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Success Story - Capital One offers new card for charge offs

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Greetings all! Been a while since I've been on the board. Nice to be back! I wanted to pass on to you a small success I had regarding Capital One and their so-called offers to open new accounts for old charge offs. I know there have been some posts (including one from me) with regards to this.

I too received one of these back in April or May. I responded back to them with a letter offering a settlement...something like 40 cents on the dollar as I recall. Luckily for me, they never took me up on this offer. Instead, they once again sent me an offer for the card...I don't need another freakin' card from them!! So, I sent the validation letter to them and made sure to let them know they failed to respond to my original offer for a settlement.

Well, late last week, I received a letter from Westmoreland Agency (Capital One's collection arm) informing me that they "had been made aware that I was disputing the account". Therefore, they were "closing the account and deleting all trade lines from my report."

So, for those of you out there that have had similar offers, I hope this information helps. I owe it all to this site.


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good question. I addressed my initial response(settlement offer) right back to the name and address that was on the return envelope...which was Capital One. After reading the fine print, I learned about the Westmoreland connection. The validation letter was addressed to Westmoreland.

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I have one of those Capital One "rehab" cards. I have had it for 15 months. That makes it 15 months of on time payments. They have since even given me a limit increase.

Because of the payment in full of the charge off and the fact that I live in NY (paid charge off's come off in 5 years), the original charge off is scheduled to come off next April.

I appreciate the offer that Capital One gave me. When they contacted me, they were one of six negatives on my report and zero positives. Needless to say, lenders were not lining up to offer me credit. At the time they became my first "good credit" line on my report. That's how bad it was.

Now you look at the same report and you will find six good lines and one negative (Capital One, but don't think I'm not still trying to remove). All of it turned around in just a year and a half. Score? Well, it's all new credit so it's no 850! LOL.

So cheers to Capital One and cheers to this site!

Next April I plan on buying a new car! :D

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  • 2 weeks later...


I appreciate the offer that Capital One gave me. When they contacted me, they were one of six negatives on my report and zero positives.</blockquote>

The emphasis on "When they contacted me". My "Girl" also was contacted about two weeks later. It was for a Montgomery Wards credit card that was charged off as well. It seems that Cap One was buying old bad debts (including their own) and looking to "rehab" them.

Like I said, that was 15 months ago and they may have stopped the debt rehab program, they may be seeing how it fans out, they may also be continuing the program but only with select scores and debts. I really can't say for certain.

They gave me an opportunity when opportunity wasn't knocking and I am grateful.

My personal feeling is that credit cards are evil. They are a lose - lose situation. They hurt your score if you don't treat them right, they "help" you add debt that you can't pay down if you run into trouble. I can't tell you how many times I have said to myself "hey, I got an extra $100 this week, I'll send it to ????" 3 days later I'm charging gas and etc. to get to next pay day. Pay the minimum and you get nowhere.

I prefer loans. Tell me what I owe and I'll send it to you. No room for error. I won't ask for it back in a few days or weeks. The best part is that I get somewhere, it's "X" amount of dollars less that it was last month. Lenders will make a decision that you are over-extended rather than saying "F" it, his score sucks because he just bought a couch and used his line of credit. What the "F"!!! Isn't that what it's there for anyway? Give me $3000 in credit and use it against me? If you only wanted me to use $300 than make it $300 not $3000 you morons. GEEZ!

And you think that pisses me off, don't get me started on using inquires against your score! How bulls**t is that?

This may help or not, but that my view.

WOW. I can really get going! LOL


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