So, this was a random thought...
I've seen a couple threads about collections being placed on a new CC and then the available credit being retained as the debt was paid off.
I have 2 CO from Cap One (only one is showing on my CR) back in 2008 and was just approved for a new CapOne last week. My total CapOne CL back them was around $2500 if I remember correctly. I defaulted due to a lay off - had NO income for 8 mo until UI appeal was finished. Even with the UI I had a new baby and high living expenses... had gone through the full spectrum of welfare programs while I tried unsuccesfully to find a job. Through the initial months of the lay off I religiously contacted them with status and a request to freeze the account. All I ever asked for was a freeze on the interest until I was able to pay it off... I desperately wanted to keep the cards open and in good standing but had no resources with which to do so.
Fast forward 4 yrs, I've got a good job now (although I had to move halfway across the country to find it). Income isn't spectacular but it's workable. Debt has been sold more than once. I have no problem with paying of the CO, but would much prefer to do so with CapOne instead of CA. I'm not in a position to do a lump sum payment anywhere until tax refund time... and that's only if the current tax credits and deductions remain semi consistent for next year. lol
Would it be worth approaching CapOne with this proposal... tack on the CO debt amount to current card and leave the CL as I pay it down? Or is the idea worthless seeing as how they've charged it off and sold it to a CA?
Mar 2012: 03/31/2012 - FICO EX 599 (auto loan pull) EQ 593 TU 602)
Oct 2012: 10/25/2012 - EX (tenant screening) 655 - EQ (myfico.com) 641 - TU (myfico.com) 622
Aug 2020: FICO 8: EQ 690, TU 685, EX 688
700s or Bust!
