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Luna2012
Posts: 51
Registered: ‎04-11-2012
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First premier CO credit card offer

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?

Starting Score: tu fico 555 4/11/12 ; eq fico 558 4/11/12 ; exp fako 550
Current Score: tu fico 649 09/06/12 eq fico 679 10/04/12 (pulled by lender); exp fako 642
Goal Score: 650


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Nella
Posts: 39
Registered: ‎03-12-2012
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Re: First premier CO credit card offer

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

charge offs. 

Starting Score: 550's
Score: Equifax 626 TU 613 Experian 671
Lender pull 01/22/2013 Eq 641 TU 636 Exp 670
Goal Score: 720
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Established Contributor
pipeguy
Posts: 653
Registered: ‎10-31-2011
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Re: First premier CO credit card offer

[ Edited ]

Luna2012 wrote:
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.  

 

http://online.wsj.com/article/SB10001424052970204058404577106841027702670.html

 

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.

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New Contributor
Luna2012
Posts: 51
Registered: ‎04-11-2012
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Re: First premier CO credit card offer

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

Starting Score: tu fico 555 4/11/12 ; eq fico 558 4/11/12 ; exp fako 550
Current Score: tu fico 649 09/06/12 eq fico 679 10/04/12 (pulled by lender); exp fako 642
Goal Score: 650


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Established Contributor
pipeguy
Posts: 653
Registered: ‎10-31-2011
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Re: First premier CO credit card offer


Luna2012 wrote:
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.

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Established Contributor
traveler2005
Posts: 505
Registered: ‎08-13-2011
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Re: First premier CO credit card offer

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





Starting Score: TU 573 Exp 523 Lender Pull, Eq 583
Current Score: TU 675, Exp 653.,Eq 655
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New Contributor
Luna2012
Posts: 51
Registered: ‎04-11-2012
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Re: First premier CO credit card offer

Thank you! I think I will pass on the offer! Just so confused on what to do with these two charge offs :/

Starting Score: tu fico 555 4/11/12 ; eq fico 558 4/11/12 ; exp fako 550
Current Score: tu fico 649 09/06/12 eq fico 679 10/04/12 (pulled by lender); exp fako 642
Goal Score: 650


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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
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Re: First premier CO credit card offer

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.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

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