I received a letter from Gulf State and Capital One and here it is as follows: Dear xxxxxx, Re:charge-off accounts from xxxxxxx Capital One, FSB has a great opporunity for Gulf State,L.L.C. accountholders related to the above-referenced account. Capital One is offered you a new unsecured credit card. Your new credit limit will be $3000,with $100 available for new purchases and cash advances. Your fromer charge-off account balance of $ ****** will be transferred into your new Capital One Visa(R) account, for which you will receive one simple monthly statement. When you open your new account, any recovery activities against you pertaining to your former account will be stopped. Plus,we'll let the credit bureausknow that your former account has been "paid by settlememt" if the debt is being reported to the bureaus. Simply take a moment to complete the attached Pre-approved Acceptance Certificate and return it to Capital One in the postage-paid envelope provided. Or, youcan respond by calling 1-800-965-6271 between the hours of 8 a.m. and 10 p.m.,Monday- Thursday; between 8 a.m. and 8 p.m. , Friday; and between 8 a.m. and 5 p.m. Friday Saturday (ET). When you call, your account will be serviced by The Westmorelans Agency, Inc, an affilate of Capital One I think another trick of Gulf State try to collect his debt through Capital One. Instead you owe Gulf State, you owe Capital One by transferring the balance.
Re: Another trick from Gulf St I don't think that it is just Gulf State. Capital One sent me a letter almost identical to yours for collection of a 9 year old charge-off from my Shell Oil card. I closed my Capital One account over 2 years ago, but they must cross reference old collections they purchase with their customer data base to locate where you are!
Re: Another trick from Gulf St I went to that site posted by Erica and found this: http://www.classactionamerica.com ----------------------------- A class action has been brought against two related credit card companies, Capitol One Services and Capitol One FSB, on behalf of people who accepted offers for so-called "second-chance" credit cards issued by the defendants. The companies bought bad debts from other lenders and then sent the debtors an offer for a pre-approved, no-annual-fee credit card. If a debtor accepted the offer, the companies transferred the third-party debt onto the credit card balance and refused to close the account until the debtor paid off that amount. ----------------------------- Thought that was interesting and sounds very familiar to your situation. -Dave
Re: Another trick from Gulf St Greg, I got this letter today from Capital One and they offer me 9.9 % APR until 2002. I have Wards charge-off account about more ten years ago and I never pay them because it just come off from my credit report. Now I had a couple of Platinium cards and I don't need any Visa especially pay off the debt from long time ago. I got similat to this before from other collection agencies and it is not the first time. To pay off the debt by opening a new Visa/MC account and use the new account credit lines to pay off the old debt. Besides, I have a couple of Capital One accounts and I don't need another one. I just ignore them.
Re: Another trick from Gulf St Ron, I kept the letters (I received two offers so far) in my file with old credit reports (I never toss them). I will not even entertain the thought of opening another card account with them to put this ancient debt on. I'm glad some people out there are taking a class action lawsuit against Capital One! Capital One is pretty smart, though... they know most of their customers have bad credit, they set up a subsidiary to purchase old debt, cross reference with their "affiliate" and BOOM - they know where you are to con you into a "pre-approved" card to transfer the old debt to.
Re: Another trick from Gulf St No I don't fall in this kind of trap and pre-approved credit card to renew the old debt. I also to keep my eyes on my credit report and I keep my od credit report for disputing any old from bring out live from dead. I like what I have on my credit cards and I don't what any credit cards closed because some collection agencies try to make some bucks out from nothing to ruin my credit. I post it because I warned other people like us not to benefits collection agencies by falling in to the traps like 9.9 APR% pre-approve unsecured Visa. It is too god to be true. Everytime I recieve that kind of notice and I put into my paper shredder.By the way, I keep my old credit reports for disputing any old debts showing up into my credit reports in the future. It happened tom e acouple of times already.
Re: Another trick from Gulf St Definately! I have old credit reports from 1991 to recent! I like having the paperwork already there for disputes!
