cancel
Showing results for 
Search instead for 
Did you mean: 

Time to drop First Premier???

tag
Madman94044
Regular Contributor

Time to drop First Premier???

Opened First Premier account and Orchard in 11/2009 when nobody would give me credit.  Since then I've cleaned up my credit quite a bit, and added the following cards:

 

Amex gold, npsl

Cap1 Cash Rewards $2000 cl

Wells Fargo $4000 cl

Discover more, $1200 cl

 

Orchard has a $700 cl, I'm gonna call to see if they'll increase to $1000.

 

First Premier $375 cl

 

Can anyone think of a reason to keep it?

Staring Score:EQ 649 TU 647 EX 644
Current Score: EQ 786 TU 699 EX 746
Goal Score: 800
Wallet: SF Fire CU $5000 CL Chase Freedom 4000 CL, Chase MP $5000, WellsFargo $6000 CL, Amex Gold NPSL, Cap1 CashRewards $2500 CL, Amex BCP $12000 Discover More $1200 CSP 18000
Message 1 of 21
20 REPLIES 20
-Cain-
Valued Contributor

Re: Time to drop First Premier???

Does it have an AF? 

 

Personally, I'd close it. It will still report positive for 10 years, and when it drops your other cards will have aged with it. 

Message 2 of 21
creditnocash
Valued Contributor

Re: Time to drop First Premier???


@-Cain- wrote:

Does it have an AF? 

 

Personally, I'd close it. It will still report positive for 10 years, and when it drops your other cards will have aged with it. 


ok so im confused now. 

if  i close an account in good standing (0 balance) 

it will still report and age? just like other open used accounts? 



Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23

Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE
Over 12 Months:0


2023 Goals:
Buy A Home
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000

Message 3 of 21
Madman94044
Regular Contributor

Re: Time to drop First Premier???

Yes there is an AF, $7/ month

Staring Score:EQ 649 TU 647 EX 644
Current Score: EQ 786 TU 699 EX 746
Goal Score: 800
Wallet: SF Fire CU $5000 CL Chase Freedom 4000 CL, Chase MP $5000, WellsFargo $6000 CL, Amex Gold NPSL, Cap1 CashRewards $2500 CL, Amex BCP $12000 Discover More $1200 CSP 18000
Message 4 of 21
j_casteel
Valued Contributor

Re: Time to drop First Premier???

That card has done it's job and helped you out. Now it is just costing you $84 a year to hang on to. I'd axe it for sure.

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 5 of 21
DeadSpider
Frequent Contributor

Re: Time to drop First Premier???

Yes close the card you don't need it anymore and it will still report as good credit for 10 years.

Message 6 of 21
j_casteel
Valued Contributor

Re: Time to drop First Premier???


@OlegWasHere wrote:

@-Cain- wrote:

Does it have an AF? 

 

Personally, I'd close it. It will still report positive for 10 years, and when it drops your other cards will have aged with it. 


ok so im confused now. 

if  i close an account in good standing (0 balance) 

it will still report and age? just like other open used accounts? 


yes, accounts closed in good standing will continue to report for up to 10yrs. I think there is a sticky on this subject.

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 7 of 21
LS2982
Mega Contributor

Re: Time to drop First Premier???


@Madman94044 wrote:

Opened First Premier account and Orchard in 11/2009 when nobody would give me credit.  Since then I've cleaned up my credit quite a bit, and added the following cards:

 

Amex gold, npsl

Cap1 Cash Rewards $2000 cl

Wells Fargo $4000 cl

Discover more, $1200 cl

 

Orchard has a $700 cl, I'm gonna call to see if they'll increase to $1000.

 

First Premier $375 cl

 

Can anyone think of a reason to keep it?


Nope, Axe it and don't look back!

 




EQ FICO 548 3/3/16
Message 8 of 21
webhopper
Moderator Emeritus

Re: Time to drop First Premier???

Close it, its done its job!

Grats on your new cards!
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 9 of 21
codimom
Frequent Contributor

Re: Time to drop First Premier???

I am in the "close it' camp as well.  Save the $$ for the AF and enjoy the next 10 years of having it report positively on your reports.

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 10 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.