Dealing with Credit First NA-Firestone

Anyone have personal experience with Credit First NA-Firestone? They are the original creditor. I owe nearly $1100 which is 2 1/2 yrs past due. They are offering me to settle at 50% and they will notify the credit bureaus that the account has been \"paid in full as a charged off account\". I could pay that; however, is \"paid in full as a charged off acct\" the best I can do? I have 5 other accounts I\'m currently trying to settle which are much more than this one so I need all the money I have go towards those.

5 Answers

Get it in writing, then get "the Total Money Makeover" by Dave Ramsey.

I am paying off this stupid tax next month!


Build wealth people!

Let me tell you how CFNA does business.

1. They will not send email.  I have been told that they send email if you have paperless statements but what if you like so many others have lots of paperless bills and you happen to forget one when your ISP changes.  They will not be kind enough to send you a paper bill when the email bounces and remind you to update your email address.  2. If you are late with a payment or the grace period runs out without full payment.  You will be charged the entire compounded interest charges in one lump sum.  This could more than double what you currently owe then esp given the high interest rate that credit card companies charge.  3. I have seen reports where they were willing to settle for half price and probably an account closing of an account that was overdue by 2 1/2 years.  Look up the interest rate and do the math.  They made thier money.  The interest and late chages alone add up to more the 1/2 the amount owed.  4. In addition to item 1, they required an email address but if you receive paper statements, they will not send email to either notify you that he bill is being sent and to expect it in the mail (mail does get lost) or that your payment is due soon as a reminder in case either the bill got lost in the mail or the email got lost or both.  (you could have changed your profile between the first notice and the second, it does not take much effort to send an email.  5. last but not least, maybe they like some other credit card companies are in bussiness to __________ you fill in the blank.

I know this thread is over a year old, but this is the same offer I have received this year.  Curious if the original poster is still around and can report if they took advantage of the offer and how it worked out.



You'll have to be satisfied with the "Paid in Full" account status. The settlement offer is not bad. You can try for "Pay for Delete" account status. But the creditor may refuse it. Nevertheless, try for it at least once. 

'Paid in full' is possibly the best offer you are going to get out of a settlement. 'Pay for Delete' or PFDs don't work these days.

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