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I had an auto loan from 2011. All but about 1,800 USD was paid off. Various financial challenges and a dose of me sticking my head firmly in the sand led to the account being charged off. I handled this very poorly and learned from it. Now I would like to make it right, though, and I finally have the money to do so. I would also like the best feasible outcome for my credit. What can I reasonably expect? What should I ask for? I doubt they will remove the history of charge-off dings from my credit, but what do I know? Do I just pay it off and ask that they report it as paid in full? Can I even ask them to settle for less but still report it as paid in full? Retaining some of the money we've saved for this isn't essential, but would be nice, of course. Are there alternatives I should consider that I haven't addressed here?

If it helps, the creditor is CapitalOne.

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    Is it still on your credit report? Negative items typically fall off after 7 years or so.
    – D Stanley
    Commented Jan 12, 2021 at 18:53
  • @DStanley that's what I was about to ask...
    – RonJohn
    Commented Jan 12, 2021 at 19:01
  • It appears to be, yes. The first instance of "CO" in Experian's nice little calendar of shame was Aug 2017. If at all reasonable, my preference is to pay it off, but if I can optimize my outcome by knowing what to ask, etc, even better.
    – Andrew
    Commented Jan 12, 2021 at 19:25
  • Negative items fall off 7 years after the last activity. Making a payment will restart the 7 year counter.
    – Ben Voigt
    Commented Jan 12, 2021 at 20:23
  • Will that be offset by having it marked as paid off?
    – Andrew
    Commented Jan 12, 2021 at 20:25

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