Too Much Credit Too Soon Hurting My Score - Accepting the Wrong Card

[TooMuchTooSoon]

In order to build my credit I accepted an offer from First Premier for a MC with a $95 deposit, makeing me eligible for a $300 credit line.  However being shortsighted I didn't notice that their interest rate is !!!!  49.9% !!!.  TOTALLY ABSURD FOR ANYONE.  Will it hurt my credit score if I close this account.  It is new.  I also have three other relatively new CC accounts that have low limits but reasonable interest rate.

[Booner72]

It won't hurt your score unless that 205 is helping your overall utilization.  I'd pay the 95 and close it.  You are going to get hit every month with monthly fees, and you will have fees to pay online or pay over the phone.  First PREMIER SUCKS!  They are the WORST OF THE WORST.  Find out when the next monthly fee is and close it before that hits.

CLOSE IT!

[Booner72]

PS:  You shouldn't care about the interest rate because you should PIF each month.  In fact, don't even use those new accounts except buying  coffee or something every 3-4 months just to keep it open.  Only let ONE revolving account report a small balance (1-9% of it's limit) for optimal FICO pointage.  The rest should report zero.