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First Premier. PIF or settle

New Contributor

First Premier. PIF or settle

I have a charge off with First Premier. I can't get them to budge on PFD. It is due to fall off on 09/19. Will it benefit me more to pay it all or can I settle.
I am not planning on any major purchases for over a year. So I could wait for it to fall off. I was offered a settlement of 40 % of the balance.
Would it help me any to PIF or would it really not make a difference.
Message 1 of 4
Valued Contributor

Re: First Premier. PIF or settle

Scorewise, it won't matter whether you PIF or settle. The only time it *could* make a difference would be upon manual review of your credit reports - PIF would obviously look better to a lender.

Since it's due to fall off fairly soon, settling would be fine -
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s

My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
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Message 2 of 4
New Contributor

Re: First Premier. PIF or settle

Thanks. I thought so This company is a hard nut to crack.
Message 3 of 4
Frequent Contributor

Re: First Premier. PIF or settle

You won't see an impact to your score either way but you may "poke the bear" by making the payment. Making any payment could result in the account being update which may lower your score. With it being less than a year away I would just let it fall off. You can also request early exclusion (from the CRA) in 6 months, and 3 months before the scheduled date to fall off.

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

7/7/18 11/11/20
EQ 557 711
TU 566 701
EX 514 702

Mortgage Scores FICO 5,4,2
7/7/18 11/11/20
EQ 494 676
TU 480 704
EX 479 688

Goal Score 720
Message 4 of 4
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