First Premiere Bank: charge off

[jazz_collegegrad08]

Ok so I had a credit card account with First Premiere Bank that is closed by creditor and is charged off on all 3 credit reports. Should I PFD? Any suggestions??

Ownership: Individual

Date Open 12-2007    

Balance Date 09-2008

Balance Amount $267    

High/Limit $467  $250  $300 

Account Status Charge-Off

Past Due Amount $267

I was late 30 days in May 08

               60            June 08

               90            July

               120          August 08

Message Edited by jazz_collegegrad08 on 06-03-2009 01:07 AM

[aroyal]

I had this same thing happen to me.  THey wouldn't PFD but will settle for 60%.  FP is pretty stubborn.

[nothingman02]

Id suggest that you PIF with FP before a CA gets to lay their hands on this a/c. If you cant PIF, go for a settlement. Whatever it is, clear it up with FP.

Once its a CO, a PIF or a settlement should not make a difference to your score as the damage is done. If you PIF there is a good chance for a GW. But FP are not known to acquiesce to a GW FYI. 

If it hasnt been too long, perhaps you could request that you could pay in full in exchange for the removal of the CO description. And if the  history is short and spotty, try for a PFD as well. 

[jazz_collegegrad08]

1. Ok so either PIF or get a 60% settlement,

2. then try to GW to get the charge off description removed

3. And  if the history is short and spotty, try for a PFD as well. ****The account was opened less than a year I think****

"Once its a CO, a PIF or a settlement should not make a difference to your score as the damage is done. "

It is a charge off----so should I just forget about it since my score won't change or clear it up so the account looks better on paper??? Bc a lender could see the account is negative, but paid.

Ok and I only owe $268 bc I forgot that I paid them $200 right before it was closed---it was verified from Equifax and Experian today---for some reason both reports were verified today and I didn't even dispute the same day.

[Anonymous]

IMO, since FP is not known to GW/PFD, the account is still likely being factored into your util,  and I am assuming the account has not been sent to a CA yet, I would either PIF or settle.

Some lenders would rather see a PIF than a settlement, but sometimes you have to do what is best for you at the moment.

Once it is updated to $0 balance, you might see an increase due to it being removed from your util, just depends on how your overall util changes.

[nothingman02]

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@jazz_collegegrad08 wrote:

1. Ok so either PIF or get a 60% settlement.

2. then try to GW to get the charge off description removed

3. And  if the history is short and spotty, try for a PFD as well. ****The account was opened less than a year I think****

 Try a settlement or a PFD or a PIF and a GW in that order

"Once its a CO, a PIF or a settlement should not make a difference to your score as the damage is done. "

It is a charge off----so should I just forget about it since my score won't change or clear it up so the account looks better on paper??? Bc a lender could see the account is negative, but paid.

Its always best to clear it up. It wont affect yours scores true. But you will get rid of it and it will AGE away and you'd be done with it.  You have to start letting it age and the sooner the better. And also a paid baddie is much much better than an unpaid one and also relatively an older paid baddie is even better in the eyes of the lender.

Also, just because its CO does not mean the OC would stop reporting. They would continue to report the lates until they sell the a/c, if it comes to that, to a CA.or till you pay it off. That could mean a lot of lates. 10,15,30 or even more 120 lates!! So sooner the better.

Ok and ---for some reason both reports were verified today and I didn't even dispute the same day.

Inconsequential!

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 ETA: Slow hands! As sidewinder mentioned, your score might increase by PIF/settlement as your UTL would become 0. 

Message Edited by nothingman02 on 05-25-2009 01:15 PM

[jazz_collegegrad08]

UPDATE: I was waiting to send the letter to First Premier until I got paid bc I wanted to offer a pay in full of $268 (according to my updated Equifax)....so I called First Premier to verify the amount. The customer service agent said that it's charged off (which I knew) and that the account is now with Adademy and she gave me the number (which I'm not calling) . I googled it and it's called Academy Collection Agency. WHat should I do now???

Do I just send a DV to Academy and not try to pay FP? Is it possible to just ignore the collection agency and pay FP so my report reads $0 balance. I haven't gotten a letter from the collection agency yet and the account has been cloased since August 2008.  All 3 of my report show FP and a balance and chargeoff description but no collection. I didn't even know it was turned over to an agency. Please help.

[llecs]

I'd wait on the DV until the CA sends a dunning letter and I would PFD First Premier w/ several letters all at once. If after a few attempts fail, then I would also PIF w/out a PFD like Sidewinder mentioned. IMO, don't let 30 more days pass without paying them in full, PFD or no PFD.

[BungalowMo]

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@llecs wrote:
I'd wait on the DV until the CA sends a dunning letter and I would PFD First Premier w/ several letters all at once. If after a few attempts fail, then I would also PIF w/out a PFD like Sidewinder mentioned. IMO, don't let 30 more days pass without paying them in full, PFD or no PFD.

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Could they just pretend that they hadn't called & send a PIF letter with a check??? 

Hey...we can be underhanded liars too, ya know!  Especially with cash in hand...

[newoutlook]

Hello Jazz,

You may want to try this number 877-358-5002 it is a direct number to their (FP) collections department if you can PIF. I was recently in the same boat with a credit card that I had with FP. In my situation it was sent to a CA, but  CA was not reporting on my CR yet. So I literally had to chase FP for the to accept the payment until they finally did.

Hope this works for you.