Capital One Pre-Approved results and old charge off

[Creditaddict]

I have been helping my friend fix his credit and 3 months ago got Best Buy MC, Express and Spiegal(these two through pre-approvals, no credit check).

The only baddie left on his reports is Cap1 charge off.

Well last night he did the Cap1 pre-approval and it offered classic platinum with 0% till Sept 2011 then 17.99-22.99 based on credit... Applied and instant approval for $300 at best interest.

I almost couldn't believe it... do you think after 6 months of good history with them it would be possible to get them to remove the old baddie?

[Anonymous]

Why not try? It couldn't hurt, right? Capital One seems like it could be reasonable.

[Creditaddict]

I just don't understand why he gets approved but I can't! lol

[Tazman81]

How much was the chargeoff.  Is your friend going to try to do a PFD or just a GW to see if they will remove it.  Your friend could always try the GW and then the PFD if that doesn't work.  How long ago was the chargeoff?  Maybe if it's coming of the credit report real soon, might want to just leave it alone unless your friend is willing to actually pay it.

[Creditaddict]

Charge off is for $1700 or something... the account is from 2007, but just shows closed earlier this year.

[Tazman81]

I would suggest trying to locate the DOFD as to make a more informed decision.  If he is not prepared to pay the $1700, I am not sure he wants to wake that horse as it may result in a judgement.  That is just my thought on it.  I mean, it could very well be that they just remove it, but then again, we never know with these companies.  They do one thing for one person, and something totally different for another person.

I have however heard many stories of people that had chargeoffs or even including capital one in bankruptcy and they tend to get new cards pretty easily.  So, which ever way he decides to go, I really hope it works out.

[Anonymous]

LOL I had a charge off with capital one and was still approved for one, I since have made good on the charge off too but that also lowered my score a bit but Im sure it will recover sooner or later

[Smug]

I had a large charge off with cap 1 now I have 2 cap 1 cards.

[Tazman81]

for the ones that have charges off with capital one and also another card, does capital one try to collect on the charge offs?  how long ago were the charge offs and are they out of the statute of limitations?  This may help Credit's friend with his decision.

[OnTheRebound]

Wow. I'm surprised your friend was approved with a chargeoff and still on his reports at that.

I burned Cap One 8 or 9 years ago. All my baddies fell off my reports long ago. I did the preapproval and was preapproved. I forget which one. I even recieved preapprovals in the mail. Applied online. Was instantly denied.

The denial letter stated:

"Based on the the application information for Xxxxxx X. Xxxxxxxx there are too many delinquent past or present Capital One credit obligation(s)"

They still remember me.