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Regular Contributor
ABattle
Posts: 207
Registered: ‎10-26-2007
0

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?

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Senior Contributor
myjourney
Posts: 26,340
Registered: ‎02-07-2013
0

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

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Frequent Contributor
simi_go
Posts: 329
Registered: ‎04-01-2013
0

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 - 556 9/8/14 TU FICO - 546 9/8/14 EQ FICO - 620 9/14/14
BK Discharged 7/7/14

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Senior Contributor
KennyRS
Posts: 5,007
Registered: ‎01-15-2009
0

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! :smileywink:
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:781(9/14) - EQ04:763(8/29) - EQ08:783(9/19) - TU08:799(9/05)
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