You guys have been very helpful to me since I started my journey in July. I’ve been lurking, gardening, and paying off old stuff and cleaning up my reports in general thanks to everything I’ve learned here.
One of my baddies is First Premier Bank. I think it is assigned to a collection agency, but if it is that agency is not showing up on any of my reports.These guys are dead last on my list to pay off because everything I’ve read on the boards is that they don’t PFD or anything else. It has always been my intention to pay them, but I’m obviously paying off stuff that is more advantageous to me first. I was aiming to have them paid off in April or May 2019. I owe them $694. DFD was 10/2016. They stopped updating my CR in 03/17.
I came home from work tonight and found an offer in the mail from First Premier. They are offering me a First Premier “Platinum” card. They will basically transfer my charged off amount to this card at 0% APR until it is paid in full. They are even willing to settle for a lower amount which I won’t do. The offer states that within 30-60 days of making my first payment, they will report the old account as “settled” or “PIF” to the CB. It also basically starts releasing the balance back as available credit, but I don’t care about that because I would close this sucker as soon as I PIF. No annual fee for the first year.
I’m weighing the pros and cons of this and I’m not sure what to do. I’d appreciate any input from you guys.
PROS- I get this debt paid off before May. My CR gets updated sooner. I’m still under SOL (4 years in CA), so there is a chance they could sue me and that would ruin all my hard work.
CONS- Resets the SOL. I will initially have high utilization, but I could get it to under 65% with the first payment, which is before it reports. My overall utilization is about 21%, so that will help. It will show a new account, affecting my AAoA. I will show a subprime card on my CR after getting two prime accounts.
I am almost positive they soft pulled my report, because I moved 160 miles across the state for a new job in August and this offer came to my new address. This is the first time I’ve heard from them in a very long time. That makes me worry they may consider a lawsuit if I don’t take this.
I’ve managed to raise my scores 54-81 points depending on the CRA (Equifax hates me). I’ve also managed to get two prime cards- NFCU (15k SL) and a Discover secured. I was considering coming out of the garden because I will be 91 days out with NFCU on 11/20 and I would love to have the Flagship because we travel a lot and they have that amazing SUB right now. The offer from FP is good until December 12, so probably wouldn’t hurt me on a Navy app but I’m worried about it hurting my chances for my Disco to graduate.
Anyone have any thoughts on this? I’d love to get this taken care of, but not at the cost of all the gains I’ve made the last 3 months.
It appears to be a win/win for both of you.
I see you have until December 11, 2018, to respond so I doubt that PF will take any action until then.
Yes if you take the deal I think it would reset your SOL. You wanted to pay off the debt, it is just a little earlier than you planned on. If you are able to handle the minimum payments then I say go for it.
You have plenty of time to weigh your options and I am sure others will chime in before December 11th.
i also got this offer after not hearing from them for a very long time. Similar amounts owed as well, interested to hear the consensus on this. IIRC there was an annual feee on my card before, if there's one on this one (i didn't look) tha may turn me away.
The mailer I got said no annual fee for the first year and 0% interest on the transferred balance. Since I know I can pay it off in less than 12 months and then cancel the card, I can avoid that annual fee. My bigger concern is how accepting this offer will affect my rebuild.
Got a letter from them today again, this time was saying theyre refunding a fee they chared me but they're jsut applying it to the outstanding account and that may then cause it to report to the bureaus. Since they're reporting it anyway I'm even more tempted to go for my offer. Did you take your offer OP?
I haven't yet. I have until December 11 so I'm still mulling it over. I know if I do take it, it will cause a score drop because the original account will start reporting again AND I'll have a new account.
I'm not sure how them refunding money can be counted as a "payment" for the purposes of last activity. It was my understanding that for it to be counted as activity, it had to be initiated by the debtor (i.e. me) not the creditor. Can anyone chime in on that?