Cap1 pre-approval w/ unpaid Cap1 charge-off???I'

[grillandwinemaster]

Greetings FICO FAMILY!!  So back 2012 I got a Cap1 card charged off for $1,350, original limit was $1,000.  I have not paid anything on this account on close to 2 1/2 years.   I'm getting ready to pay it off, or start payments on this matter.  Meanwhile, I have 3 CC's, and I'm AU on two other CC's AND 4 student loans, all with perfect payment history.  So I'm checking out the CAP1 pre-approval page, and say, "what the heck, let's give it a try!"  It SP's me, and says I'm pre-approved for either Cap1 QuickSilver, or Cap1 Classic!!  Is this for real?  I'm debating wether I should go ahead and do the HP and go for it?  I can't believe they would actually extend me credit with a current, open, unpaid charge off with them!!

I'm thinking if they do approve, I will contact CAP1, and start making payments to the originial C/O using the new CC.  Any thoughts on this matter?  Sounds too good to be true.  What does my Fico Family think?  Please help/advise...

Thanks Much!

[RobertEG]

"Pre-approval"  only has legal requirements that they must grant the offer if the pre-approval was based on their having obtained your name for the offer from a CRA.

Creitors are permitted under FCRA 604(c) to submit criteria to a CRA and obtain a llisting or consumers who meet those criteria.  That avoids sending offers to consmers who clearly do not meet their criteria.  The price they pay for that CRA screening is that if the consumer then applies and is found to still meet the stated criteria, the consumer must grant the offer.

Your app thru their site was not based on a listing obtained from a CRA, and thus carries no requirement to grant the offer.

A charge-off is their dettermination that you are not expected to pay your debt, and if they are awre of it during the approval process, will certainly hve a strong adverse effect.

They took a loss in their last dealings with you......

[Whitneyy]

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@grillandwinemaster wrote:

Greetings FICO FAMILY!!  So back 2012 I got a Cap1 card charged off for $1,350, original limit was $1,000.  I have not paid anything on this account on close to 2 1/2 years.   I'm getting ready to pay it off, or start payments on this matter.  Meanwhile, I have 3 CC's, and I'm AU on two other CC's AND 4 student loans, all with perfect payment history.  So I'm checking out the CAP1 pre-approval page, and say, "what the heck, let's give it a try!"  It SP's me, and says I'm pre-approved for either Cap1 QuickSilver, or Cap1 Classic!!  Is this for real?  I'm debating wether I should go ahead and do the HP and go for it?  I can't believe they would actually extend me credit with a current, open, unpaid charge off with them!!

I'm thinking if they do approve, I will contact CAP1, and start making payments to the originial C/O using the new CC.  Any thoughts on this matter?  Sounds too good to be true.  What does my Fico Family think?  Please help/advise...

Thanks Much!

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Hello!

If it helps, a friend of mine has a charge off with Capital One and has a secured card with them and a quicksilver and classic platinum with them. Capital One is very forgiving. 

[grillandwinemaster]

Wow!  They are truly forgiving.  Not sure if I'm going to pull the trigger or not.  Thanks for your input, Much appreciated!

[grillandwinemaster]

Indeed they did take a loss with me.  Not proud of it, but i will be taking steps either way to fix this problem.  Thanks for your input!

[Whitneyy]

She actually had two accounts sold off in 2010 with them. One was sold to a collection agency, the other Capital One still owns. 

[RobertEG]

I presume the debt was paid?

[Anonymous]

I have an unpaid CO with Cap 1 from 2012. In April I applied for and got a secured card with them. This month they approved me for an unsecured card. $300 limit.

[grillandwinemaster]

thats pretty crazy!  Maybe i will give it a shot and apply. I have nothing to loose. Im still rebuilding, and not planning on using my credit anytime soon. Who can figure out Cap1?  There a tough nut for sure. 

Thanks for your reply!

[Anonymous]

I have 2 charge offs from capital one since 2012. Like 3 months ago i applied for a capital one secured credit card but got denied without even them checking my credit, well last week i got a quicksilver one preappoval. I decided to go ahead and take a chance and try it thinking id be denied but got approved with a $300 credit line. I thought it was very weird lol. I am an authorized user on 2 of my mom cap one cards so i dont know if that helped.