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First Premier - Charge off's - need advice

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monicabang
Established Member

First Premier - Charge off's - need advice

I have two old First Premier charges off's that I want to take care of but didn't know if I should wait until after CRTP which they are scheduled to drop off my reports this year in October. i don't want to mess anything up and re-start anything, if that's even possible.

So should I just wait until they fall off and then deal with FP or should I go ahead and make contact and work out to pay them off?

Any advice is appreciated.

Message 1 of 6
5 REPLIES 5
guiness56
Epic Contributor

Re: First Premier - Charge off's - need advice

When was the last time the accounts were updated on your CR?

 

Nothing restarts the reporting time but paying something old that hasn't reported in a while will drop your score.

 

If they are going to be excluded in Oct, I would wait to pay them to be on the safe side.

 

Also, sometimes the CRAs remove items earlier than stated.

Message 2 of 6
monicabang
Established Member

Re: First Premier - Charge off's - need advice

Based on my reports, it shows March 2013 was the last time they reported.

Message 3 of 6
guiness56
Epic Contributor

Re: First Premier - Charge off's - need advice

Based on that, though only almost 6 months, I would wait until they are excluded to pay them.  Any points lost due to the update you may not get back when they come off,.

Message 4 of 6
RobertEG
Legendary Contributor

Re: First Premier - Charge off's - need advice

+1, with one possible proviso.

 

As unpaid debt, the OC could still refer for collection, or sell the debt, resulting in the additional reporting of a collection.

That could damage your score between now and October.  Paying now would prevent that possibility.

 

However, that is probably not likely, as a debt that old would not be very attractive to a debt collector.  Additionally, any collection would have the exact same credit report exclusion date as the reported charge-off, which is 7 years plus 180 days from the DOFD on the OC account.

 

If you dont plan to app for credit between now and October, its not a credit reporting concern.

Message 5 of 6
monicabang
Established Member

Re: First Premier - Charge off's - need advice

Appreciate the responses.

I think I'm gonig to wait for them to fall off and then deal with FP.

Message 6 of 6
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