I have a co with cap1 and they just sent a letter stating they will switch the moneies owed to another card and I can pay that off over time.Has anyone ever received this kind of offer from them?If so did you take it? and what happenes to the old co tradeline? Thanks for the help in advance. DS
How old is the alleged account? This is just a derivation of the 'C1' pre-approval for co's. Normally they do this when the account is past-SOL, so that the consumer creates a new obligation within the SOL, so that if the consumer defaults on the current obligation, then they can take action on the new account, which would have been illegal if they would have done it on the old account. Doing anything will more than likely re-set the SOL for the account, chances are nothing will happen with the old trade line (except it being made a PAID CHARGE OFF, with more than likely a more recent activity date, which could make the trade line worse.)
I have heard of this happening with Cap1 They take an old debt, then when you recieve the new card there is a charge for the old debt.......
THX jam237 IThe co is about 2-3yrs now.I've been doing some reading (found a few other post like mine) and it seems 50/50 on whether it's a good idea or not.What do you think about me sending a validation letter back with there offer form.I wouldn't mine getting the new card if I could some how get them to drop the cap1 co TL.
I've got a CO from Cap 1 and just requested a pay-off letter on the orginal balance. I wouldn't mind if they issued a new card with current balance, at least once the old balance was paid there's an opportunity to build new, good credit with them on the CR. Or is that an ignorant assumption?
Not sure bynjut.How old is your co? I'm real close to accepting the offer.I would just like to know what will happen to the co tradeline,and if I can get them to remove the tl or just have it listed as acct closed/paid.
LOL... OK lbrown59 point taken.How do you suggest I proceed? I would really like to start tackeling my co's but I just don't know where to start? I mean should I send val letters to the CA's and the OC's or what. I read tons of other post but they don't (or I just didn't see where they ) say what to do first.Everybody has different opions on the matter.Please help!
Repeat of my first question... How old is the alleged account? This is the most important question, because this is how you know whether or not your account is within the SOL. They more than likely won't do ANYTHING to any other trade lines, other than possibly converting it to a PCO - PAID CHARGE OFF, which will have the same negative meaning; WITH A MORE RECENT DATE OF STATUS, so it'll cost you more points...
It's showing on TU as opened 10/99 closed 5/01. Equifax and Experian just show date open which is 10/09.Date of last Act. is showing as 7-2000 on Equifax.So all in all about 3 yrs.
You want it to go to a CA, because that is when you are given the rights under the FDCPA. And, if you know how to dispute the CA properly on the CRA's, the CA's trade line could be deleted virtually immediately, if you do it right. You need to check what the SOL for suing is in your state. WhyChat has a listing of state SOLs on his web site (you can get there through the link in my signature). But remember, if you take C1 on this offer, you still have TWO trade lines, C1's PCO and C1's second account which they paid the account with.
Re: Re: Cap1 sent repayment letter.Now what? ***** Or by clicking on the new bee link in my Signature.
Re: Re: Cap1 sent repayment letter.Now what? i received a similar letter about 10 months ago from cap 1 stating that i could receive a new card, and the old charge off amount would be put on the new card with no new interest. for each month paid on time, the limit on the card would go up 50 dollars per month as long as payments were on time, and after 6 months, a percentage of the debt would be forgiven. i was a bit skeptical at first, but was tired of having my past debts haunting me, and the thought of reconciling with cap one and building a new credit scenario was appealing. i went with it, and sure enough, they stuck to their word. my credit is not perfect, but i have 10 months of accounts paid on time. i was just approved for a mortgage last month, and now own my own house.
Re: Re: Cap1 sent repayment letter.Now what? Good for you ofhumbon I'm glad it all worked out. Tell me, how does the old tradeline appear on your credit reports?
Re: Re: Re: Cap1 sent repayment letter.Now what? *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ***************** > *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ***************** >
Re: Re: Re: Cap1 sent repayment letter.Now what? More than likely, as we've been saying, the original account more than likely reports as a PAID CHARGE OFF... The only time that a PCO doesn't shoot yourself in the foot is when a mortgage company or other lender is requiring that any outstanding obligations be paid, prior to approval.
Re: Re: Re: Cap1 sent repayment letter.Now what? WARNING !!! DON"T DO IT !!! as lbrown said its a SCAM need more opinions check out ripoffreport.com and under the search function type in crap 1 name. if you do accept the offer you will do more damage then good it will cause the debt to be reaged and reported longer as a previously charged off account. it does not help your credit rating and will just allow them to have power or control over you by reporting it longer on your CR. seriously think about it. are you that desperate to buy into their schemes what company in their right mind would allow a consumer who previously charged off an acct to obtain more credit . unless they were out on the take for your $ the late fees will eat up anything that they would offer as a credit line. or their annual fees. if someone on here tells you different beware they may be an insider.
