topic Re: Closing my First Premier Card..? in Credit Cards

Closing my First Premier Card..?

Anonymous — Thu, 18 Dec 2014 17:17:29 GMT

I'm not sure what I should do... I have a First Premier Card with a limit of $300. It is my oldest open account (4 years old). It was the card that helped me rebuild my credit, however, now I have an AMEX, Chase Freedom, and 2 cards from Capital One. My question is: I am looking to buy a house toward the end of 2015 and I am wondering if closing the First Premier card will hurt my score? The card is paid off and has had a zero balance for months.

Re: Closing my First Premier Card..?

Anomalous — Thu, 18 Dec 2014 17:25:05 GMT

@Anonymous wrote:
I'm not sure what I should do... I have a First Premier Card with a limit of $300. It is my oldest open account (4 years old). It was the card that helped me rebuild my credit, however, now I have an AMEX, Chase Freedom, and 2 cards from Capital One. My question is: I am looking to buy a house toward the end of 2015 and I am wondering if closing the First Premier card will hurt my score? The card is paid off and has had a zero balance for months.

If you close it, it'll report as a postive TL for 10 years. The only drawback I see is maybe a hit on your AAoA. With what you currently have, you really don't need the card.

Re: Closing my First Premier Card..?

baller4life — Fri, 19 Dec 2014 03:36:56 GMT

@Anomalous wrote:
@Anonymous wrote:
I'm not sure what I should do... I have a First Premier Card with a limit of $300. It is my oldest open account (4 years old). It was the card that helped me rebuild my credit, however, now I have an AMEX, Chase Freedom, and 2 cards from Capital One. My question is: I am looking to buy a house toward the end of 2015 and I am wondering if closing the First Premier card will hurt my score? The card is paid off and has had a zero balance for months.
If you close it, it'll report as a postive TL for 10 years. The only drawback I see is maybe a hit on your AAoA. With what you currently have, you really don't need the card.

+1 Close it....you've outgrown it!

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 03:38:06 GMT

In the short run, no - months from now - minimally. What it will hurt is your AAOA. How long have you had your AMEX, Chase, and Cap 1 cards? If you increase your limits on your cards before you apply for a mortage, that should increasse your score as well.

I would close the account - personally. You have good cards to grow with.

Re: Closing my First Premier Card..?

baller4life — Fri, 19 Dec 2014 03:38:52 GMT

Will not hurt AAoA. It stays on report for 10yrs. Closed accts are also factored in. Get rid of it.

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 03:40:28 GMT

@baller4life wrote:
Will not hurt AAoA. It stays on report for 10yrs. Closed accts are also factored in. Get rid of it.

+1. No effect whatsoever on AAoA for 10 years. Read this post about closing cards

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 03:41:05 GMT

Close it and burn it.

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 05:34:54 GMT

You paid their oppressive fees for 4 years?

You are a better man than I

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 05:53:34 GMT

Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum!

Re: Closing my First Premier Card..?

SunriseEarth — Fri, 19 Dec 2014 06:06:26 GMT

@Anonymous wrote:
Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum!

Congrats! You used them to build your credit and now you can enjoy the rewards of your good usage. So bid FP a fond farewell!

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 06:15:37 GMT

@SunriseEarth wrote:
@Anonymous wrote:
Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum!
Congrats! You used them to build your credit and now you can enjoy the rewards of your good usage. So bid FP a fond farewell!

Or good riddance.

Re: Closing my First Premier Card..?

SunriseEarth — Fri, 19 Dec 2014 06:34:25 GMT

@Anonymous wrote:
@SunriseEarth wrote:
@Anonymous wrote:
Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum!
Congrats! You used them to build your credit and now you can enjoy the rewards of your good usage. So bid FP a fond farewell!
Or good riddance.

In this case, same thing.

Re: Closing my First Premier Card..?

Anonymous — Fri, 19 Dec 2014 08:16:18 GMT

Close it. Your score won't hurt too much

Re: Closing my First Premier Card..?

Anonymous — Sat, 20 Dec 2014 07:11:00 GMT

FPB helped me rebuild my credit as well. Once I got a few prime cards, I canceled it. They were charging me $6 a month and a AF for the privilege of their 30+% CC. No thanks.

Re: Closing my First Premier Card..?

Anonymous — Sat, 20 Dec 2014 13:44:41 GMT

I almost forgot about that card. That thing is a nightmare. I used it for the same reasons as you and have the same new cards as well. About six months ago they wanted to change me a some fee (can't remember), so I closed it. See ya later...good bye.

Now to toss the Cap 1 secured card and get my 300 bucks back.

Re: Closing my First Premier Card..?

Anonymous — Sat, 20 Dec 2014 16:27:20 GMT

@Anonymous wrote:
Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum!

Congrats! It feels great to close those type of cards.

Re: Closing my First Premier Card..?

sorachepa — Sat, 20 Dec 2014 17:28:52 GMT

i had it for 8 years now.. first card and kept it for so long.. i am following OPs footsteps and making the call today. wanted to wait few more months before the AF hits but the $1/month is bad enough.. these forums assured that there is no negative impact on AAoA and i am positive i have outgrown this $550 limit card (have multiple prime cards above $10K limits now)

Re: Closing my First Premier Card..?

Anonymous — Sat, 20 Dec 2014 17:31:30 GMT

@sorachepa wrote:
i had it for 8 years now.. first card and kept it for so long.. i am following OPs footsteps and making the call today. wanted to wait few more months before the AF hits but the $1/month is bad enough.. these forums assured that there is no negative impact on AAoA and i am positive i have outgrown this $550 limit card (have multiple prime cards above $10K limits now)

You outgrew this card the second your FICO had a 6 in front of it.