Heh - looks like CrapitalOne's buying up old debts from FirstUnion
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Posted by Marc
(66.232.37.3) on September 15, 2003 at 15:13:27:
Got this nice little 'telegram-style' letter yesterday from CapitalOne about one of my old charge-offs from college. The card was a First Union that I had charged up to $2790 and never paid. Capital None has apparently bought this and now is offering to forgive ALL of the interest, late fees, etc. (which make the debt almost $6,000) IF I begin making timely payments on the $2790 (a minimum monthly payment of 3% is their policy). The fringe benefit is that I will immediately get a credit card with a $100 limit, and that for every $100 I hack off of the $2790, they will increase my limit by $25, for a max of $1,300. They have agreed to hold this $2790 in a "special purchases section" on my statement and it will never draw any interest. Sounds good, that is IF I desperately needed a credit card, which I don't. I have 3 in good standing right now. The other thing is that the DOLA on this debt is '97, which means it's coming off my CR next year anyway. This is probably why they're offering this "deal". I don't think I feel like paying off $2790 debt just to have another open credit account. If the debt was only a year or two or three, maybe, but I think I'm better just waiting till next year. Anyone else receive similar "deals" from Capital One lately?
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