Re: Capital one New chance????

Posted by Why Chat (209.240.198.61) on November 17, 2002 at 15:52:49:

In Reply to: Capital one New chance???? posted by Candi on November 16, 2002 at 11:06:16:

First, let me apologize for thinking you were a "troll".
I have had to work long hours lately, and at my age I get irritable easily.

It is too bad that you came to this forum AFTER you took out the "new chance". What you did, in effect, is to trade off a debt you were no longer legally liable to pay, that would have dropped off your credit report in a few years, for a renewal of the debt for a new 7 year reporting period, and a waiver of your ability to claim SOL on the debt.

If, for any reason, you fall behind or become delinquent on your "new chance" you wil be liable for the full amount of the original debt balance.

It is worse than the worse type of secured credit card. However, what is done is done, DO NOT dare to fall behind on this or you will be in deep doodoo.

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