Help! Help! I want to obtain good credit but I am confused?

I have an outstanding account with Capital One that reaches it's seven year mark in 2009. I want to pay it off but I get mixed reviews. I consuted a credit consolidation and a bank that tells me I need to pay this off. But when I inquire with Credit fonum and a financial advisor they tells me to leave it alone, or dispute,or just wait until it falls off in 2 more years. I do know that If I pay it it will start the 7 years up again. I want to weigh my options down, what do you all reccommend??

Okay, check out this article I found for you. Pay attention to the part that is talking about re-starting the clock with "new activity"...they can't do it. Get as much feedback as you can and check out the FCRA and recent amendments to it for accurate info.
http://www.bankrate.com/brm/news/debt/20050930a1.asp

It's not that confusing.
You borrowed the money - pay it back.

Taja--I read that you borrowed money at some time in the past and now the account is delinquient. You cannot borrow money and not pay it back --without consequences for your action.... That is stealing. I agree wiith you and pay off the account at capital one--sooner the better....

If you wait it out, you run the risk of your creditor selling the account to another collection company. If this happens, it becomes a new account according to the credit bureau's and it's difficult to fight it. My suggestion would be, calculate your total amount owed. take approx 50-60% of that amount. Most creditors are willing to settle on 50-60% of the debt in order to close out the account. That way it doesn't show up as a charge off on your record, it shows that you have taken care of the debt. Make sure when you make this agreement to settle your debt for 50% that you receive it in writing cofirming everything you and the creditor have agreed upon. Once you pay it, it no longer shows up as a debt, it shows collection paid, which to many banks, shows that you are taking care of your debts. The confirmation letter will also come in handy in the future when you go to get loans or other credit cards. Hope that helps

If you have a Capital One account that is a negative item on your credit report, such as being late, the 7-year clock starts ticking from the time the account was made current or paid. If you presently have a past due balance you need to at least get the account current. It is not clear from your question if this account is presently late or not. There is nothing wrong in having an outstanding account, which simply means you are carrying a balance, as long as the payments are made on time every month. It does not make sense about what you say about it "falling off" in 2 more years, because it is not going to do that. The 9-year mark is nothing in particular, so I don't know where you got that. The 7-year period does not start up over again if you make a payment; it's not as if this all works in 7-year increments. What the 7 years refers to is that if you miss a payment due date by 30 days or more you will have it reported on your credit report as 30 days late, or 60 days late, whatever. This negative item will stay on for 7 years after you either bring the account current or pay it off; it does not start from the beginning of the time when it first became late. So if you were first late 2 years ago, and make it current now, the 7 years of having the negative item starts from now, not 2 years ago.

If what you are talking about is that the debt was sold or otherwise turned over to a credit collection agency, you can do what I did once and maybe get it off your credit report, even if it is legitimate. I had this happen to me once, and so I sent a very indignant letter to the collection agency saying the debt was not mine, that it must have belonged to someone with the same name, that it was old (5 years) and they were shopping it around trying to find someone to pin it on, that it was damaging my credit and I wanted it removed immediately. They took it off right away, so if that's the case with you, send the collection agency a dispute letter.

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