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Regular Contributor
Madman94044
Posts: 136
Registered: ‎07-01-2012

Time to drop First Premier???

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‎08-06-2012 11:37 PM - edited ‎08-07-2012 12:34 AM

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 746 TU 712 EX 712, Amex pull
Goal Score: 720
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 $6000 Discover More $1200.
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Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011

Re: Time to drop First Premier???

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‎08-07-2012 12:06 AM

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. 

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board

Take the FICO Fitness Challenge

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Valued Contributor
creditnocash
Posts: 1,916
Registered: ‎07-23-2012

Re: Time to drop First Premier???

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‎08-07-2012 12:14 AM

-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: EQ FICO 690, TU FICO 692, Walmart TU 737 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: $21,600

Inquiries (12 Months): EQ 6 TU 4 EX 5 | Most Recent: 8/30/2012


2013 Goals:
Freedom Signature
Costco:True Earnings

Amex Zync(Unicorn)
Chase Freedom$1500
Citizens Mastercard$5000
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Regular Contributor
Madman94044
Posts: 136
Registered: ‎07-01-2012

Re: Time to drop First Premier???

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‎08-07-2012 12:35 AM

Yes there is an AF, $7/ month

Staring Score:EQ 649 TU 647 EX 644
Current Score: EQ 746 TU 712 EX 712, Amex pull
Goal Score: 720
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 $6000 Discover More $1200.
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Established Contributor
j_casteel
Posts: 1,000
Registered: ‎06-21-2012

Re: Time to drop First Premier???

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‎08-07-2012 12:51 AM

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.

| AMEX Zync PSL | Walmart $900 | Cap1 Green $1.5k | Amazon $1k | NFCU Visa Sig $10k | NavChek $15k | NFCU Platinum MC $2k | Lowe's $1.2k |
Starting Score:TU:597 EQ:571 7/5/12 (joined myFICO & SW)
Current Score: EQ:653 (ScoreWatch) EX:685 (Amex app) TU:681 (Walmart)
Goal Score: 700
Proud to say that ALL past due debt has been paid and I never declared BK!!
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Regular Contributor
DeadSpider
Posts: 193
Registered: ‎07-29-2012

Re: Time to drop First Premier???

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‎08-07-2012 12:51 AM

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

Cap1 VISA Signature Cash Reward 2005 $6.5K, Freedom MC 2006 $5K, Amex Sky 1999 $2K, Discover IT 2013 3.5K, BCE $8800, NFL $1500
Starting Score: 0
Current Score: 742
Goal Score: 800

Take the FICO Fitness Challenge
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Established Contributor
j_casteel
Posts: 1,000
Registered: ‎06-21-2012

Re: Time to drop First Premier???

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‎08-07-2012 12:52 AM

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.

| AMEX Zync PSL | Walmart $900 | Cap1 Green $1.5k | Amazon $1k | NFCU Visa Sig $10k | NavChek $15k | NFCU Platinum MC $2k | Lowe's $1.2k |
Starting Score:TU:597 EQ:571 7/5/12 (joined myFICO & SW)
Current Score: EQ:653 (ScoreWatch) EX:685 (Amex app) TU:681 (Walmart)
Goal Score: 700
Proud to say that ALL past due debt has been paid and I never declared BK!!
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Mega Contributor
LS2982
Posts: 14,365
Registered: ‎04-09-2011

Re: Time to drop First Premier???

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‎08-07-2012 03:18 AM

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!

 



Silver Spade Garden Club Member - Last App 1/6/13 - No Apps until 1/7/2015 / Diamond Inspired!
Starting Score: EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 689 / EQ FICO 659 / TU08 FICO 702 / TU98 FICO 672 / TU VS 721 5/16/2013
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webhopper
Posts: 6,581
Registered: ‎09-16-2011

Re: Time to drop First Premier???

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‎08-07-2012 05:01 AM

Close it, its done its job!

Grats on your new cards!
Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!


Take the myFICO Fitness Challenge
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Frequent Contributor
codimom
Posts: 270
Registered: ‎09-08-2010

Re: Time to drop First Premier???

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‎08-07-2012 09:26 AM

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



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