I got a letter from these people, Alegis Group, L.P., saying they will transfer an BestBuy account that is in collections with Sherman Acquisiton over to a Visa card that they will give me. I have to go through "3 Easy Steps". 1) Transfer my old debt to a new Visa Card. The transferred amount becomes the newbalance and credit limit on the card. 2) Make at least my minimum payments on time and I will create available credit on the new card. It says the amount of available credit depends on the timelines and size of payments and card usage. 3) Realize the benefits. A portion of my payments create "Purchasing Power" on the new Visa. If anyone has heard of this or knows anything about them let me know. It's much appreciated. The Original Best Buy account is from years ago, maybe 1996 or 1997. I just started disputing a lot of things on my report its funny that I'm just getting this letter in the mail.
That Best Buy acct is about to be SOL that is why they are offering you that program. Be carefeul because you can remove that Best buy collection item once it past 7yrs.
Thats what I was thinking. The only good thing out of it I can see is that maybe I can establish some good credit by getting the Visa. I'm wondering what will happen to the debt with the original CA because if they leave it on my report its not helping me. Anyone have any suggestions?
Re: Re: Anyone heard of Ascent Card Program And you just grought an OUT of STATUTE debt back INTO statute. If they are in such a hurry to lend you money, tell them to do it without bringing the old debt back into statute. The way this "deal" is set up is like a secured card. The new card you get is maxed out and fully collectable. As you pay down the balance, you get available credit. Why not just get a secured card and not have a debt than can come back to bite you?
