Cancel First Premier?

[baskball33]

I have two First Premier CCs one $750 CL and the other $700 CL.  These started at $300 and I get a $50-$100 increase yearly, so I've done a lot of work to build them up a bit.  I have a CapOne CC $750 CL (just received increase) and a Credit Union $2.000 CL, both opened 8/2010.

Now, the question...should I go ahead and close the First Premier CC's?  I've had them both for a few years, so I am worried I may take a hit because of credit history.  Is it really worth paying the fees (I think everyone here knows about that with FP).  My APR used to be 9.99%, but now it has jumped to 20.99%.  Personally, I don't see any reason to keep them any longer. 

So, any advice or thoughts???

[mahendra82]

It won't affect your AAOA. It just affects your utilization. 

In my opinion, you should close the card. The fees are outrageous. 

[ficonightmare]

Closing them won't impact your (yet) AAoA as they'll stay on your report for 10 years.

The only thing that may take a hit is your UTIL  But if you pay in full each month (or keep your UTIL low), it shouldn't make an impact.

But yea, I vote for closing cards that have a fee unless they serve a really good purpose. In your case, I don't see a reason not to close them.

[vish1]

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@baskball33 wrote:

I have two First Premier CCs one $750 CL and the other $700 CL.  These started at $300 and I get a $50-$100 increase yearly, so I've done a lot of work to build them up a bit.  I have a CapOne CC $750 CL (just received increase) and a Credit Union $2.000 CL, both opened 8/2010.

Now, the question...should I go ahead and close the First Premier CC's?  I've had them both for a few years, so I am worried I may take a hit because of credit history.  Is it really worth paying the fees (I think everyone here knows about that with FP).  My APR used to be 9.99%, but now it has jumped to 20.99%.  Personally, I don't see any reason to keep them any longer. 

So, any advice or thoughts???

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I would have closed them the day I got my CU card.

[sleephla541]

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First Premier is trash.  Cancel them.  

[Tikora]

They really really didn't want me to cancel mine.  I called last week, and they waived my fees for 6 months.  I'll leave them open until then.

[Open123]

In my view, you should cancel them, especially since they'll report on your aaoc for the next 10 years.  By then, whatever increase in age of accounts caused by the First Premiere dropping off would be negligible.

[tinuviel]

It sounds as if they've served their purpose. You've built a history with them, and now you have two other cards that are as step up from FP. At this point, the APR and AF don't seem to be worth it. Cancel them, and feel good about being in a position to move on!

[creditguy-378]

yea I'm with them I would go ahead and cancel FP but I would get 1 new card to add to the mix like discover or a great rewards program visa or master to start earning more positive credit