topic OMG First Premiere in Rebuilding Your Credit

OMG First Premiere

dbslove — Fri, 16 Nov 2012 03:16:43 GMT

Hi all! I am not sure if this is a great option or what. I have a charged off FP account that according to TransUnion will fall off of my report 2/14. I was offered a settlement with them today of 60%, really? That seems somewhat outrageous for 15 months, It was originally charged off in 2007. It is counting against my utilization but I figured the settlement amount should be less than what was offered. Your thoughts? Dee

Re: OMG First Premiere

KevinBlock55 — Fri, 16 Nov 2012 03:20:01 GMT

Send letter explaining that its falling off and that you can afford 20% to settle or 40% for PFD?

Re: OMG First Premiere

Cadillac-XTS — Fri, 16 Nov 2012 14:10:44 GMT

Re: OMG First Premiere

timotiger — Fri, 16 Nov 2012 15:43:19 GMT

It seems to me, and based on my experience with them, they have the leverage. If you communicate with them, they could change the date of last activity. If you don't communicate with them, they can turn you over to a CA., which restarts the seven year clock. Either way you could be damned. I think I would contact them and ask them where you need to be to get a PFD.

Re: OMG First Premiere

timotiger — Fri, 16 Nov 2012 15:50:19 GMT

You know, I've re thought this. I don't think I would do a thing, and I would ignore their offer. Your seven years is up shortly so it should come off the credit.. Let them turn over to collection. You have a better chance of a PFD through a collection agency than FP. Also, if your worried about utilization, request credit increases on the credit you have.

Re: OMG First Premiere

dbslove — Fri, 16 Nov 2012 16:57:31 GMT

Thanks Timotiger, that was my number one concern. I am only about 15 months away from it being removed and the settlement offer they gave was 60%, no way! I am reaching out to my other creditors to get credit line increases because it just seems a little unjustifable for me to pay that amount even though it is my debt. I almost called them but I dont think it will amount to much on a reduction.

Re: OMG First Premiere

Shogun — Fri, 16 Nov 2012 17:37:05 GMT

They can change the DOLA to anything they want, it won't affect the SOL nor the CRTP. The DOLA doesn't factor into changing any of the clocks for these. I would still suggest to settle or pay something on it, but that's just my experience. Just because the debt has expired the SOL and the CRTP doesn't mean it's gone. It's still out there, and sometime that just kicks it to more of a bottom feeder CA. These zombie debts can continue to pop up until it is paid or settled.

Re: OMG First Premiere

3MV — Fri, 16 Nov 2012 19:51:03 GMT

Also, if you do settle, ask for a PFD or get some guaranty they will not change all the months since 2007 to 120+ lates. I settled with a CA on a First Premier account back in March and as soon as I did, First Premier updated the status to charge off, settled for less than amount, and added 27 120+ lates.

Re: OMG First Premiere

chozen28 — Fri, 16 Nov 2012 21:47:38 GMT

Wow 3mv!

I'm hoping they don't do that to my account. I settled for 50% of the balance due. The account was referred to collection. Once, I paid the settlement I immediately began goodwilling them. They responded within 2 days stating that would not remove accurate information from my credit report. :smileysad: