topic Re: Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP? in Credit Cards

Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP?

valley_man0505 — Wed, 02 Mar 2011 15:09:26 GMT

I am trying to rebuild my credit now after numerous baddies have finally reached SOL and CRTP. I have some small CCs that I was able to open in the past 1-3 years, but they are all "rebuilding cards" with high interest rates and AF's that won't grow much with me (BBRZMC, Hooters, WalMart...). It seems that CapOne is one of the better CCC as far as being able to get approved with relatively poor credit while still having some room to grow. The problem is that one of the CO's that recently fell off my report was a CapOne CO. They updated the balance on this card on my reports EVERY month for 5 years after they card was charged off (they kept adding to the balance on a monthly basis for OL fees, interest, etc.). I thought for sure I would receive a summons just before SOL was reached, but it never happened. In fact, about 4 months before SOL, they suddenly stopped updating on my report and I received a dunning letter from a CA for CapOne (I DV'd but no response). It appears that they actually sold the account to a CA instead of suing me (CapOne collections dept probably figured there was enough "fresh meat" to chase after in today's economy rather than dealing with "zombies"). Well SOL came and went and CRTP came and went and I never heard another peep from anyone regarding this account.

Now, I face the question of whether I should apply for a new CapOne CC. I just received what appears to be a pretty attractive offer for a Georgia Tech alumni CC from CapOne. I have heard some horror stories about how CapOne treats people who previously had a CO with them, however. For instance, I have heard that if you open a new CC with them when you have a pre-existing CO with them, that they sometimes take the amount of your old CO balance and add it to your balance on your new card. This essentially forces you to pay off the old CO. I'm not sure if this is just an urban legend or not. Could they even do this from a legal standpoint?

Re: Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP?

Anonymous — Wed, 02 Mar 2011 15:54:39 GMT

I had a CO about 3-4 years ago, wasn't approved for a norm CC but a secured I was. From what I've read there's been quite a few people with a cap1 CO that have been able to attain cards.

Re: Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP?

valley_man0505 — Fri, 04 Mar 2011 21:05:20 GMT

bump

Re: Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP?

Creditaddict — Fri, 04 Mar 2011 21:07:06 GMT

I would not apply for Cap1 if you don't get pre-qual for a card. My friend has less than a year old unpaid chargeoff from Cap1 and he was pre-qual and then approved instantly $300 with credit steps, pretty norm I think

Re: Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP?

NeedinHelp42 — Fri, 04 Mar 2011 21:15:04 GMT

Every case is individual, but you should be fine with a 7 year old charge off. Personally, I had a charge off that hit 7 years in 2008 and since 2010 have managed to acquire 3 Capital One cards-Classic Platinum, No Hassle Rewards, and Sony. All are $750 limit rebuilders, but nonetheless, they don't appear to blacklist.

Re: Shoud I apply for CapOne again after 7 year old CO reached SOL and CRTP?

valley_man0505 — Fri, 04 Mar 2011 21:24:18 GMT

@Creditaddict wrote:
I would not apply for Cap1 if you don't get pre-qual for a card. My friend has less than a year old unpaid chargeoff from Cap1 and he was pre-qual and then approved instantly $300 with credit steps, pretty norm I think

Unfortunately, I have "opted out" with the CRA's, so I do not get pre-qual offers.