10-31-2012 07:06 AM
I have a First Premier Charge Off from 2009 for $419. No CAs on my report for this debt.
I have written them twice for a PFD, but all I got was 2 form letters stating info reporting correctly, etc etc etc
Yesterday I called them and offered full payment of the $419 for PFD or just Paid as status. Refused. They came back and offered to take $250 (original limit) as a settlement. I told them I would call back tomorrow.
Is a paid CO better than what I have? Will it re-age this account, making it stay longer on my report?
Should I pay and them just keep GW to death for the next 4 years?
Any suggestions will be most appreciated!
10-31-2012 07:13 AM
The CO balance is being factored into your utilization which kills your score.
If they won't PFD, then settle with them and cut your losses with them for good. In the end, the utilization drop will help your score but you'll still have the CO.
10-31-2012 07:26 AM
if I pay this, will the payment change the date it drops off?
10-31-2012 07:52 AM
Should you pay it, it shouldn't reset the clock for the CRTP. Of course a PFD is always preferable, but First Premier doesn't promise much luck on that. I would suggest to pay it, or settle if if you wish. And then start to GW it. Do you know when the DOFD is so you will know when it would fall off?
10-31-2012 08:04 AM
DOFD is 9/1/2009. According to TU, this falls off 8/30/2016.
10-31-2012 10:22 AM
First Premier reports the balance in your utilization. I was in the same boat and PIF, they updated CO/Paid in Full; score increased by 15 points.
11-01-2012 12:55 PM
ok, settlement seems best option.
11-01-2012 01:11 PM
+1 Then start sending them GWs. You might get lucky.
11-02-2012 06:47 AM
ok, did the deed - $250 settlement paid this morning.
once the CO shows a balance of $0, I wil start the GW process. A letter every two weeks?