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First Premier Bank Charge Off REMOVED!


tormentmaster
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I see all over the internet people having trouble with First Premier Bank, from charge offs, to sign up fees, high interest, questionable billing practices and other unethical business practices.  First Premier Bank is not in the business to help you obtain good credit infact just merely having a credit card with them is hurting your credit, even if you are current on your payments and your debt to credit ratio is low or even zero.   Stay away from all second chance unsecured credit cards they are just as bad as title loans and payday loans.  If you want to get a credit card that will actually help your credit score get a secured card from a Major Financial Insitution like Wells Fargo or Chase.

 

To all you that are having trouble with a charge off from First Premier Bank here is how you beat them. 

 

South Dakota permits "Endorsement Contracts"  so go to your local big bank and buy a "Bank Check" for the amount you owe then have the bank type in the memo line your account number followed by paid in full, then take the check home.   Ok you are at home, go to your computer open wordpad and type out a Endorsement Contract something like:

 

"endorsing and depositing this check constitutes the following agreement: account number ________________is paid in full, First Premier Bank will remove any negative tradeline from all three major credit bureaus within 30 days, First Premier Bank will cease (all) any type of collection activity."

 

Print the above agreement on the back of the Bank Check above the endorsement line.   You may have to run some test prints first to get the check to line up with the print.

 

 

Make a copy of this check front and back, scan front and back into your computer, mail this check in normal mail and sit back and wait.  As soon as you get a copy of the draft front and back from the bank, send a copy of this draft to all three major credit bureaus.   BANG!!! Charge Off Deleted.

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What you are referring to is called a "restrictive endorsement" that is NOT enforceable in many states...South Dakota being one of them, last I heard.  If you have a reference to a South Dakota law to the contrary, post it.

 

Note that even if it is enforceable, banks are not that stupid.  All they have to do is NOT cash the check. 

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I highly suspect you got the deletion because First Premier did not respond to the CRA dispute since you paid them in full.  As @willingtocope said:  restrictive endorsements are not legal in most states and SK is one of them. 

 

Just as an FYI:  I had one of those cards in 2008 and defaulted on it when I got laid off.  They are no longer reporting on my CR and I did not pay them or do anything fancy.  When they got nailed by the FTC for their questionable billing practices and high interest they stopped reporting on almost all of those cards they issued between 2007 and 2010. 

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On the subject of First Premier..gotta ask..do they sue ??  When this thread had popped up on here I checked out many of the complaints about First Premier Bank and yes there were many but unless I had overlooked something I never saw a post from anyone who had ever been sued by First Premier Bank.

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They have not been suing because they took a LOT of heat for their 79,9% interest rate and excessive fees.  Not to mention that they cater to those with bad credit and the odds on collecting are slim to none even if they did get a judgment.

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