A couple of weeks back, some people were talking about the offer that they received from Capital One. It was an offer to give them a new card and they would put the balance of their charge off on it. I was wondering if anyone did this and if so, how did it report on their credit reports. Is it beneficial to do? Thanks
Hi, When I saw your post, I had to answer. I know everyone's credit situation is different, but I wouldn't do it unless it is the only way you can get credit. Also, if you don't take advantage of the offer, make sure you check your credit report, because they put it on my credit report as a new charge off from Capital One, and my score sunk 18 points. My letter stated they purchased it for me. It was an account that was to fall off my report this December. I had to dispute it 2 times to get it off. The real kicker is that I have a 2 year card with Capital One that is perfect payment history and the letter stated that is why they made me this offer.
Yes sir. In fact, once I calmed down, I started to remember that it stated 'because of your excellent payment history with us, we have purchased your old charged-off account'. I didn't mean to sound as if you are doing anything wrong if you take it, I just meant I would be very careful. You are correct to wonder how it reports on your credit report, because look what happened to me. Good luck on whatever you decide.
I too took the Cap one offer and the b@stard's re-aged my old charge-off, and inserted a new negative line item on my TRU file. They won't budge on it either. Mr. Cooke is a moron, and doesn't know squat about the FCRA, although he says he does. They are reporting the credit card as paid never late every month, but this is little consolation when they added the negative item and re-aged it. I have even threatened litigation if they don't fix it. They don't care. The really funny thing is I could use the money I am paying to hire an attorney and litigate this matter to pay the original debt if they would just delete like their supposed to do anyway. Sorry for the rant, but I wouldn't recommend the Cap1 reaffirmation deal to anyone - it is a scam and a trick to reaffirm your SOL debts. Don't do it - they won't help you fix your credit.
Here is little more information of how they screwed me: TU report before Cap1: TRASOUTH FIN >Repossession< Updates: 02/1998 Balance: $6717 Opened: 10/1996 Most Owed $13001 Closed 12/1997 Past Due: $0 >Status as of 12/1997: Repossession< After Cap1: - The above item still appears but now I have this as well: CAPITAL ONE >Paid profit and loss< Updated: 6/2002 Balance: $0 Opened 3/2001 Most Owed: $4763 Paid Off: 8/2001 Past Due: $0 TRANSOUTH >Status as of 04/2001: Payment after charge off/collection< Listed as a Revolving Account -Credit Card -individual Account. They have changed the account number as well. I guess they repossessed my credit card...lol. Obviously the original debt was a defaulted auto loan not a revolving credit card account from when I got suckered into buying a lemmon that quit running less than a year after I bought it. Hope this helps you make a decision
Mitchra, Hey, I disputed it as 'not mines'. Technically it isn't. I didn't sign a contract to get this card. I didn't ask them for this card. Even though I love my Capital One card, I see why so many people don't like them. I have heard that Mr. Cooke is great in tough situations, but I have also heard that sometimes he drops the ball....... Like I said, I had to dispute it twice. Maybe you could dispute it as 'not mines'?
I am in the process of disputing it now. If they verify it - they have a real surprise coming, because I have already contacted an attorney who is willing to take the case to Federal court. I can't wait - they will probably end up paying the balance for me...lol. I am not giving them two opportunities to remove the item though because I expect to walk away from this with some cash in my pocket. BTW I have had no problems at all with my CAP1 card. It is convienent and they have online statements and bill pay. They don't report the credit limits on your cards though, so it hurts your scores if you carry a balance.
Good for you. I hope everything goes well. Good luck, and may they pay for your card balance and your next vacation.
I recieved those offers a few years ago just before my chargeoffs were to be beyond the SOL. I never took them. Then in the fall of that year I recieved regular Cap 1 offers for sub-prime low limit cards. I sure wouldn't take them.. i would wait and I would those who recieved the offer will have Cap 1 offers later this year (probably in time for Christmas season) now you are on their sub-prime list.
