First Premier Credit Card Charge Off

Anonymous · ‎08-10-2021

I am curious, I had a First Premier Credit Card back in 2018, got it, never paid it. It was never sold off to a debt buyer, it is a charge off on my credit reports that is updated every single month since December 2018 by First Premier as a charge off. Does them updating it every month bring down my scores further because each month it looks like a new charge off OR does it not matter as much due to the fact that this is all from 2018?

Thank you

Brian_Earl_Spilner · ‎08-11-2021

It doesn't bring your score down further, it keeps it down. One of the reason codes is recent derogatory. The reporting charge off keeps that active every time it updates.

A charge off is the second worse thing behind a bankruptcy. It holds its strength for almost the entire 7 years. The only way to lessen the impact is to pay it off.

OmarGB9 · ‎08-11-2021

@Brian_Earl_Spilner wrote:
It doesn't bring your score down further, it keeps it down. One of the reason codes is recent derogatory. The reporting charge off keeps that active every time it updates.

A charge off is the second worse thing behind a bankruptcy. It holds its strength for almost the entire 7 years. The only way to lessen the impact is to pay it off.

+1

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gdale6 · ‎08-14-2021

If FP sold the debt then per CRA rules they stop updating the TL, they also have to report the balance as 0. It sounds like FP may still own the debt.

Anonymous · ‎08-17-2021

@Anonymous wrote:
I am curious, I had a First Premier Credit Card back in 2018, got it, never paid it. It was never sold off to a debt buyer, it is a charge off on my credit reports that is updated every single month since December 2018 by First Premier as a charge off. Does them updating it every month bring down my scores further because each month it looks like a new charge off OR does it not matter as much due to the fact that this is all from 2018?

Thank you

In addition to what the other responders pointed out, I would be concerned at this point, about the possibility of the CO moving into collections since it is unpaid. It is my understanding that in this scenario you could, in fact, be met with another score hit would could be disastrous. Hoping someone could confirm or clarify this one.

If you have the ability to pay, you should pay asap.