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Capital One has sent an offer to repay Charge Off


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I'm not completely sure what you're saying but...

If what you've got is an offer from Crap 1 to reopen your already charged off account on which you owe $1575 and let you make payments on that until you get it down to under $700 where you can then begin to charge on it again...

Run away...

What they're really saying is "...lets start the SOL clock ticking all over again, and we'll charge you extra interest and late fees for being over your $700 limit and you'll pay us back money you may not have to and we'll save a few bucks by not having to pay a collection agency to hassle you..."

Also...how long ago did you last pay on this CC? Is it beyond the SOL at this point already?

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This is a scam by Cap 1. Here is how it works:

You have an old, out of SOl account either with Cap1, or one they have bought as junk paper. They offer to let you pay the chargeoff with a new CC.

Here is the scam:

-They issue you a new card with a limit of less than what you owe.

-They charge what you owe on the C/O to the card

-They mark the C/O as a paid chargeoff, which does not improve your score.

-You pay the card, once the debt is paid, you have a card

What is scammy about this?

-You no longer have to pay this debt. It is beyond SOL. Why bother unless they agree to delete?

-If you are that desperate to get a CC, why not get a secured one? It will be cheaper and you will eventually get your deposit back.

-If you default on the debt a second time, since it is a new account, the 7 year reporting period AND the SOL are reset.

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Capital One offered me a deal to repay a charge off. I took the deal and do not regret it. They made it very easy to pay back the chargeoff.

With zero interest. And low minimum payment. I had it paid off in 6 months.

Capital one also issued me a credit card with reasonble interest rate on new charges.

I felt it was a fair deal.

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Okay, so giving these two posters who just happened to sign up one day apart the benefit of the doubt and not being suspicious that they may have some motive for suggesting such a thing...

Let me point out that all the info posted here is directed mostly at people who are in serious debt and have major problems...

If, by paying off a single CO'd CC you can repair your credit reports and get on with your life, then by all means do so...

And, just like all debt counselors / debt eliminator companies have "special" arrangements with certain creditor...if your debt just happens to fit their criteria, you may be able to get a good deal from them, this Crap 1 thing MIGHT be okay under certain circumstances.

Point is...use your best judgement...realize just what it is they're offering...recognize that if you have other major creditors, fixing one isn't going to help that much...and make up your own mind.

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I've said it before. I had 2 Cap1 cards. I needed the revolving history, and for $6 a month and a membership fee it worked for me. The accounts have since been paid and closed, and I'll never do biz with them again, but it had a significant purpose in my rebuilding process.

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