First Premier Bank Charge off - Getting it Removed

[Anonymous]

So here's my situation, a First Premier credit card was opened around november of 2015 with a limit of $700 or so. Long story short, I owe money on the account to the tune of $771, the payments weren't made since around Feb of 2016 this year and my TransUnion credit report indicates I the account has been charged off. Obviously this has affected my credit score quite a bit. What steps should I take to pay off the amount owed so that I can get it removed from my account? I still have access to the original online account so I could still make a payment in full there which I have the full financial means to do so. Or should I talk to a CS rep first with first premiere and see about getting the delinquency removed.  Not sure where to go from here. I also lost the actual credit card associated with this account. Could I play dumb say I lost the card, forgot the password to the online account (actually true), and completely forgot about the card and see if there is some way they can take the charge off of my report? Not sure what steps to take from here.

Here's what it shows on the TransUnion report: 

Date Opened: 11/15/2015
Responsibility: Individual Account
Account Type: Revolving Account
Loan Type: CREDIT CARD
Date Updated: 09/03/2016
Payment Received: $0
Last Payment Made: 02/27/2016
Original ChargeOff: $771
Pay Status: >Charged Off<
Terms: Paid Monthly
Date Closed: 06/20/2016
>Maximum Delinquency of 30 days in 05/2016 for
$83<
Credit Limit: Credit limit of $700 from 11/2015 to 06/2016; $700 from 08/2016 to 09/2016
Estimated month and year that this item will be removed: 03/2023

[RobertEG]

Paying a delinquent debt results in update to show a current status of paid, and a current balance of $0.

However, it does not remove any of the derogs or the reported charge-off, which continue to affect your credit score.

To remove the negative effect of the derogs and the CO would require the voluntary reporting of their deletion by the creditor.

You can first send the creditor an offer to pay in exchange for their agreement to delete the derogs.

If you have legitimate basis for not having paid, then you can certainly raise that as a reason to support your request for their good-will deletion.

Forgetting about the debt is not likely, in my opinion, to foster good-will.

Paying, regardless of their deletion of previously reported derogs, might still be beneficial, as once a CO is taken, it is common for a creditor to either assign or sell to a debt collector, which will likely result in the addition of a collection, doing further score damage.

[grillandwinemaster]

Pay it off as soon as possible. Like Robert mentioned above, it's very possible that First Premiere sells or assigns this debt to a debt collector. Now you Will have both a charge off AND a collection account on Your credit report. 

BTW, first premiere is known as one of the toughest creditors to grant good will adjustments. It's not impossible, but very unlikely, and they rarely make good will adjustments.

Your biggest motivating factor is to pay it off BEFORE a collection reports. You have a ticking time bomb on your hands!

Best credit wishes to you.