Cap One Offer

Hi boomer - PFB Mr. Eugene Cooke - and email them the situation.

He will call you VERY quickly, and get you a card - and probably get rid of the negative.

Remember - cap one is financially sound - this would be a good offer I believe - if you get a low rate card.

aarff - dogman

 

Hey,

I'm in a good mood, so I won't give you my total rant of problems with these offers.

I think they are a bad idea, but most people here think they are good offers.

1. I would accept the offer, if it is the ONLY way you can get credit.

2. You could go to www.planetfeedback.com and write to Capital One, for Mr. Cooke, and suggest that he give you a better entry/listing on your credit report ( I see from posts, the most he will budge is a r5).

I don't think he will delete the entry though. Most posters I have seen, will say he will just change the listing.

Someone said it is like Capital One will leave their entry on your report, because they want you to always know/remember that you had an account with them, and in the event you want to ever open it back up again

3. If you accept the offer, it will probably be re-aged on your credit report, although I don't remember how it will be listed.

4. I have seen a couple of posters get lucky and get Capital One deleted from their reports during disputes. I don't know how/what they disputed though.

finally:

5. I wish you luck.

I hope this info has been helpful, and I don't mean to depress you with my post ;-)

By the time I posted, dogman's post was short, sweet and to the point !!!! ;-)

 

They will give you a new card, and put the old balance on it. It's a backdoor way of re-aging the debt. If you want to pay the debt off, it's as good a way as any, but I'd try to get the old derog off there, although from what I hear, Capone (like the gangster?) isn't very flexible about that. But that debt does give you some leverage, as long as you don't sound too eager about their offer.

 

Well .. They are not "re-aging", they start a completely new account which carries a new DLA.

The old tradeline remains, complete with the negs.

 

Boomer,

Just know what you're doing:
http://www.mylawyers.com/articles/rb_old_debts.html

Sassy

Old Debts
Q: I have a debt collector attempting to collect a very old debt from me. I had heard that if a debt is too old that it might become uncollectable. Is that true?

A new practice has arisen in the debt collection industry. Old, charged-off debt is being packaged and sold to other financial entities for as little as a penny or less for a dollar of old debt. These debts are old and often barred by the statute of limitations which limits the period of time during which a lawsuit may be filed to collect the debt. Thus, a time barred debt is one which can no longer be collected by legal means due to the passage of time, e.g. -- lawsuits, wage garnishment, liens on real estate, etc. These buyers of old debts are "debt collectors" covered by the Fair Debt Collection Practices Act.

The federal law, the Fair Debt Collection Practices Act ("FDCPA"), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the FDCPA. The FDCPA does not apply to creditors except when they obtained the debt before default. However, the buyers of old debt obtained the obligation after it had fallen into default and, therefore, they are debt collectors covered by the FDCPA. Illinois has not enacted a similar statute.

Sometimes the collectors of old debt offer a new credit card if the consumer will transfer part or all of the old debt to the credit card; other times they simply request payment. These collectors of old debt often fail to inform the consumer that if he or she transfers part or all of the balance of the old debt to the new credit card, acknowledges the old debt, or makes payment toward the old debt, that debt is renewed and the owner of that debt may once again sue and use other legal remedies to collect the debt. The collector of old debt may use this technique to trick the consumer into renewing the old debt. This may be an illegal collection practice in violation of the FDCPA.

Courts have held that a lawsuit filed to collect a time barred debt violates the FDCPA. However, the collector in the above example does not sue, it merely sends a letter asking the consumer to transfer the balance of his or her old debt to a new credit card. The deceptive and misleading aspect of this practice is the failure of the collector to inform the consumer that if he or she transfers part or all of the balance of the old debt to the new credit card, acknowledges the old debt, or makes payment toward the old debt, that debt is renewed and the consumer may once again be sued (and use other legal remedies employed) to collect that old debt.

The courts have differed in their rulings on this practice. Some, including the U.S. District Court for the Northern District of Illinois, have found that the above described conduct states a claim for violation of the FDCPA. Yet other courts have held that it does not and dismissed the consumer's lawsuit. This legal issue remains unresolved with the fight continuing in various courts around the country.

 

Sorry.

I should have said that ;-)

Thank you for the correction ;-)

By the time I had posted this, Sassyinaz had posted something even better also......

 

interesting and GOOD INFO - manne - I have not recieved one of these.

I would want the entry removed and a new reasonable card - but yes it would depend on the amount/terms/etc.

mr. cooke would give an honest evaluation.

ths manne - dogman

 

Dogman,
Cap1 will NOT remove the trade line. But they'll make an R9 an R5 and reopen the account.

My thoughts are this: if I were going to do something like that I'd get an accounting of the debt and try to get all late fees and misc fees removed first. Otherwise, you're giving them quite an interest rate if you pay it off.

On the upside... it gets you a Cap1 Account... and we've established how easy it is to get to Plat in about 2 years with them... so there at least is an upside with them...

 

Hi Marie! You look fantastic this morning? Been working out? Have you had your hair redone?
hehehe

Question? I wrote off 42 credit accounts in my BK - the debt was $127K in card limits. Of course I am clean in a yr on everything, but, theoretically -

I never got an offer from any of the creditors to do this type of transaction. In the above instance, I assume people have not declared?
My former creditors were not allowed to ever even contact me after Oct 26, 1996. And they never did.

aarrff - dogman

 

They suckered me into this two years ago, except they purchased an old debt of mine from another creditor. They will re-age your old account as a paid charge-off, and redate it current and plaster your credit reports with it, then they will give you a good tl for the new account (assuming you always pay on time).

Do not fall for it. I repeat, do not fall for it. You are better off leaving the old account at the original delinquent date. The only way to get them to fix is to sue. They do not listen to reason.


CAP1 sux.

 

Hi Dogman

I've been doing Yoga... and yes, I recently got my hair cut (several of them actually)

Thanks for noticing!

 

Boomer,

How much money is this? It's probably better just to let it go since you won't have to pay a cent and it will be off your reports in a couple of years.

 

DO NOT ACCEPT THIS OFFER!

Yes, it will re-age your debt AND it will continue to report as an R9(charged off debt)!

I accepted this offer and am now fighting to remove a re-aged R9 CAP1(formerly Computer City) tradeline.

Take the others advice and call/PFB Mr. Cooke to discuss a settlement.

Good Luck!

 

my hubby did it, and I got the old debt (from another ccc) removed now the cap1 card is reporting and his score went up 30 pts. (I'm not sure how much it went up when the charge-off was removed b/c several came off at once)