Capital One Question?

Discussion in 'Credit Talk' started by CASPER72, Sep 10, 2001.

  1. CASPER72

    CASPER72 Well-Known Member

    I had Capital One show up on my credit report when I pulled my trans union report last week. After looking at it closely I noticed that they had bought an old account of mine that was past the sol. Plus they have the opening date as 4/2000 instead of 4/1996 like it should be. I guess I have several questions for the board.

    1. Should I just call them up and ask what the account is for and then when they tell me what it is tell them that it is not my account.

    2. If I do this then doesnt it kill any chance that I have of ever getting a credit card from them?

    3. What if I call them up and ask them what it is and they tell me and I suggest they give me a card with the balance on it plus a little and they will be paid off ASAP.

    What would be my chances of getting the card and then having them change the trade line to a positive one?

    Your opinions are greatly appreciated!!

  2. MikeG

    MikeG Well-Known Member

    I would send a letter off to planetfeedback with a direct statement of what you would like to happen. If you are truly past the SOL, you options are greater.

    Mike G.
  3. CASPER72

    CASPER72 Well-Known Member


    Thanks for the response. Yes it is past the orginal creditors SOL. But like I said earlier is that Cap One put an opening date of 4/2000 on my credit report. I assume that this is when they bought the account. But have have not heard a word from them or the original creditors.

  4. breeze

    breeze Well-Known Member

    YOu better find out how much money it is first. What they've been doing is making the exact offer you mentioned- a credit card with the old debt as the balance. But it is not likely the original amount of money - probably much more.
  5. CASPER72

    CASPER72 Well-Known Member


    the amount that it shows on my credit report is $154.
  6. SofaKing

    SofaKing Well-Known Member

    As Breeze said, Cap One is buying up old credit card debt and assiging it to their collections dept. Then, they are sending out "offers" for a credit line which is usually half the bad debt amount.

    It's a slick way to reaffirm. Supposedly after the debt is paid down you are left with an open balance and a good line.

    But, what is stopping them from closing the account just after it is paid off? NOTHING!!

  7. csmims

    csmims New Member

    I took their deal the first time, mostly out of ignorance. While on the phone with the fellow from Cap one I realized it was for a debt that was over 10 years old, and not reporting anymore. I took it anyway for several reasons, including the moral obligation I felt to pay the debt. The amount was actually about %75 of the original debt, and they gave me a credit line of $400 with the remaining $450 being placed in a special transfer section. They gave me 9.9% for three years. To make the long story shorter, I paid the balance off completely last month and they have not cancelled the card. In fact they increased the credit limit up to the amount of the original balance.

    I've seen a lot of people feeling poorly toward Cap One, but they have treated me quite fairly.

    BTW, I'm fairly new to this board, I have been lurking about for several weeks, but this is my first post.

  8. breeze

    breeze Well-Known Member

    That sounds like it might be worth it, if they would report this as a positive on your CR, it would be a good deal.

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