Cap One yard sale???

Discussion in 'Credit Talk' started by tr1252, Sep 22, 2003.

  1. tr1252

    tr1252 Well-Known Member

    I just came across this article on the newswires about Capital One selling off some of their accounts to BofA and Wachovia. Read about it here:

    If you follow the newswires, in ONE WEEK Cap One went from selling $250m to $500m and finally $750m in credit card receivables. I wonder what this means for all of us Cap One cardholders here on CN. Does this mean our accounts are being sold (a la Providian)???
  2. catnap1972

    catnap1972 Well-Known Member

    UH OH!
  3. Flyingifr

    Flyingifr Well-Known Member

    You misread the article. Cap1 didn't sell its credit card accounts - it sold bonds and used the credit card recievables as collateral.
  4. tr1252

    tr1252 Well-Known Member

    OK that's better. And thanks for the translation! After millions of accounts being sold or transfered over the past 2 years, this is one I don't need to worry about!

    GEORGE Well-Known Member

    BofA reports the CREDIT LIMIT
    BofA has 4.00% BT NO FEE

    "IF" they wanted to sell my account to BofA I wouldn't CRY...

    ...although my BT for CAPITAL ONE is 3.90%
  6. Flyingifr

    Flyingifr Well-Known Member

    Re: Re: Cap One yard sale???

    You forgot the UYGF. For you, GEORGE, it would be 18.99%

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