myscoresawful Posted March 7, 2007 Report Share Posted March 7, 2007 I'm not really sure if this post should go somewhere else as well, but since it involves an old collection account, I wanted to warn those of us who are trying to clean those up (and in this case, prevent them from coming back to haunt us).I have been going through all of my old CRAP 1 stuff and forgot about this particular offer until yesterday.I received (a couple of years ago) an offer from CAP 1 for a credit card in the amount of $700.00!.......now, I was thinking, here they have me as a charge off of $2300.00 on my CR, WHY would they offer me a new UNSECURED credit card for that much? All I had to do, was sign the agreement, return it and my new CC would be on it's way.So, I put my glasses on and dug out the magnifying glass and began reading the fine print...I felt it was some sort of trick regarding the current debt I had with them, but NO..It seems an old Electric bill that had just dropped off of my credit report about 6 months before, was mentioned in the fine print. It went on to mention that this $688.00 old debt would be charged to my new CC leaving me with an available balance of $22.00!Of course I ripped it all up and burned it! But isn't that SNEAKY?THIS is the sort of institution Capital One is. Link to comment Share on other sites More sharing options...
chilton1 Posted March 7, 2007 Report Share Posted March 7, 2007 That is not the end of it. Keep watching your report. That is what happened to me. The demon i have with Capital one now is for an old chase account that went under in about 1993 while I was in college. I know I would not have signed anything to create this new agreement with capital one. Unless I missed that fine print. If that is the case is there some law against this kind of trickery and deceptive marketing. Is this reaging? Link to comment Share on other sites More sharing options...
kimber6337 Posted March 7, 2007 Report Share Posted March 7, 2007 Same thing happened with me. It was for a repo in 96, they called like 6 years later and offered me this card - yeah um ok. So I get the offer and it is rolling the old debt into it. Talk about re-aging an account the underhanded way! I burned the offer and never heard from them again...yes I know that they were outside the SOL..I thought it was funny that 8 years later they contacted me. Link to comment Share on other sites More sharing options...
pinkeysas Posted March 7, 2007 Report Share Posted March 7, 2007 Are you all talking about Capital one (the credit card company?) or is there a CA with the name of capital one as well??? Link to comment Share on other sites More sharing options...
lyle7289 Posted March 7, 2007 Report Share Posted March 7, 2007 I'm not really sure if this post should go somewhere else as well, but since it involves an old collection account, I wanted to warn those of us who are trying to clean those up (and in this case, prevent them from coming back to haunt us).I have been going through all of my old CRAP 1 stuff and forgot about this particular offer until yesterday.I received (a couple of years ago) an offer from CAP 1 for a credit card in the amount of $700.00!.......now, I was thinking, here they have me as a charge off of $2300.00 on my CR, WHY would they offer me a new UNSECURED credit card for that much? All I had to do, was sign the agreement, return it and my new CC would be on it's way.So, I put my glasses on and dug out the magnifying glass and began reading the fine print...I felt it was some sort of trick regarding the current debt I had with them, but NO..It seems an old Electric bill that had just dropped off of my credit report about 6 months before, was mentioned in the fine print. It went on to mention that this $688.00 old debt would be charged to my new CC leaving me with an available balance of $22.00!Of course I ripped it all up and burned it! But isn't that SNEAKY?THIS is the sort of institution Capital One is.Now THAT is tricky.... Link to comment Share on other sites More sharing options...
divemedic Posted March 7, 2007 Report Share Posted March 7, 2007 They have been doing this for years through their JDB, the Westmoreland Agency. Link to comment Share on other sites More sharing options...
myscoresawful Posted March 7, 2007 Author Report Share Posted March 7, 2007 Are you all talking about Capital one (the credit card company?) or is there a CA with the name of capital one as well???Yes, it is the credit card company.Nothing every show'd up on my CR because I threw it away and never sent it back. Link to comment Share on other sites More sharing options...
elyse449 Posted March 7, 2007 Report Share Posted March 7, 2007 ...and for some who are desperate enough, they may partake in this. Now, I'm not saying I agree w/ CAP One's tactics, but I wanted to offer this food for thought...how different is it from the AMEX "Optima" program?AMEX asked us to pay 695.00 that was connected to an old AMEX account dh had that was WAAAY beyond the SOL (and not reporting on the CR's) and in exchange we'd get credit with them...Now, perhaps the better part is that AMEX will not report the OTHER acct as a "paid collection" but I think that's about it...either way, I figured ALRIGHT...credit with AMEX again, I'll bite. And I'll be honest with you, I'm not sure my DH owed that money, as I recall we had disputed it...but what we had to gain from the payment was WAY more than what we have to lose. We desperately need to up his FICO's to qualify for a refi and I figured what better way to do it than with AMEX?The other difference is Cap one CHARGES the owed amount to the CC before you get it apparently...so you're already beating the crap out of your utilization. It'd be better to ask that folks pay BEFORE hand I would think. Oh well...no rhyme or reason.Everyone has to truly think over their situation in particular to decide accordingly. Is there anyone here who has ever taken advantage of these offers??? If so, what did you learn??? How did it go?Elyse Link to comment Share on other sites More sharing options...
divemedic Posted March 7, 2007 Report Share Posted March 7, 2007 Also remember that Cap1 does not report limits, and have some other draconian policies. Link to comment Share on other sites More sharing options...
elyse449 Posted March 7, 2007 Report Share Posted March 7, 2007 Also remember that Cap1 does not report limits, and have some other draconian policies.True. Darn dorksters.Elyse Link to comment Share on other sites More sharing options...
myscoresawful Posted March 7, 2007 Author Report Share Posted March 7, 2007 and I'm not sure, but something else in the disclaimer made me think that they might just cancel the card once the debt was paid, leaving you with no credit, not limit, and a debt that you would never had to have paid otherwise. (just for clarification, the debt they were trying to give me the card to pay off was a debt that had fallen off my CR about 6 months before the offer came in the mail, so it wasn't hindering my score in the least or my report.) Link to comment Share on other sites More sharing options...
AISLE4 Posted March 8, 2007 Report Share Posted March 8, 2007 They are all engaged in this kind of trickery. As defaults climb, the creditors get more creatively deceptive when trying to collect. The pertinent info is always in the fine print. ALWAYS.My fave is the "free" phone card being offered by Discover. When a debtor calls the 800 number to activate the card, he has agreed to a settlement. Link to comment Share on other sites More sharing options...
kimber6337 Posted March 8, 2007 Report Share Posted March 8, 2007 They are all engaged in this kind of trickery. As defaults climb, the creditors get more creatively deceptive when trying to collect. The pertinent info is always in the fine print. ALWAYS.My fave is the "free" phone card being offered by Discover. When a debtor calls the 800 number to activate the card, he has agreed to a settlement.OMG!!!! Link to comment Share on other sites More sharing options...
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