PLEASE HELP...with first premier

[Anonymous]

I have two accounts in a CA that is willing to settle. I called FP and they told me that I could pay the lines in full and apply for a new line through them; however, the accounts would still read "PAID IN FULL CHARGE OFF" on my credit report if i take this option. I am confused as to how opening a new account with them will help me. I also am a little confused on which choice I should take? does it make a difference if I take the settlement or pay it in full? It seems to me that paying the collection agency may not be a bad option. I want to pay this off and just move on. But i don't know what the best option for my credit future is...PLEASE HELP!

[JohnPTEX]

Who are the two CA's?

[Anonymous]

I don't have the information with me right now. They called me from a Michigan area code (517). I think they said Jackson or Jefferson

[JohnPTEX]

To me a lot depends on who the CA's are - if they are good CA's then I would PFD and then GW the OC.  My understanding is that once sold you can't pay the OC anymore but maybe I'm wrong.  If I'm not then you'll have to work with the CA's.

[Anonymous]

I am sorry but I am new to the forum. What do the acronyms mean?

[JohnPTEX]

Here you go!  First time I came on the forum I had no clue what the hell anyone was saying! 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Guide-To-Common-Abbreviations/m-p/224988?jump...

[Treysdaddy08]

I just had to deal with my own FP charge off. My understanding is that their collection agencies work for them, meaning the debt isn't sold to an outside CA. The way it worked on my credit, the utilization was killing my credit score. I actually don't know how much it will go up, but the Myfico simulator predicts (with another new cc) a 50+ point jump just by paying it. I have not heard of anyone getting a pfd, however.

[JohnPTEX]

lol - I have FP as well - due to the amount its near the end of my list - I feel like anyone on this board needs a primer on handling FP!!

Mine still show an amount of $690 but report as CO (Unpaid Balance Charged Off) - You're right it doesn't look like they sold it and its been quite a while!

Probably no hope for PFD.  Maybe I'll pay and shoot for GW.

[Anonymous]

Thanks everyone. This forum is awesome. I am going to Pay the accounts in a settlement today with the CA. You have all been exetremely helpful in assisting me in my decision.