discountmomma4 Posted November 15, 2012 Report Share Posted November 15, 2012 I am in the process of repairing my credit to obtain a VA Mortgage. I disputed First Premier on my credit report but of course they aren't going anywhere. Received an offer letter from First Premier for a new line of credit. The credit line would be the deliquent amount that's from an Old First Premier account. Just wondering if I should take advantage of the offer.Thanks Link to comment Share on other sites More sharing options...
Amerikaner83 Posted November 15, 2012 Report Share Posted November 15, 2012 NO.It's one of the ways they can legally re-age the debt...by giving you a Card and adding the defaulted balanceof your original card to it. If you read the fine print this is exatly what you would be agreeing to.NEVER do this. EVER. Link to comment Share on other sites More sharing options...
admin Posted November 15, 2012 Report Share Posted November 15, 2012 NO.It's one of the ways they can legally re-age the debt...by giving you a Card and adding the defaulted balanceof your original card to it. If you read the fine print this is exatly what you would be agreeing to.NEVER do this. EVER.What he said. Link to comment Share on other sites More sharing options...
discountmomma4 Posted November 15, 2012 Author Report Share Posted November 15, 2012 Thank you so much! Link to comment Share on other sites More sharing options...
creditsamurai Posted December 1, 2012 Report Share Posted December 1, 2012 How old is the negative First Premier TL? Is it listed as a CO, but they still own it? Link to comment Share on other sites More sharing options...
BV80 Posted December 1, 2012 Report Share Posted December 1, 2012 The credit line would be the deliquent amount that's from an Old First Premier account. Along with what Amerikaner said, here's something else to think about. Carefully read the fine print concerning the above statement. The credit line is the delinquent amount from the old card. Let's say you owe $500 on the old card. That would be the credit line on the new card. If such a card is issued, is there some of kind of fee at the beginning? If so, that fee would automatically put your balance over the credit limit. Would you then be charged an over-the-limit fee even though it was their fee caused the balance to go over that limit?What happens if your late on your first payment? They add a late fee which causes you to go your credit limit which also results in an over-the-limit fee. Link to comment Share on other sites More sharing options...
1stStep Posted December 1, 2012 Report Share Posted December 1, 2012 Isn't the above scenario a Reg E violation??? Link to comment Share on other sites More sharing options...
BV80 Posted December 2, 2012 Report Share Posted December 2, 2012 Isn't the above scenario a Reg E violation???I don't know. I seem to remember reading a case or an article that included that scenario but I don't remember the details. Link to comment Share on other sites More sharing options...
admin Posted December 3, 2012 Report Share Posted December 3, 2012 Isn't the above scenario a Reg E violation???It seems to be a pretty common tactic, especially by Capital One. I've not read that it's illegal any where. Link to comment Share on other sites More sharing options...
1stStep Posted December 3, 2012 Report Share Posted December 3, 2012 I guess I will have to start doing some reading... Link to comment Share on other sites More sharing options...
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