First Premier wants to give e another card.

[Strike]

I got a letter in the mail today from First Premier, the account's been charged off for about 2 years now. Its not yet with the collection agencies. It's an offer letter that says if i take the offer they'll take the chargeoff amount and put it on a new card (My finances are much better now i could immediately pay it off) Does this sound like t might be a good thing? I have no credit cards right now at all and 5 accounts still in collections, so this would be the only way i can see me getting a revolving account anytime soon.

Reading through the terms:

0% apr on the initial balance transfer

0% apr first 12 months

19.9% apr after that.

84 Annual fee.

Interest is calculated on a daily basis. (Means I'll jsut have to keep payed off pretty much all the time i guess).

[namvet]

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@Strike wrote:

I got a letter in the mail today from First Premier, the account's been charged off for about 2 years now. Its not yet with the collection agencies. It's an offer letter that says if i take the offer they'll take the chargeoff amount and put it on a new card (My finances are much better now i could immediately pay it off) Does this sound like t might be a good thing? I have no credit cards right now at all and 5 accounts still in collections, so this would be the only way i can see me getting a revolving account anytime soon.

Reading through the terms:

0% apr on the initial balance transfer

0% apr first 12 months

19.9% apr after that.

84 Annual fee.

Interest is calculated on a daily basis. (Means I'll jsut have to keep payed off pretty much all the time i guess).

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 Kinda sounds like the Amex 2nd chance program.  I have never heard of FP doing this.  The interest rate sounds good.  I'd do some more research before accepting this offer.  I'm sure you will get some feed back from some FP card owners. 

[Anonymous]

I would probably take it even if only to get the negative tradeline removed.  The annual fee is really high though.  I'm not sure that I would keep it after I pay off the initial balance.

[pizzadude]

Check the fine print, but if it allows you to remove all negative information and the fees aren't too exorbitant then it might be a good idea....

But this is First Preemie, so proceed with caution....

[Strike]

Its not going to remove the old card its just going to show Settled*. But from these boards it sounds like that's probably the best i'm going to get out of these guys anyway.

[pizzadude]

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@Strike wrote:

Its not going to remove the old card its just going to show Settled*. But from these boards it sounds like that's probably the best i'm going to get out of these guys anyway.

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I wouldn't take the deal in that case.   Settled is the same as a chargeoff.  

[Anonymous]

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@Strike wrote:

Its not going to remove the old card its just going to show Settled*. But from these boards it sounds like that's probably the best i'm going to get out of these guys anyway.

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Yeah, don't bother.  "Settled" will offer no scoring advantage over "charged off".