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Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: First Premier

We just Axed the Dw's Credit One.
Felt soooooooo good
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
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Re: First Premier

Congrats Timothy. Time for celebrating :smileyhappy:
"Never ever, ever be late. Never" (FUTR)
Established Contributor
Posts: 623
Registered: ‎08-14-2007
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Re: First Premier

the first premier is my oldset credit card should I cancel it?
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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: First Premier


Badcreditguy wrote:
the first premier is my oldset credit card should I cancel it?


How old is it, and how old are the next three oldest cards?

If it's 10 years old, and your next oldest cards are all only 3-4 years old, your overall length of credit history and probably your average length of credit history would be hurt. But if you have a lot of other credit from around the same time, it might not hurt much, and if the fees are unreasonable, it might be a good decision.

It's just a math problem, and the more TL's you have, then generally the less impact one closing would have. Unless as I said, this one card is way older than anything else you have.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 623
Registered: ‎08-14-2007
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Re: First Premier

My first premier card is about 2 1/2 years old, Cap 1 about 6 months,  A second Cap1 card about 1 month old, I just got approved for a HSBC CC.
Valued Contributor
Posts: 2,385
Registered: ‎09-10-2007
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Re: First Premier

Eat the fees until just before it is due to charge the annual fee again (gives you 3 years) - in the meantime the other one will age to 12 months and the new one to six months.  You will keep it's age until 10 years after closing by which point all others will have aged.
 
Right now my second oldest is an Exxon, then home depot then JC Penney (all within 5 months) - so closing mine didn't hurt my 'age' at all (exxon was the same month).  The gas and store cards I can keep forever (no fees on them) to nicely age my profile down the road.
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Frequent Contributor
Posts: 346
Registered: ‎05-29-2007
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Re: First Premier

All,
 
I have fired 1st Premier, Credit One, Orchard Bank, and Tribute card -- I am glad to get rid of all those fees; however, it is well worth it to use these to rebuild if you can't get other cards.
 
Phumanr
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Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: First Premier

Hey, you use them when you need them, and when they have served their purpose, wave bye-bye!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Posts: 151
Registered: ‎09-28-2007
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Re: First Premier

I just closed this card today also felt so good to tell them to shove it. They offered to waive the AF but not the $6 dollar "servicing fee" I said no thanks please close...... Ha Ha Ha I guess they served their duty and helped me a ton (although it cost me alot) but time to move on to low apr and no AF WOOO HOOO
NO SIGNATURE FOR ME
Valued Contributor
Posts: 2,385
Registered: ‎09-10-2007
0

Re: First Premier

ROTFLOL
 
Same here - offered to waive the annual fee but not the $6/month (consider waiving that permanently and I "might" consider it).  They even had the nerve to offer me a second card.
 
It felt so good to close that card - but it did serve its purpose so I really can't knock it.
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
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