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Capital One Gave Me A Second Chance!

In a previous post entitled: Beware of Second Chance Offers from Capital One, I warned people about accepting a credit card offer from Capital One if you’ve ever defaulted on another credit card with them. The reason is that Capital One is quick to extend you credit only to add your previous past due balance to your new account.

Having previously defaulted on a Capital 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 state's statute of limitations, I think I may be safe. So if you’re thinking about accepting a new offer from Capital One after a previous default, at least be sure that you've exceeded your states SOL.

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One Reader Speaks


I received an email the other day in response to a January 2015 blog post entitled: Do you find "Bill Collectors Hate Me" Useful? It was the only response that I received on the post but its message was priceless!

The response was along the lines of: "Although you may not be getting much feedback on your blog, I’d be willing to bet that you have a lot more readers than you do commenters".

What the reader was trying to say was something that I already knew… And that is that most people find it very difficult to speak about bad credit, especially when it’s their own.

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