Cap1purchased outside debt. is it legit?
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Posted by Capital(1) Offense
(68.92.35.183) on July 17, 2004 at 13:48:17:
My wife has a charged off debt from a year ago while on baby leave that Cap1 recently "purchased" from the OC. She currently has 3 Cap1 $300 limit cards with invitations for more everyday. (These jerks wont raise your limit even if you pay ontime.) She received a letter stating that Cap1 recently "purchased" this debt from OC and will issue a CC and transfer the amount to the card (which is like $1000). Cap1 will increase the Credit limit $25 bucks for every $100 of that debt we pay off. I know from experience that paying a charge off doesnt do any good for your credit score. My question is that since they purchased the debt, can I negotiate a settlement with cap1 to remove trade line from CRA if I pay them. Secondly, the OC can only report as "sold account" and they cannot continue to report charge off. Is that correct? I am willing to pay entire amount, but I will only pay this if I can change trade line. Any advice is appreciated.
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