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Capital One (Why Should I Do This?)

Discussion in 'Credit Talk' started by Smit, Sep 13, 2003.

  1. Sep 13, 2003 #1
    Smit

    Smit Well-Known Member

    I just got a letter today saying:

    'This letter confirms your eligibility for a special Capital One visa card designed specifically to help you repay your charged-off account with NCO Financial Systems, Inc.

    You are guaranteed approval for a new Visa card from Capital One.'

    My question is why should I do this when this debt is older then 7 years? Both of my charged-off Discover cards fell off my report a couple of months ago.

    This was a Discover card and they are saying that my balance is $5,317 and that they would take off the interest of $2,884 to leave a balance of $2,433. The say that as I pay it down that it counts as good credit for me and every $100 I pay on it they will give me $25 in credit up to $1200.

    Has anyone done this and is it a good deal?
     
  3. Sep 14, 2003 #2
    jlynn

    jlynn Well-Known Member

    Don't do it.
     
  4. Sep 14, 2003 #3
    DanS

    DanS Well-Known Member

    Hmmm... pay $1200 and get $300 in credit... let's see... open a secured card and if you pay $1200 you get... $1200 in credit (or more)!

    Doesn't sound like a very good deal to me. Especially since it might reappear on your CR if you sign up.
     
  5. Sep 14, 2003 #4
    presson

    presson New Member

    You most definitely do not do this. Your ariginal account is probaly time barred. Your statute of limitations is probably up so the bill is not even due. This will only reage your account and start it all over. Go to freeadvice.com and post. Someone there will give you the legal on this. I got the same letter and fortunately I subscribe to free advice.
     
  6. Sep 14, 2003 #5
    moneyelf

    moneyelf Well-Known Member

    Who got a hold of your credit info and how in order to send you this letter? They specifically know anout your account name and amount owed???
     
  7. Sep 28, 2003 #6
    Smit

    Smit Well-Known Member

    Sorry it took me so long to get back, I have been out of town. Well this came from a collection company who no doubt sold my info to Capital One. I think everyone is right. I don't think it sounds like a good idea at all.
     
  8. Sep 29, 2003 #7
    jam237

    jam237 Well-Known Member

    If you read the fine print.

    If you accept the offer, the account with NCO will be transferred to Capital One's Westmoreland Agency. Basically, they can say that NCO gave them the information to consider the transfer of the collections account to their Westmoreland Agency.

    I've only seen this letter for definate time-barred accounts. Not to say that they don't do it for other accounts, but I've only seen complaints about it for debts that were most certainly over the SOLs.
     

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