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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: I DID IT....I fired First Premier!



UpUpUp wrote:
 
Is there any truth to the rumor that shutting down a crap card, might help boost your score? That would be nice.

Perhaps.  It is an interesting theory, although it's never really been confirmed. :smileywink:
 
In general, though, it does seem to make other existing creditors happy when the "crap" cards are finally closed.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Frequent Contributor
creditreformer
Posts: 395
Registered: ‎04-25-2008

Re: I DID IT....I fired First Premier!

my experience w/closing a subprime (orchard- technically i consolidated 2 cards into 1) led to a 30 pt fico rise.
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: I DID IT....I fired First Premier!



creditreformer wrote:
my experience w/closing a subprime (orchard- technically i consolidated 2 cards into 1) led to a 30 pt fico rise.


Well that's interesting and quite the success story. I don't think I have that many points to gain, but I'm interested in seeing if there is any change in my scores. I wonder if TrueCredit will stop telling me I don't have enough premium bankcards. Hahaha.
Established Contributor
jbh
Posts: 763
Registered: ‎07-04-2008

Re: I DID IT....I fired First Premier!

Is there a rule of thumb for how long Orchard and First "Premier" (heh) need to be on file before their closing leads to a fico exhale? (score jump)
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: I DID IT....I fired First Premier!

[ Edited ]


jbh wrote:
Is there a rule of thumb for how long Orchard and First "Premier" (heh) need to be on file before their closing leads to a fico exhale? (score jump)


I don't think so, the whole theory is really not proven. Just a few reports of people who swear they saw a bit of a jump after closing the crap cards. There is an assumption that fico does know the difference and will ding you for having them, thus in essence, reward you when they are closed.Though I have still seen folks that argue that there is no distinction made between the type of cards you have and that this is a myth...


Message Edited by UpUpUp on 08-13-2008 08:24 PM
Regular Contributor
carlos1102
Posts: 130
Registered: ‎03-25-2008

Re: I DID IT....I fired First Premier!



UpUpUp wrote:
and just in time to use my fancy new shredder with a special little slot just for credit card shredding!
I had stated before that I was going to keep it for the history, since it is my oldest card, but heck, I just don't want this crapper card anymore. I feel like it is making my prime cards look bad! Hehe.
 
They have waived my annual fee in the past, or maybe...I just am not rememberly completely accurately, they did what they offered today, which was to reduce my annual fee down to $3.  What the point is of charging an AF when it's only 3 bucks, is beyond me, but I turned them down. I 90 days to change my mind and reopen the card, and 30 days to reopen and still take them up on their $3 AF offer.  Yeah, that's not happening. I've probably held this account open longer than any of their other customers!
 
So long First Premier. Thanks for being there when I needed you..even if my starting CL was $250 with $178 in fees. :smileyvery-happy:
 
I wonder how happy Discover, Chase and BofA will be not sharing my wallet with this yucky card any longer. (Well actually I had taken it out, but still!).
 
Is there any truth to the rumor that shutting down a crap card, might help boost your score? That would be nice.


Message Edited by UpUpUp on 08-13-2008 02:59 PM

good job i fire mine almost a year ago and it feels good now working on getting rid of credit one bank
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: I DID IT....I fired First Premier!

Thanks!  It does feel good to give them the axe. Better than I thought it would.
Cheers to you for firing them and gearing up to put the next one on to the chopping block.

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