'This letter confirms your eligibility for a special Capital One visa card designed specifically to help you repay your charged-off account with NCO Financial Systems, Inc. You are guaranteed approval for a new Visa card from Capital One.' My question is why should I do this when this debt is older then 7 years? Both of my charged-off Discover cards fell off my report a couple of months ago. This was a Discover card and they are saying that my balance is $5,317 and that they would take off the interest of $2,884 to leave a balance of $2,433. The say that as I pay it down that it counts as good credit for me and every $100 I pay on it they will give me $25 in credit up to $1200. Has anyone done this and is it a good deal?