Should I close my First Premier Card?

JimmyWayne · ‎03-03-2017

Back when I started my rebuilding February last year I got the CapOne secured platinum and in March I got a FPB Card. I do not use it, only a Hulu subscription to keep it active and PIF. My question is will it hurt my score by closing it?
Heres my timeline...
April 2013 Ally Auto Loan
February 2016 CapOne Secured
March 2016 FPB
August 2016 Fingerhut
August 2016 CapOne QS1
December 2016 Merrick
February 2017 Discover/Amex/Chase Freedom

With me opening all the recent accounts I'm thinking it would hurt my score? I really don't want to pay that AF coming up for a card I don't need, but if I should keep it open I will. FICO Scores now are EQ 640 TU 640 EX 634.

Suggestions?

Anonymous · ‎03-04-2017

@JimmyWayne wrote:
Back when I started my rebuilding February last year I got the CapOne secured platinum and in March I got a FPB Card. I do not use it, only a Hulu subscription to keep it active and PIF. My question is will it hurt my score by closing it?
Heres my timeline...
April 2013 Ally Auto Loan
February 2016 CapOne Secured
March 2016 FPB
August 2016 Fingerhut
August 2016 CapOne QS1
December 2016 Merrick
February 2017 Discover/Amex/Chase Freedom

With me opening all the recent accounts I'm thinking it would hurt my score? I really don't want to pay that AF coming up for a card I don't need, but if I should keep it open I will. FICO Scores now are EQ 640 TU 640 EX 634.

Suggestions?

Hi JimmyWayne,

Thanks for posting, as you have come to the best place for support/guidance/answers here on the myFICO forums ;-)

You will find that many people will tell you that AF is a bad thing, while others will tell you that it is OK if it makes sense for you. I do understand why you got the card, and you like me, when I was starting out rebuilding I tried to obtain the types of credit that I could obtain at the time. My BoA card has AF. I tried to with no success to get the AF removed. They told me I could apply for another card, which would result in a HP. I even tried to get it product changed, but the day I called into their system the first rep knew exactly what I was talking about but there was some issue with the system and could not get me switched over. That rep forwarded me to another rep who acted like I was speaking martian or something. So I put the card away and figured I would reach out to them later this year before it is that time again. If a no go, then for me, I am closing out the card/credit line.

It will not change my AAoA, so that is a good thing! Hopefully it will continute to report for another 10 years, which is the standard practice, and although I like BoA, I am thinking about some other creditors and their cards.

Long story short, others will certainly chime in, but no matter what, do what is right for you. My BoA is not used at all as this credit line is a small line and is no where in comparison the any of the lines of any of my other cards.

Let us know what you decide, and also reply back if you have any questions ;-)

Anonymous · ‎03-04-2017

@JimmyWayne wrote:
Back when I started my rebuilding February last year I got the CapOne secured platinum and in March I got a FPB Card. I do not use it, only a Hulu subscription to keep it active and PIF. My question is will it hurt my score by closing it?
Heres my timeline...
April 2013 Ally Auto Loan
February 2016 CapOne Secured
March 2016 FPB
August 2016 Fingerhut
August 2016 CapOne QS1
December 2016 Merrick
February 2017 Discover/Amex/Chase Freedom

With me opening all the recent accounts I'm thinking it would hurt my score? I really don't want to pay that AF coming up for a card I don't need, but if I should keep it open I will. FICO Scores now are EQ 640 TU 640 EX 634.

Suggestions?

Yep, you can close it. It will remain on a CR aging for 10 years.

Anonymous · ‎03-04-2017

Close it, quickly; it has served its purpose. It will only continue to have positive effects and you can stop paying their monthly fees

steele70 · ‎03-04-2017

I would absolutely close it. I had my First Premier card open for over 6 years. Had I been involved in these forums earlier, I would have closed it a long time ago. They were gracious enough to provide me with credit in the beginning, but as my credit scores increased, there really was no benefit to keeping it open.

Starting Score: 576
Current Score: 618
Goal Score: 700+

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JR_TX · ‎03-04-2017

I would close FP right at this very moment! Your AAoA will not be affected. Only your util will be impacted. Just keep your balances in check and you should be fine. Merrick and fingerhut should also be next on your chopping list now that you've gotten prime cards with your discover/amex/chase.

New cc TLs : 0/6 ; 0/12 ; 0/24 | HPs EX 3 EQ 3 TU 4 | AAoA 7y10m | UTIL 1% - 4% | $300K+ Total Limits

JimmyWayne · ‎03-04-2017

Thanks everyone for the input! I'll close it first thing Monday morning! Feels great to start shedding these starter cards.

Anonymous · ‎03-05-2017

@JimmyWayne wrote:
Thanks everyone for the input! I'll close it first thing Monday morning! Feels great to start shedding these starter cards.

Way to go JimmyWanye as I see that you have made your decision ;-)

Yes be selective of the credit lines that you app for. Although I am in the garden right now, I am trying really hard to not get a card/credit line just for the sake of getting that card or credit line. I am now more focused on lowering interest rates- although I am PIF'ing each month but still it does not hurt to lower interest rates when possible.

Take care and in no time at all, your scores will come up!

*Kudos*