Jump to content

Recommended Posts

Cap one charged off debt dec. 2002 and now have been contacted by ca offering settlement etc. No sooner do I start considering the settlement and I get a letter from Cap one saying that "great news they have this new dept. I can call to start repairing my credit etc with them". I haven't called I am not sure what to do any advice? Has anyone else received a letter like this? I had 2 capone cards charged off last year but only received a letter from them on one. Strange! Thanks so much!

Link to comment
Share on other sites

Are they offering you something? I had a Capital One account that charged off in 1998 and in 2001 I received a letter asking if I wanted a new cc with the balance from the charged off cc on it. Once I paid down the account I would have available credit. Well, I decided to accept the offer because I needed to establish some positive credit. I have had the account now for just over 2 years and have been very happy that I accepted. I now have a positive tl with 2 years of perfect payment history which has helped my number. Also, it has helped me to establish other accounts. It only has a limit of $900 but I also have no annual fee and 9.9% interest on purchases. Also, after having the account for approximately 1 year they upgraded it from the "regular" card to a gold card.

paw67

Link to comment
Share on other sites

Letter reads "A new financial option for texas residents" They want to help resolve delinquent acct. I just need to call the solutions team at ARS. It gives a number to call an that there are repayment options, that there are a range of repayment solutions and that the coversations are friendly and confidential. No where does it say the standard this is an attempt to collect a debt. Any ideas?

Link to comment
Share on other sites

My initial cc with them had a $500 limit and was secured by a $99 deposit. By the time it was charged off and all of the fees & interest were added my balance was about $1500. When they sent me an offer in the mail, all I had to do was sign the paper and send it back. I went back & forth on it for a while before I decided to go ahead and accept. I figured that I had 2 options - 1st option, I could just let it go and wait/hope that they didn't sue me for the debt or 2nd option was to accept the offer and pay off the old balance and build new positive credit. Well, I decided to accept the card even though I didn't feel that the fees & charges added were fair.

The new card would had a limit of $700 with a "special purchases" side that would hold the additional $800 balance. Each time I made a payment a percentage went to pay down each side of the account so that I would be paying off the old and also opening up new credit that I could use. After about 1 year they gave me an offer that if I could pay the "special purchases" side down to $200 by a specific date, they would increase my credit limit by $200. Fortunately for me I was able to do that and my limit is now $900 with 9.9% interest for purchases. I was finally able to pay the account completely off in June of this year and boy did that feel good. I was free of the old debt and I have a current cc tl with a $900 limit. Also, after 1 year they offered to upgrade me to a Gold card which I accepted.

Having that positive cc tl has allowed me to obtain additional credit. After getting the new Capital One account I was able to obtain an account with Cross Country (I know, I have heard the horror stories but I haven't had any problems with them except for the jacked up interest) and in January of this year I got a new Household Bank credit card. Within the last 30 days I have also obtained $1500 in credit from Dell, $225 from CITGO, $200 from Target and $3000 from the Corvette Mastercard. I truly feel that my decision on accepting the Capital One offer was the beginning for me in turning around my credit.

Fortunately for me, I didn't have to call them. I can honestly say that if I would have needed to call them to accept the offer, I probably wouldn't have.

You have to analyze your situation and see what is best for you. If you decided to call them (most would advise against calling) then you need to know what you are "able" to do before you call them. I don't know if they will offer you a new card or if they will just want you to make payment arrangements. You should figure out what you would be able to pay them monthly before you contact them. At least, if you know what you can afford, you will know which, if any, of the options that they offer will work for you.

I wish you the best of luck with this one. Some people here have had quite a bit of trouble with Capital One. I have been lucky and I feel that they have been good to me. I have now had my card for 2 years and have a perfect payment history.

Hopefully if there are others on this board that have been in a similar situation they will pop in and post.

Good luck!!

paw67

Link to comment
Share on other sites

  • 3 weeks later...

I received an offer for a Capital One "Gold" card a couple of months ago. I haven't carried revolving debt in years because of all the problems it caused me in the mid-90's, but it was interest free for several months and we were planning a vacation so I thought it made sense.

It's my own fault but I didn't read the fine print about the $59.00 membership fee. When I got the first bill I called and told them to cancel the card, as I wasn't interested in paying for these mythical "benefits" I'd get from a "Gold" card. They finally agreed to cut the membership fee in half.

Well much to my surprise I get a bill the next month with a big fat late fee on it. Yes, I had been charged a late fee on the membership fee! I called them back and said, OK, my bill said the minimum payment was $15.00. I received a credit for $29.50....doesn't that more than cover it? Well, guess what, credits to the account do not apply to minimum payments....what a crock.

I threw a big fit, threatened reporting to the BBB, cancelled the card, and got a full credit with no problems on my credit report. But my favorite part of the conversation was when the CSR said "I'll issue you full credit, but it's NOT because you threatened to report us to the Better Business Bureau." Ha! Priceless.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.