FIRST PREMIER BANK....

[Anonymous]

I had a cc with first premier, needless to say it went delinquent and I eventually made a settlement payment 02/11. My question is, for the last couple of months they have been reporting to the credit agencies as a charge off. Shouldn't it be a closed account?

[tboy1977]

IF it states in credit comments "SETTLED IN FULL" and/or reporting a $0 balance (actually, this is the most important the ZERO balance), then you are good.

[Anonymous]

Yes it says "Account Legally Paid in Full for less then full balance". And it has a 0 balance. I just was wondering with them reporting as a charge off in the payment history every month if that is affecting my score and what if anything I can do about it.

[tboy1977]

If it was reporting as a charge off before, it is still a charge off.  All you can do it either, let time pass to heal that wound, try and GW or maybe pay in full for delete or dispute the entry with CRA.  As damage is concerned, it has already done its damage by charging off.

[Anonymous]

So the account shows 0 balance, paid in settlement and closed. But the payment history can still be updated monthly? Even on a closed account?

[tboy1977]

IT should report ok now since you aren't delinquent.all the delinquencies should be in the past.

[Anonymous]

Nope it's reporting as CO (Charge Off-per Experian definitions) for May, June and July.

[tboy1977]

Then file a dispute with Experian.  IF its paid in full (whether actually PIF or SIF) once the account is a zero, it's no longer delinquent.  It's a paid charge-off.  I have a couple of accounts that are like that now.  They show ok in status now, but two years ago show the past due or delinquency.