topic Re: First Premier CO Settlement Question in Rebuilding Your Credit

First Premier CO Settlement Question

SusieQ — Wed, 31 Oct 2012 14:06:30 GMT

I have a First Premier Charge Off from 2009 for $419. No CAs on my report for this debt.

I have written them twice for a PFD, but all I got was 2 form letters stating info reporting correctly, etc etc etc

Yesterday I called them and offered full payment of the $419 for PFD or just Paid as status. Refused. They came back and offered to take $250 (original limit) as a settlement. I told them I would call back tomorrow.

Is a paid CO better than what I have? Will it re-age this account, making it stay longer on my report?

Should I pay and them just keep GW to death for the next 4 years?

Any suggestions will be most appreciated!

Re: First Premier CO Settlement Question

madmann26 — Wed, 31 Oct 2012 14:13:28 GMT

Well,

The CO balance is being factored into your utilization which kills your score.

If they won't PFD, then settle with them and cut your losses with them for good. In the end, the utilization drop will help your score but you'll still have the CO.

Re: First Premier CO Settlement Question

SusieQ — Wed, 31 Oct 2012 14:26:48 GMT

if I pay this, will the payment change the date it drops off?

Re: First Premier CO Settlement Question

madmann26 — Wed, 31 Oct 2012 14:47:23 GMT

It's possible that it can but it hasn't for me.

Re: First Premier CO Settlement Question

Shogun — Wed, 31 Oct 2012 14:52:47 GMT

Should you pay it, it shouldn't reset the clock for the CRTP. Of course a PFD is always preferable, but First Premier doesn't promise much luck on that. I would suggest to pay it, or settle if if you wish. And then start to GW it. Do you know when the DOFD is so you will know when it would fall off?

Re: First Premier CO Settlement Question

SusieQ — Wed, 31 Oct 2012 15:04:07 GMT

DOFD is 9/1/2009. According to TU, this falls off 8/30/2016.

Re: First Premier CO Settlement Question

Anonymous — Wed, 31 Oct 2012 17:22:55 GMT

First Premier reports the balance in your utilization. I was in the same boat and PIF, they updated CO/Paid in Full; score increased by 15 points.

Re: First Premier CO Settlement Question

SusieQ — Thu, 01 Nov 2012 19:55:36 GMT

ok, settlement seems best option.

Re: First Premier CO Settlement Question

Shogun — Thu, 01 Nov 2012 20:11:58 GMT

+1 Then start sending them GWs. You might get lucky.

Re: First Premier CO Settlement Question

SusieQ — Fri, 02 Nov 2012 13:47:46 GMT

ok, did the deed - $250 settlement paid this morning.

once the CO shows a balance of $0, I wil start the GW process. A letter every two weeks?

Re: First Premier CO Settlement Question

Shogun — Fri, 02 Nov 2012 17:55:07 GMT

Sounds like a valid plan. Good Luck! And the good part so far is the debt is paid, it can't come back to haunt you.

Re: First Premier CO Settlement Question

SusieQ — Fri, 02 Nov 2012 17:58:12 GMT

Valid point! I actually feel good about paying it today. I have one more CO to go, but waiting until Feb when the SOL giant goes to sleep permanently.

Re: First Premier CO Settlement Question

Anonymous — Fri, 02 Nov 2012 20:21:05 GMT

I am in the same boat with First Premier. I have two charge off accounts with them. I was wondering if I pay will it drop my score, even though the simulator stated that it would increase my score by over 50 points. They are due to fall off in a year.

Re: First Premier CO Settlement Question

SusieQ — Fri, 30 Nov 2012 00:31:01 GMT

Paid off the First Premier earlier this month. Today - TU finally shows a balance of $0 and my Fico score jumped up 16 points! The charge off now has a status of "Payment after charge off/collection. Settled - less than full balance." I can live with that (for now........lol). Waiting for the other 2 credit reports to show change.

Good decision to pay - thanks to the board

P.S. I think I will start sending them GW letters every 3 weeks until they either remove it or it drops off. I can handle the cost of a stamp!

Re: First Premier CO Settlement Question

SusieQ — Sun, 03 Aug 2014 18:32:29 GMT

Thought I would give an update on this................for some reason, even though they denied numerous GW requests since I settled........FP decided to remove the entire account from all 3 CRs last month permanently.

Not sure if accidental or on purpose...........but I thank them anyway. (wasn't due to fall off until 2016)

Re: First Premier CO Settlement Question

gdale6 — Sun, 03 Aug 2014 21:04:33 GMT

@SusieQ wrote:
Thought I would give an update on this................for some reason, even though they denied numerous GW requests since I settled........FP decided to remove the entire account from all 3 CRs last month permanently.

Not sure if accidental or on purpose...........but I thank them anyway. (wasn't due to fall off until 2016)

Grats on finally getting what you were after