topic Re: First Premier needs love...and so do I. in Rebuilding Your Credit

First Premier needs love...and so do I.

Lechte — Thu, 23 Jan 2014 11:01:24 GMT

I just got a letter in the mail tonight from an internal CA for my FP card that was CO'd almost 7 years ago (they never sold it)...it falls off in 3 months. They offered me 60% off and said they'd consider this account "settled in full" if paid by Feb. 12. I went and looked at my CR's and FP hadn't reported in a year. They are comin after me at the 11th hour. I would love to pay it...especially at 60% off, just to make them happy....but....

I'm kinda wondering....the chances of them deleting my CO, and the lates leading to the CO, ..leaving the good TL's, and marking it "closed, pay as agreed".....if I paid in full? The account would still be on my CR for another 3 years correct? I don't know what my gut is tellin me. I wanna try, but I don't wanna wake up a sleeping demon. I know i'm not gonna pay them anything until that account falls off...if they was to refuse my offer, but i'm leary that if I do contact them and refuse to pay them because they didn't accept my offer, they'll sell the debt to some retarded idiot CA who breaks all the laws and then i'll have to spend time and energy just to get them off my back. What do I do? My spirit is willing, but my flesh is weak.

Re: First Premier needs love...and so do I.

Lechte — Fri, 24 Jan 2014 02:14:52 GMT

bump

Re: First Premier needs love...and so do I.

wallstreet177 — Fri, 24 Jan 2014 02:21:45 GMT

Is the debt still within your states SOL? If it isn't, I wouldn't pay until it fell off my report. From what I understand, paying it would bring the date of last activity to now and give your score a drop until it falls off. Someone correct me if I'm wrong.

Re: First Premier needs love...and so do I.

gdale6 — Fri, 24 Jan 2014 02:22:39 GMT

If the debt is past your states SOL they cannot sue, if they have not reported in over a year forget the offer till it drops from your report, they can only keep the negatives on it 7.5 yrs from the DOFD leading to the CO. If you pay before the drop it will update and knock your score till it drops the negs then it could continue as a good one for 3 more years but personally I would not want a FP on my report any longer than necessary. If they sell the debt to a JDB/CA there is nothing they can do to you either if its past your states SOL, they would be barred from reporting it past the time period that FP can since they have to work from the original OC DOFD as well.

Re: First Premier needs love...and so do I.

Lechte — Sat, 01 Feb 2014 02:50:28 GMT

It's past the SOL. I'm in the garden til next year, and as of right now, i've done all I can do to clean up my reports...i'm gettin bored.

Re: First Premier needs love...and so do I.

xosamandaxo — Sat, 01 Feb 2014 03:02:56 GMT

i wouldn't pay it in fear of keeping it on your report longer.

Re: First Premier needs love...and so do I.

Lechte — Sat, 01 Feb 2014 03:11:44 GMT

@xosamandaxo wrote:
i wouldn't pay it in fear of keeping it on your report longer.

The negatives can't be re-dated. No matter if I pay or not, they're gonna drop off the same time. The only reason i'm entertaining the idea of paying them before they drop off is if the good TL's will stay for the remaining 3 years, which would help my AAOA considering that account is almost 7 years old. If not, then i'm just gonna let it drop, and then pay them.

Re: First Premier needs love...and so do I.

Anonymous — Sat, 01 Feb 2014 03:47:27 GMT

@Lechte wrote:
@xosamandaxo wrote:
i wouldn't pay it in fear of keeping it on your report longer.
The negatives can't be re-dated. No matter if I pay or not, they're gonna drop off the same time. The only reason i'm entertaining the idea of paying them before they drop off is if the good TL's will stay for the remaining 3 years, which would help my AAOA considering that account is almost 7 years old. If not, then i'm just gonna let it drop, and then pay them.

Just because you pay them isn't going to make it a positive TL. It will still be negative.

If you are referring to the CO and the lates leading up to the CO being removed at the 7 - 7.5 year mark, that would be a chance you took. Sometimes the creditor will continue to report the TL after the derogatories are removed, sometimes they won't.

