I was propositioned by cap1 to take a credit card to repay an old charge off with all the added fees piled on top of the original amount, almost $800 more ##@@!! I wrote to cap1 using planet feedback and cooke called me tonight. He argued that he "coud not delete the original tradeline or change it to paid as agreed" This paid as agreed request really pissed him off BIG TIME. He kept on giving me this broken record talk for 15 minutes sayng that this would make my credit "look better to creditors when they saw my CR" That a PAID CHARGE OFF is not a bad thing. " You can't ask me to help you repair your credit" is what he said. I never used the phrase "I want to repair my credit." I argued that any creditor can do as they please if they really wanted to and he agreed BUT he said that in my case they were doing so much for me already by making this "generous offer" to give me a credit card again at 9.9 % (to a deadbeat he implied). I told him that I don't need anymore credit that I have all the credit cards I need, that the only thing I wanted was for them to change the cap1 derog or delete it. He said NO. I asked him, "what if I payoff the balance you want right now and you delete or paid as agreed my derog. He answered "you didn't pay as agreed. I said I would pay "as we agreed right now" he said NO, either you take the deal or no deal. I said "good night Mr Cooke"
Very few people have had problems with him... I GOT MY REAL "PRE-APPROVED" CARD AFTER TALKING TO HIM... Got wife's 2 accounts combined and the "GO-TO" down to 7.90% PFB and talking to him on the phone...BUT we never have had any "BADDIES"
I've never seen/heard of Mr. Cooke deleting a tradeline. The *best* I've seen him do is change it from an R9 to an R5. You were very smart to NOT ACCEPT the offer of a new credit card. I *blindly* accepted this offer and as a result got a new positive CAP1 tradeline AND a re-aged, "paid, after charge-off" tradeline. Tooks months of disputing to get the old tradeline off.
I don't believe it's his fault. He has Cap 1's policies to adhere to, not what we want. I was in the same boat with a chargeoff. I disputed it to an R5 on two CRA's. He is probably the best overall CC person to deal with. Charlie
My wife fell for this scam. She got the capital one credit card and paid off the 450$ balance in about three months. First time she tried to use it at a store it did not work. Called customer service and they sent new card. It worked. Received first bill and the interest which was supposed to be 9.9 was actually 15.5. Of course she lost the promo so she can't verify it. The tradeline reads as "paid under settlement". They claim that they want to help your credit when in reality they're just debt collectors.
You will have 3/4 of the board defending MR Cooke. My opinion, he's slightly more effective than their regular cs.
I spoke w/ him tuesday. He did whatever was in his power for me. He has one of the better attitudes than the crs's that work for Cap1. Told me to call him if I needed anything else in the future.
Today I'm going to write a letter to Fairbanks the CEO at Capital One and send it via snail mail CRRR. I'm going to quote some of the phrases of my talk witk Cooke regarding the "goodwill efforts" of his company towards me and ask him if there is really any goodwill or if they're just desguised collection moves. If nothing else I'll have gotten it off my chest. It's just a shame that they can and do get away with what amounts to mafia style loansharking. The law allows them to keep the "juice meter" running forever on charge offs. One buddy of mine is right now stuck with a $12000 balance on ehat used to be a $3000 defaulted credit balance. What's next ? Debtors JAIL?
Sounds very familiar. Your are lucky, though. If you had taken the card, they would add an additioanl derog to one ore more CRA's, illegally re-age it, and refuse to adhere to the law. Cooke does suck!
Why SHOULD HE delete or change it to paid as agreed for payment NOW? If the world were like that, then no one would pay on time. They'd let it go and only pay when they felt like it. The result would be CHAOS.
How is it mafia style? Are they coming out and breaking your legs? Have they threatened your life? H ave they blown up your car?
When Cap One makes this offer, it is on accounts that are already past SOL, and inflated sky-high. Makes sense to me to get something for paying it. They already got sued for a batch of these in one state. It's a trick, IMO. But some people have done it and been glad. If C1 wanted to get their money they should've sued while they could win. This way they charge off the old inflated debt, then recycle it to a new account - it re-ages the account and puts a double-whammy on the consumer. I would never default on my debts and screw up my credit intentionally to get a "deal" like this. Get real!! People who default don't have any other choice.
Not so long ago in my state (il) there were USURY LAWS where things like adding interest and over the limit fees to your unpaid balance "ad-infinitum" (the vig) were ILLEGALand UNETHICAL. Creditors could not collect more than the amount owed plus some late fees. They were capped at certain APRs, etc. These state government controls protected consumers from predatorial lenders like we have now. In those days the only people that did what banks like CAP1 and others do were the mafia and yes they would break your legs, now the banks break your "financial legs".
It's not illegal, you sign a contract. I received a similiar offer from Cap One regarding my Midland Credit Management debt. Same idea, they buy your debt and give a lower interest rate but it is reaged and very legally. Midland does the same thing now, but I chose to turn it down after reading the contract. The only way I was going to accept it if the old and the new entry were taken off my credit reports. Of course they did not agree
Beacause it was not their freekin account to begin with. I wish the b@stards had left my old charge off alone. I was perfectly happy with 7 years of derog, I didn't need an addtional 7 to thank me for my attempt to do the "right" thing, and make good on my old SOL obligation. If I knew then what I know now I would have trashed the offer! That will teach me to do the "right" thing! SOL = Stautute of Limitations = Sh*t Out of Luck to credtors from now on for me.
It is not technically legal either. The law states the time period to report begins with the first time you became delinquent and never caught up for 7 yrs plus 180 days. I never became late after accepting the new account. They basically created an imaginary account that never really existed and gave me a paid charge off when they never charged off jack squat (that is lying). The old creditor had a charge off, Cap1 had a purchased debt that was not late on their books at all, much less charged off. I have already consulted an attorney on the matter and he is willing to take the case to federal court. I assure what they are doing is not legal. Further, it is against their own contract, which states they will only update if the old TL is reported. If they wanted to do the "right thing", they could have at least used the original date in the paid charge off so I would only have to wait it out the proscribed amount of time under the law instead of re-aging. I would not be half as po'ed if they had done that. BTW A contract that violates the law (FCRA in this case) is null and void and the courts will not enforce it. I.e. a bookee can not file suit against a gambler who fails to pay his gambling debt.
It is a trick, and I can't understand why anyone would defend what they are trying to do. As was said, consumers understand, if you mess up it might mean 7 yrs bad credit. Fine; but don't trick people and reage the damn debt.
When you got the account, you agreed to pay ON TIME, and pay the bill in full if you close it. YOU DIDN'T PAY ON TIME OR IN FULL, end of story.
Sure is a trick. funny though. They tried it with me and I did not go for it. 2 months later they sent me a pre-approved card for $300. I did well with that and now have 3 Cap One cards including 2 Platinum. So it got me on their mailing list is how I see it. Don't take the bait.
