[Exquisite5]

You are an upstanding woman and I understand your desire to settle your debt; however there is one problem IF you do ANYTHING with this charge it will REAPPEAR on your credit report. Then it will not be a behind the scenes problem with Visa, but on the report problem for all to see.

What many people don't understand is that items are nto removed from your credit report 7 yrs from the last charge but rather 7 years from the last activity on the account. The last activity is often someone trying to do what is right and pay off the debt. However, this effort often ends up restarting the 7 year period, as it would in your situaiton.

Hypo:

Flyy Freshman gets credit card in 2000.
Flyy Freshman charges $5000 on credit card on July 5, 2000.
Flyy Freshman NEVER pays any money on her card-- not once.
July 5, 2006 collections agencies start calling Flyy Freshman offering for her to pay $500 and settle her debt.
Flyy Freshman does nothing.
July 5, 2007 the credit issue is removed from her credit report.

VICE

Flyy Freshman gets credit card in 2000.
Flyy Freshman charges $5000 on credit card on July 5, 2000.
Flyy Freshman NEVER pays any money on her card-- not once.
July 5, 2006 collections agencies start calling Flyy Freshman offering for her to pay $500 and settle her debt.
Flyy Freshman takes offer and pays $500 charge off on July 30, 2006.
ISSUE NOT REMOVED FROM FLYY'S CREDIT REPORT UNTIL JULY 30, 2013.

MightyQuinn your situation may be treated a little differently because the charge off is already off your credit report, but I highly doubt it. I have seen many friends who try to do what it is right and now suddenly they are haunted by a charge off for 7 MORE years. This is why the creditors start offering charge offs about year 5 and 6- they know in 1-2 short years you will be beyond their reproach.

What has likely occurred in your situation is that yes the charge off is truly "off" of your credit report, but because Visa is the lender you defaulted on, I am sure they know in their records that you defaulted on them. Remember, off your credit report means not published to OTHER WOULD-BE LENDERS not that each creditor purges its records every 7 years. Because Visa "knows" you they are likely reluctant to give you credit again because you already got the best of them once. I would think you could easily get an equivalent Mastercard, but you may never get Visa to offer you credit again.