Credit Card Center Advertiser Disclosure†
04-12-2012 02:34 PM
04-12-2012 02:55 PM
Very intersting. I sort of had the same issue. I had FP charge off from 2006 and in Nov they offered me
another card. My CO is still listed and I have a $300 limit on my new card. I am currently waiting on a DV for
the charge off. Curious to see what they do.
If you are repairing your credit, I would take the deal. Make sure they will remove one, if not both, of the
04-12-2012 03:07 PM - edited 04-12-2012 03:10 PM
So I posted yesterday about having two first premier charge off accounts on my report that I'm not quite sure how to go about taking care of. Today I got an offer from milestone credit card to take the card to pay off one of the first premier accounts with a zero apr for a year My question is should I take the offer and pay off the card which means one of my first premier accounts will be down to zero and it will also show I have a new credit card?
Be very careful on this offer and read the fine print closely. Chances are the old accounts are either past the SOL or close to past and this "balance transfer" will reset your statute of limitations. This is an old trick used by Credit One and others to reset the SOL. It is what it is and while I don't think it will help your rebuilding process anymore than a secured card from say Capital One or a basic card like Orchard, it will allow you to pay off your old balance including added interest, fees, etc since it was charged off.
Bringing Expired Debt Back to Life
From the article: Milestone credit cards are issued by Mid America Bank & Trust Co., a 91-year-old bank in Dixon, Mo. A regulatory filing shows the bank collected $1.1 million in "credit card program fee income" in the first nine months of 2011. The bank had profits of $1.2 million over the same period. Mid America declined to comment for this article.
04-12-2012 03:20 PM
04-12-2012 03:34 PM
I'm reading over everything now...... The fine print states they won't report to agencies until the balance is down to zero and if I sign up my first premier account will be "resolved" Here are the details of my first premier account that the offer is for Account type : credit card Balance : $573 Date opened : 11/1/2006 Account status : closed Past due :$573 Payment status : charge-off Limit : $0.00 Terms : revolving
I'm not going to offer a suggestion as far as the offer, but I suspect the original credit limit on this card was $300 (?) which means its almost doubled since charge off. I also don't have the DOFD, but I'll assume the SOL has expired. Understand too that using this new account will not help your credit scoring either because they won't report, or because a paid in full charge off is the same as a charge off as far as scoring. You can even offer to pay the $300 at $50 a month for 6 months in your PFD, just get the terms in writing.
I would suggest you contact the current holder of this account, be that First Premier or the CA handling it, offer them $300 as a PFD - if they take it pay it, if not its OOS debt (out of statute) meaning they have little legal recourse (they can't sue you and win). First Premier is a sub-sub credit lender, they know the collection game very well. The "zero interest" offer is in the form of a Mastercard, but it has NO Credit Limit, just a balance and I tend to doubt once you pay the $573 in full that they'll actually give you a credit limit.
As I said I'm not going to suggest what YOU do, but I wouldn't touch this "offer" with a ten foot pole.
04-12-2012 03:57 PM
I have a paid charge off with First Premier from 2007, Just remember a paid charge off is the same as an unpaid charge off according to FICO. First Premier does not GW a charge off. It will stay until the cows come home. Not trying to bad mouth them because I also have an account that is one year old and current, and I accept full responsibility for the charge off, but they don't GW charge offs, and I haven't read any success stories of people paying for deletes either. I tried that about 18 months ago and was unsuccessful. I wouldn't do the new credit card thing, sounds fishy, go for a secured card from orchard, or cap 1. Best Wishes
04-12-2012 04:17 PM
04-12-2012 05:05 PM
First Premier is NOT the kind of bank to help anyone, or to offer anything good. Without even reading the fine print, knowing it came from them, it'd be in the trash in a hot second if it was me.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.