First Premier. PIF or settle

Rf32222 · ‎10-29-2018

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.

thornback · ‎10-29-2018

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 -

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Rf32222 · ‎10-29-2018

Thanks. I thought so This company is a hard nut to crack.

Harmony12 · ‎10-31-2018

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.

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