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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?
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
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.
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!
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.
@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?
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