got a letter from capitol one today in referance to a charged off cross country bank card 11/98 who sold the account to midland credit, in a nutshell it says they will give me a credit card with a $300 limit the $764 charge off from cross country will be transfered to the cap one card,and they will have the collection agency acount showed paid on my report. its a 9.9% rate untill 2004 no annual fee but it cant be used until the transfered amount is paid off. Question is this a good deal? can i tell them i will take it but they must deleate cross country and the ca from my report? or should i forget it?
ON 2 CONDITIONS... 1) IF the limit is $1,000 so you won't "LOOK" over-limit... 2) AND the old account is REMOVED FOREVER...
I would be careful with this one, Jeff. Some things you may want to consider: 1) If you haven't validated the accout first, you may want to do this--they may not even be able to validate it, which means they have to drop the account (which is another fight) 2) If you elect to refi the debt with Cap1, you are acknowledging the debt to be yours right off the bat 3) You would be settling this debt for the full amount (rather than a portion or percentage of the debt) and paying interest on it to boot 4) I'm not sure on this one, but I would check to see if they will nail you with overlimit fees every month until the balance is paid down to the $300 limit. If they will, then you can tack another 20-some bucks (on top of the interest) for each month. Yeesh. If you settle this on your own, you may be able to settle for deletion directly with the CA--who knows. Otherwise it will remain on your report for 7 years from the c/o date (unless you successfully dispute it off earlier). Others have received similar offers from Cap1 because I've read about this before...good luck!
the ca has been deleated from my equifax credit report after i disputed it,still waiting the results from tu, exerian says reviewed as the result whatever that means
They will report this a "paid" - but - paid chargeoff. I have seen the results posted on this and other boards. What they tell you implies that it will be a good tradeline - not!! Chances are this debt is past the SOL for your state. These are pretty much the only ones CapOne does this with. Huge profits for them. Some have taken the offer and are happy with the results. I don't think I would.
