topic Re: First Premier Settlement in Rebuilding Your Credit

First Premier Settlement

Anonymous — Sat, 24 Jul 2021 18:04:41 GMT

I have two First Premier cards that combined are reporting a balance of about $1500. Both have been closed for 6 years now. For purposes of getting a new mortgage, I don't want to wait till year 7 for them to fall off. Both report 0 lates from past disputes and aren't with a CA.

What percentage has everyone had FP settle with them on?

Re: First Premier Settlement

Slowlyrebuilding — Sat, 24 Jul 2021 18:16:28 GMT

Are they still with First Premier or were they sold to someone else?

Re: First Premier Settlement

Anonymous — Sat, 24 Jul 2021 18:22:02 GMT

Still with First Premier. I think they were with someone long ago, but disputed the collection agency and sent it back to First Premier.

Re: First Premier Settlement

gdale6 — Sat, 24 Jul 2021 19:04:40 GMT

@Anonymous wrote:
Still with First Premier. I think they were with someone long ago, but disputed the collection agency and sent it back to First Premier.

If they are past SOL and still being able to report then 40-50% of the amount owed is what I would offer.

Adding: You want to settle prior to mortgage pulls as then they will most likely want it all.

Re: First Premier Settlement

Slowlyrebuilding — Sat, 24 Jul 2021 21:06:51 GMT

I settled with them for 70% of the debt. They made the settlement offer. I didn't try to get it lower (prob should have)

Re: First Premier Settlement

FireMedic1 — Sat, 24 Jul 2021 22:19:56 GMT

When you try to settle. Dont say a word about applying for a mortgage. They'll think oh you have money for a down payment. You can pay us more. Shhhhhhhh.

Re: First Premier Settlement

7774x — Sat, 24 Jul 2021 22:41:21 GMT

They wrote it off..charged writeoff saved taxes about 50 %..