.

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Be aware that judgements can be renewed and carried out. They could also still come after you for the money by garnishing wages or seizing bank accounts. Even if you cannot get them to remove the account, you still may want to consider paying it, because if you stir things up by contacting them, you are putting yourself back on their radar and they may proceed with further action against you if they believe you have the means to pay.

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Spend some time researching this topic before you contact them. The only thing that may help you is if you live in the state of New York, as the credit reporting time period there is only 5 years for PAID debts rather than the 7 years for the rest of the country.

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One more thing, be aware that if the account has not updated for a long time, when you pay it, it will cause a drop in your FICO scores as it will update and look fresh. The damage would subside though after a little time.

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