Is anyone aware of "account rehab" programs at Cap One? Amex has (or used to have) something called OASIS. TIA A
Cap1 used to have a program where you were issued a "new" credit card, which has the balance of the "bad debt" applied to it. As you pay it off (assuming on time payments), you then have the "new" card as a credit card with the credit limit of the "bad debt". Of course there was the interest and account fees added on. I'm not sure if Cap1 still does this, I know the have been trying to move away from the subprime market.
Thanks Biz, If they still have something like this, how do they report the old charge off? Do you think that the "new card" displaces the old charge off and it is no longer reported? Thanks A
I think they still reported the old one, but I'm not sure. But you have to be careful here. By accepting the new card, you are agreeing to pay, and this makes a new contract. The SOL will start again, so that if you later default you are starting an entirely new SOL with a new reporting period.
I was not completely familiar with the program, but I believe there were two programs. The "Cap1 in house" program hit just before the "CO" status was reported(for a Cap1 card account). I vaguely remember that Cap1 also offered the "CC" for other debts, and it still reported the "CO", but somehow eliminated the CA tradeline. I don't think the new "CC" replaced the old one completely, it was more like a "2nd chance" card. Don't take this as 100%, as I said this is going from memory of years back, and previous discussions.
