cancel
Showing results for 
Search instead for 
Did you mean: 

First Premier Charge off offered to open new card with balance...

tag
lionsfan20
Regular Contributor

First Premier Charge off offered to open new card with balance...

I wasnt able to  find any good threads on this.My mom recieved one for her balance of around 400,

 

Anyone have any expereince on this?

 

Will they remove the other account or will it just say settled.

 

Is it worth it?

Message 1 of 4
3 REPLIES 3
Shogun
Moderator Emeritus

Re: First Premier Charge off offered to open new card with balance...

It's a dicey situtation.  By doing this, they will reset the SOL of the debt, seeing as it will be a new agreement.  How old is the debt?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 4
lionsfan20
Regular Contributor

Re: First Premier Charge off offered to open new card with balance...

its only three or 4 years. What do you mean it resets the sol?..I was just curious if the old account will be removed or will i then just have one bad account and one good one.

Message 3 of 4
Carrie_in_Pa
Established Member

Re: First Premier Charge off offered to open new card with balance...

Finally something i can answer.

 

First Premier is willing to provide a new credit card card account with the balance of the old card charged to it so  they get their original payment.

 

Before you agree to do this, have your mom call and verify with them that they will remove the old collection account from the credit report and ask them to send it to you in writing. Basically they are just getting you to pay off the old debt and suckering you back into paying all those outrageous First Premier fees.

 

If they won't remove it from the credit report then don't take the card. It's sort of like a pay for delete.

 

I have seen this kind of thing go bad but i have also seen it end up good.


Starting Score: 382 - 418 (2005) -- Current Score: 628 (TU08) -- 661 (Beacon 5.0) -- Goal Score: 750+
Into the Garden 6-15-2014 -- Digging in the dirt until 6-2015
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.