Over the years I’ve probably had every poor credit, high interest credit card that’s ever found its way into my mailbox. One such credit card is Capitol One. To be fair, they also offer low interest credit cards to people with good credit but I’ve never had one!
When I had my Capitol One card back in the late 90’s, my interest rate was through the roof. Ultimately, I ended up defaulting on the card and my credit rating took a huge hit. Well, as it turns out, Capitol One can be very forgiving when it comes to defaulted credit card debt. Should your credit rating improve over time, Capitol One may even offer you a new preapproved credit card… but BEWARE!
What they don’t tell you is that should you accept their new offer for credit, they will add your previously defaulted Capitol One balance to your brand new account! Yes, it’s sneaky but it’s also a very smart business model.
So basically, they’re willing to grant you a new line of credit but you’ll be forced to pay off the old debt should you decide to accept their latest offer. Now, that's not a bad thing if your previous balance was minimal, but if you owed a significant amount, you might want to consider passing on their offer.
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