Rebuilding Your Credit

[Nella]

Just wondering if anyone has any input on my situation.  I had a First Premier Bank Card in 2006 and it

was charged off the same year.  I applied for a card with them in November 2011 and was approved for

a secured card with a CL of $300.00.  I did a dispute with Experian (after reading the post, might not have

been the best approach) for the old 2006 CO still waiting on the response..  Does anyone know what the

possible outcome could be?

My current account is in good standing and I have a zero balance.

Thanks for any input..

[MamboItaliano]

I'd say start at the top and write a goodwill letter to First Premier. Mention that you're a current customer in good standing, tell them your sob story, and see if they'll remove the old account. 

[Nella]

Perfect...thanks so much for the input!

[JohnPTEX]

Is the FP showing charged off with or without a balance - FP is really strange in that they do not sell their debt but rather have a third-party collect for them - the third-party of course cannot report - FP in turn reports it as a CO with an outstanding balance - does crazy things to your score

[Nella]

It is showing charge off with a balance.   I really think that it is weird, they give me a new card

with a charge off with their company???

[RobertEG]

Could have some peril.

They may have missed the old account in their approval process for the new one, and could decide to close your new account.

[JohnPTEX]

---

Nella wrote:

It is showing charge off with a balance.   I really think that it is weird, they give me a new card

with a charge off with their company???

---

Well it's a secured card so assuming that you secured it with the full amount of your available credit line then they risk very little - meanwhile they are collecting fees from others based on your usage

As for the old debt, I've never heard of FP doing a PFD so you'll likely have to pay a settled amount in exchange for some sort of paid status - likewise, I've only heard tales of people getting a GW from them - FP for whatever reason plays hardball

[Nella]

Oh no...now I am worried.  That's not good...

[JohnPTEX]

I know that FP is one that almost everyone on this board has had to deal with at some point - any advice on how others handled FP I'm sure would help us all

[traveler2005]

HI

I had a charged off account in 2007, I called and paid it off, now it says paid charge off, I also have a current account no lates at all, I wrote them a GW letter, they refuse to budge. Best wishes, maybe your goodwill letter will crack the hard shell.