I want to "fire" First Premier CC and 1st Savings CC...should I replace with...?

[Anonymous]

I am wanting to get rid these 2 cards:

-First Premeir - ($700 limit) - 35% APR and $100 annual fee in April.

-1st Savings - ($750 limit) - 34% APR and $79 annual fee in April.

My other cards are:

-Capital One Quicksilver One ($1,250 limit; CLI of $500 in Dec.2014) - $300 balance. I put $1,000 thru this every month.  I'm going to PIF from this month going forward. No AF.

-Merrick Bank ($1,500 limit) - $0 balance; No AF

-Walmart Store Card ($280 limit) - $0 balance; No AF

-Best Buy rewardzone MC ($300 limit) - $0 balance; $59 AF

-Woodforest Bank LOC ($500 limit) - $0 balance (secured with a $500 CD)

My current MYFICO scores are:

Exper    - 646

Trans U - 611

Equaf    - 626

By the first week of March, my scores could go up by a nice sized amount.  I let the following amounts post after my statements posted and then paid in full:

Walmart - $211 to $0

Merrick - $1300 to $0

Best Buy - $260 to $0

1st Savings - $670 to $0

I'm afraid if I get rid of the 2 "rebuilding" cards, then my total limit will suffer (not sure if that would matter).  So, I thought of replacing and on Cap 1's website, I did the softpull pre-qual and it generated both of the platinum cards as options.  I was hoping for the regular Quicksilver or Venture card, but I'm not there yet score-wise (but, with all of the love Cap1 is giving lately, I guess you never know)...

Can anybody give me some advice/suggestions on what to do?

[Skye12329]

I don't know why you didn't close those out sooner. To me if your paying that kind of an AF you should have a better card. So yeah close them and don't look back. As for your total limits. That doesn't completely matter since your other cards are at a low balance or 0. I say close those and garden till you scored are up and apply for better cards.

[Anonymous]

I've kept them open for awhile due to being "credit illiterate" for so long.  I'm getting better everyday.  I like getting advice and strategy from here.  Seems to be helping me out so far...

After I pay the Capital One to under 10% on 2/27, I think I will cancel both 1st Savings and 1st Premeir.  I let the Capital One QS1 report the uti that I need for optimization since I use it for the rewards monthly.

I know not to put a lot of stock into the simulator, but it looks like my scores could jump about 35 points for each one in the balances report

[ScarletFever]

Do it! Especially, once you receive a prime card or two, it's a no-brainer. You might want to do it being that you have Quicksilver in your wallet. I had both, and fired them only after getting Discover and Citi. First Savings tried to retain me by eliminating monthly fee, but not AF. I might have kept them if there were no fees. I think CL was $1100...or $1400. Nonetheless, once I ditched them, it felt great!  Plus, the positive history remains..

[1GaDawg85]

Fire them immediately!

[Anonymous]

Fire them like they stole from you.

[Anonymous]

Your TU score is a little low to go for Barclay rewards, otherwise I'd suggest that after you've let your accounts grow a while.  

[Skye12329]

I don't think OP TU score is too low for Barclays. My BF was almost approved for the Barclays Arrival + with a 585 TU. Only denial reason was that he didn't have any individual accounts otherwise it was going to be approved.

[Jerry45]

Let your unsecured credit age, and dump First Premiere