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It also might take a few (2 or 3) charge/decharge cycles to get the battery in good working order. Also are you listening to music on it? I would let it get down to one bar or so before recharging and then recharing till the red light goes out.
I had two 505's and both needed to be decharged/charged a few times before the battery started holding a good enough charge to last me for weeks.
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