What to do about First Premier???

[gagirl82]

First Premier is my last baddie that I have to deal with and I have no idea what I should do.  The account is a charge off that currently has a $422 balance and the credit limit was $300.  The utilization is 140.67% and is holding down my Equifax score.  I need some advice on how to deal with this account so that I can save my score from the high utilization holding it down.  Any ideas?

[Anonymous]

Contact the debt holder and see if they will do a Pay for delete. If not paying the balance and having it report a zero balance would help also. Will take time not a quick process. In my experience atleast

[Studio90x]

Thread may be useful -- http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/REMOVED-CO-FIRST-PREMIER-BANK-YEAH-SON/td-p/3...

I had a First Premier CO as well and was able to settle for 50% but they wouldn't PFD ; they're really hard to deal with as far as willing to PFD.  But having it paid off definitely boosted my scores 45-55 points on all 3Bs.

[rebuilding123]

Congrats on taking care of all but one baddie. However your last one is a tough one. They are extremely difficult to negotiate with regarding PFD or goodwills or anything. However, I would approach first as PFD(settlement of PIF), then try goodwilling them to the point of harrassment. A paid CO is better than a non paid one. 

I've tried letters, emails, phone calls from everyone at the first line to the EO. They just wont budge on a SINGLE late payment.

Good luck!

[RobertEG]

Make one PFD offer, and if they wont delete, I would pay immediately.

If the last reportiing was of a charge-off, a usual next step is either referral to a debt collector or sale of the debt, either of which will likely add a collection to your credit report, further damaging your score and complicating removal.  Payment before a collectiion is added would preclude further damage.

You can then pursue a GW deletion of the reported CO.

[Anonymous]

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@gagirl82 wrote:

First Premier is my last baddie that I have to deal with and I have no idea what I should do.  The account is a charge off that currently has a $422 balance and the credit limit was $300.  The utilization is 140.67% and is holding down my Equifax score.  I need some advice on how to deal with this account so that I can save my score from the high utilization holding it down.  Any ideas?

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I think the biggest problem here is what it is doing to OP's Util. Even if they wont do a PFD, if they would at least accept payment that might clear the overlimit, and fix the Util. issue that they have

[Anonymous]

Double check how they are reporting across the 3 bureaus, as far as open or closed, dates and so on. I just had them agree to delete my account and I used the thread mentioned above as a template. It works if there is any reporting errors.just got the letter stating they would remove it this morning.