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2 Close or Not 2 Close First Premier???

Regular Contributor

2 Close or Not 2 Close First Premier???

I am in the process of paying them off but I'm wondering if I should just close now. I'm thinking it would be cheaper in the long run. Especially when factoring in the $7 monthly fee plus the annual fee I just got hit with. I'm not looking for any extra credit right now so I'm not that concerned about UTIL. I'm just tired of them and their fees. I know that closing won't stop the interest but it will do away with the fees. On this past month bill I had the $7 monthly servicing fee, $49 annual fee + a $29 fee for having an AU. An extra $85, smh. Any thoughts or opinions on this one? Would this really be that much of a mistake, closing an account w/o having a zero balance?

3 REPLIES
Super Contributor

Re: 2 Close or Not 2 Close First Premier???


ABattle wrote:

I am in the process of paying them off but I'm wondering if I should just close now. I'm thinking it would be cheaper in the long run. Especially when factoring in the $7 monthly fee plus the annual fee I just got hit with. I'm not looking for any extra credit right now so I'm not that concerned about UTIL. I'm just tired of them and their fees. I know that closing won't stop the interest but it will do away with the fees. On this past month bill I had the $7 monthly servicing fee, $49 annual fee + a $29 fee for having an AU. An extra $85, smh. Any thoughts or opinions on this one? Would this really be that much of a mistake, closing an account w/o having a zero balance?


Yes' if the fees are getting to you close it as it will report positive history for up to 10 years 

HOWEVER closing an account with a balance on it will result in a Fico scoring ding big time 

You may wish to payoff the card first and then close the account IMHO

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Frequent Contributor

Re: 2 Close or Not 2 Close First Premier???

FPB......worst decision I ever made.  If you have finally made it to the place where you can consider closing them I would just pay them off and get it over with.

EX FICO - 526 9/24/14 TU FICO - 555 9/25/14 EQ FICO - 625 9/26/14
BK Discharged 7/7/14

Credit One $300 $500 --- Capital One Quicksilver $300
Comenity/Motorola Credit $1,500 --- Comenity/JCrew $750 $950
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Moderator

Re: 2 Close or Not 2 Close First Premier???

Pay them off with such a ferocity they've never seen before! Then close them even quicker! Smiley Wink