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New Visitor
clancy1214
Posts: 1
Registered: ‎08-14-2010

Opinions needed...close card??

Hi all...I've been reading these boards for months, but have never posted!  Now I need some help.  I filed Chapter 7 in June 2009, discharged in September 2009. At the time I had at least 1 credit card from just about every major creditor out there!  After the BK was discharged, I didn't even attempt to apply for new credit until July 2010, when I applied for and was approved for Dell credit with a $2K limit.  Also in July/August I applied for and received a Hooters card with $300 limit 16% interest & no annual fee; Credit One Bank with 24% interest, $75 annual fee $1500 limit & Kay Jewelers $1500 limit.  Last month I was approved for a Firestone credit card with a $1400 limit. Right now I only have a balance on the Credit One & Dell cards, and only because of Christmas...They will be paid by January! None of the creditors I have now were included in my BK.  I know everyone on these board says Capital One, GE Money, HSBC & Orchard are all forgiving when it comes to BKs even when you include them.  That has not been the case for me.  I can't get approved by any of them.  So when I recently received a pre-approval for a First Premier bank card with $700 limit, $175 annual fee(ridiculous) & 23% interest, I accepted the offer & I don't think it was the right thing to do.  I haven't used it yet or made a payment to the annual fee so I can still close it and not be liable for the annual fee.  So, before I called to close it, I thought I would try Capital One & Orchard Bank one more time.  Capital One denied me as always but unbelievably, Orchard approved me!  I tried the Visa this time instead of the Mastercard.  I got a $300 limit, 14% interest, $39 annual fee, nothing spectacular, but I take the cards I can get at this point.  So my question is, should I close the First Premier card and be done with it or should I pay the $175 fee and keep it open without using it just to have the additional open credit and help my score? I can close the card before the year is up to avoid paying the fee again.  My score is slowly going up, last I checked I was at 640 with Experian.  Will the additional $700 limit help my score all that much?  Sorry such a long post!!

Established Contributor
mross1080
Posts: 527
Registered: ‎04-21-2010

Re: Opinions needed...close card??

I say close the First Premier. You really have no use for it you have plenty of cards to rebuild with I think you past the point of needing them at all. Let your cards age a bit them app for some better ones. And with your BK so new I wouldnt bother apping for anything else. And several companys are forgiving with BK's but I think you need more age on it at least a couple years positive history post discharge and congrats on all the new cards!

Established Member
madratmedia
Posts: 35
Registered: ‎02-23-2010

Re: Opinions needed...close card??

Personally I would only use first premier if NO ONE else would give me credit and then only long enough to get a better card.

Have you tried for a secured card through capital one? It would be 100x better than that first premier, I have had one for awhile and it does not report as secured :smileywink:

 

It's usually much easier to get a secured card.

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Opinions needed...close card??

 


mross1080 wrote:

I say close the First Premier. You really have no use for it you have plenty of cards to rebuild with I think you past the point of needing them at all. Let your cards age a bit them app for some better ones. And with your BK so new I wouldnt bother apping for anything else. And several companys are forgiving with BK's but I think you need more age on it at least a couple years positive history post discharge and congrats on all the new cards!


 

+1 

 

Just will add that First Premier will still want the AF, so make sure you resolve that before you close out the card. If you just close the card and do not pay attention they may put your account into default for non payment of the AF. 

Good Luck
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