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I am trying to work my way out of sub prime into prime cards and I have a few questions. Right now I have Cap 1 #1 with a 300 limit, Cap1#2 with a 500 limit, orchard/ cap 1 with a 700 limit, Merrick back with a 500 limit, Premier bank with a 250 limit and some store cards Target 200 limit, Dress Barn 500 limit and Crown Jewlers with 500 limit. since I've let these age for a few years and keeping payments up to date I went on an app spree to try for some new cards so I can fire some of the ones I have. I recently got approved for the R Us card (tried for Toys R Us Visa) 600, Children's Place 500, Discover Motivita for 1000 and waiting on the BJ's wearhouse Visa. I want to fire Premier ASAP. I have another Card that's older so I won't lose on the age of the account. But I'm not sure if I should do it now or wait a few months since I just got new credit. I also want to swap out one of the sub prime cap 1's for a better card, but I don't know how to do that. Any ideas, advice? Right now only cards with a balance are R Us and Children's Place.
That's tough. Pulling down the ban hammer on a card will affect your AAoA, however, just by holding the FP card, you will always owe them, something (if they are charging you a monthly/yearly fee).
It sure can't hurt you in the long run (at least with being rid of FP).
Thanks for your response. You voiced what I was thinking. Premier would still be costing me money even if I sockdrawered it. So I fired Premier today. The specialist tried to convince me to stay by offering a $200 line increase but would not waive AF so it's gone. I actually feel relieved it's done, I've been wanting to fire Premier for a very long time.
you will see no short term effect on your AAOA. Closing the card does not lose all of the age/history you've obtained with the card. However it will fall off in ten years, after it has been closed, but no worries about closing cards in the short term. Just an FYI
+1 That's a costly card to keep in the sock drawer. RIP
Thanks for helping me to make my decision - First Premier has gone the way of the Do-do!
RIP! On to bigger and better!