Jump to content

Sign in to follow this  
ellesig4

Should I take this deal?

Recommended Posts

I got this letter from Genesis Financial Solutions on behald of Premier Bankcard. Pretty much:

 

"Once you accept this unique credit card offer and make an initial payment to your new Pearl Card Gold Mastercard account, your charged-off First Premier Bank account (amount $427.87), owned by Premier Bankcard, will be considered resolved."

 

 

Also...

 

"You can pay down this initial $427.87 balance of your Pearl Card Gold MasterCard with minimum monthly payments of $35. Once yoru first payment is recieved, yoru inicial credit like will be $50. Continue making regular on-time payments andyouc an earn dredit line increases for new purchases and cash advances monthly up to $500 blah blah blah..."

 

Can someone help me to translate this...does it sound legit? I've previously tried to dispute/PFD the premier charge off with no luck. It looks like they are offering a balance transfer...I was thinking maybe having a small balance credit card would be a good way to rebuild credit...but then again I just purchased a home and in 6 month or so i'm hoping to qualify for a 'real' credit card...maybe even sooner...

 

Any advice?

Share this post


Link to post
Share on other sites

Yes do it!. You will take a debt that may be time-barred for collection (how old is it) and start paying it off. Then when you have it fully paid your debt the card will be closed by grantor and you will have a nice-shiny piece of plastic to scrape snow off cars. A great deal for everyone

Share this post


Link to post
Share on other sites

The debt is recent.

 

I didn't think so and thats why I decided to ask before jumping on it.

 

I appreciate all the (non-sarcastic) quick replies...this forum has always been such a help Thanks!

Share this post


Link to post
Share on other sites

They must be sending these out to everyone because I got one too. My FP card is from a looooooong time ago (not even showing on my reports) but I'm not taking them up on this offer.

 

My question is can this be construed as a dunning letter?

Share this post


Link to post
Share on other sites

If I remember correctly, Crap 1 had a class action brought against them for this type of offer. By accepting, you will be resetting the SOL to day 1, and they will cancel you when you pay them off.

Share this post


Link to post
Share on other sites

I'm trying PFD with Genesis right now for my FP actually. I just e-mailed the CEO as a reminder of our January 3rd Conversation.. so far no response so we'll see.

 

They contacted me by phone back in November but I didn't answer since I wasn't home.

 

Be careful Genesis might assign it to NCO.. which is what they also did with me, but Nco folded after the 1st DV.

 

I also thought when I googled Genesis that the consensuses of this letter is basically a "scam" Yup..

 

http://www.google.com/#hl=en&q=Genesis...35311d5ec9ae78f

Edited by beli

Share this post


Link to post
Share on other sites

"resolved" it will still report on your reports.

I would NOT take the deal sounds like BS to me.

 

The ONLY CC company I know that sends out LEGIT offers like this and I hate to say it is Crap One

Share this post


Link to post
Share on other sites
My question is can this be construed as a dunning letter?

 

Does it have a mini-miranda? I would absolutely consider it a dunning based on the fact that a CA has contacted you. I wouldn't trust a CA as far as I could throw their tons of junk paper! DV them ASAP

Share this post


Link to post
Share on other sites
My question is can this be construed as a dunning letter?

 

Does it have a mini-miranda? I would absolutely consider it a dunning based on the fact that a CA has contacted you. I wouldn't trust a CA as far as I could throw their tons of junk paper! DV them ASAP

 

That's what I thought. I'll send a DV this afternoon.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      178,011
    • Most Online
      2,046

    Newest Member
    allthingzu
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines