In a previous post entitled: Beware of Second Chance Offers from Capitol One, I warned people about accepting a credit card offer from Capitol One if you’ve ever defaulted on another credit card with them. The reason is because Capitol One is quick to extend you credit only to add your previous past due balance to your new account.
Having previously defaulted on a Capitol One account myself, back in 2009, I was very leery about accepting any new credit card offers from them for fear that they would add the old debt to my new account. After careful consideration, I decided to give them another try and to my surprise, I was approved for a new unsecured MasterCard.
It’s still too early to know if they will add my previous past due amount of approximately $1500 - $2000 to my new account but since my new application is 6 years beyond my original default date and long past my states statute of limitations, I think I may be safe. So if you’re thinking about accepting a new offer from Capitol One after a previous default, at least be sure that you've exceeded your states SOL.
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