Re: First Premier needs love...and so do I.

Lechte — Sat, 01 Feb 2014 04:18:07 GMT

@Anonymous wrote:
@Lechte wrote:
@xosamandaxo wrote:
i wouldn't pay it in fear of keeping it on your report longer.
The negatives can't be re-dated. No matter if I pay or not, they're gonna drop off the same time. The only reason i'm entertaining the idea of paying them before they drop off is if the good TL's will stay for the remaining 3 years, which would help my AAOA considering that account is almost 7 years old. If not, then i'm just gonna let it drop, and then pay them.
Just because you pay them isn't going to make it a positive TL. It will still be negative.

If you are referring to the CO and the lates leading up to the CO being removed at the 7 - 7.5 year mark, that would be a chance you took. Sometimes the creditor will continue to report the TL after the derogatories are removed, sometimes they won't.

The CO and lates have to be deleted by the 7-7.5 year mark....so if the entire account is not deleted, how would it be a negative account after 7.5 years?

Re: First Premier needs love...and so do I.

Anonymous — Sat, 01 Feb 2014 04:24:02 GMT

@Lechte wrote:
@Anonymous wrote:
@Lechte wrote:
@xosamandaxo wrote:
i wouldn't pay it in fear of keeping it on your report longer.
The negatives can't be re-dated. No matter if I pay or not, they're gonna drop off the same time. The only reason i'm entertaining the idea of paying them before they drop off is if the good TL's will stay for the remaining 3 years, which would help my AAOA considering that account is almost 7 years old. If not, then i'm just gonna let it drop, and then pay them.
Just because you pay them isn't going to make it a positive TL. It will still be negative.

If you are referring to the CO and the lates leading up to the CO being removed at the 7 - 7.5 year mark, that would be a chance you took. Sometimes the creditor will continue to report the TL after the derogatories are removed, sometimes they won't.
The CO and lates have to be deleted by the 7-7.5 year mark....so if the entire account is not deleted, how would it be a negative account after 7.5 years?

I was talking about until the 7.5 years has expired it would still be a negative. Not afterwards.

I didn't see where you mentioned an exclusion date.

ETA: Ok in 3 months.

Re: First Premier needs love...and so do I.

Lechte — Sat, 01 Feb 2014 04:28:44 GMT

@Anonymous wrote:
@Lechte wrote:
@Anonymous wrote:
@Lechte wrote:
@xosamandaxo wrote:
i wouldn't pay it in fear of keeping it on your report longer.
The negatives can't be re-dated. No matter if I pay or not, they're gonna drop off the same time. The only reason i'm entertaining the idea of paying them before they drop off is if the good TL's will stay for the remaining 3 years, which would help my AAOA considering that account is almost 7 years old. If not, then i'm just gonna let it drop, and then pay them.
Just because you pay them isn't going to make it a positive TL. It will still be negative.

If you are referring to the CO and the lates leading up to the CO being removed at the 7 - 7.5 year mark, that would be a chance you took. Sometimes the creditor will continue to report the TL after the derogatories are removed, sometimes they won't.
The CO and lates have to be deleted by the 7-7.5 year mark....so if the entire account is not deleted, how would it be a negative account after 7.5 years?
I was talking about until the 7.5 years has expired it would still be a negative. Not afterwards.

I didn't see where you mentioned an exclusion date.

ETA: Ok in 3 months.

Do you think the OC will delete the entire account (paid/unpaid) or just delete the negatives and continue reporting the few months worth of positive TL's? There's 3 or 4 months of positives before all the negatives

Re: First Premier needs love...and so do I.

Anonymous — Sat, 01 Feb 2014 04:42:34 GMT

It is the CRAs that will remove the negative annotations. The OC makes the decision on the TL itself.

I have no idea what they will do. It is hard to say.

IME, I have had one turn positive and another entirely deleted.

Re: First Premier needs love...and so do I.

Lechte — Sat, 01 Feb 2014 04:54:54 GMT

Thanks for the info, Guiness.