topic Re: First Premier Question? in Credit Cards

First Premier Question?

Anonymous — Sun, 23 Nov 2008 20:06:23 GMT

I'm thinking about closing my First Premier card next year before i have to pay my annual fee. I've been approved for a few better cards an there fees are killing me. What's the proper way to close this card?

Re: First Premier Question?

Anonymous — Sun, 23 Nov 2008 20:23:54 GMT

Just make sure theres no oustanding balance on the card and you can close it. Keep in mind that if first premier is one of your oldest account on your credit report, it might have an impact on your score as it reduces your average years of credit history.

Re: First Premier Question?

Anonymous — Sun, 23 Nov 2008 20:26:43 GMT

The card is pretty much new but i will most likely close it next year before it reaches it anniversary date i no this card will not grow with me i kind of wish i never applied for it.

Re: First Premier Question?

Anonymous — Sun, 23 Nov 2008 20:29:11 GMT

Also how will that closed account look on my credit report will it say closed by consumer.

Re: First Premier Question?

Anonymous — Sun, 23 Nov 2008 20:32:10 GMT

My ex paid his card in full and called CS to officially request that the account be closed. He also requested to be notified in writing that his account was closed in good standing and as per his request.

Message Edited by tonnie39 on 11-23-2008 03:32 PM

Re: First Premier Question?

Anonymous — Sun, 23 Nov 2008 20:47:35 GMT

It will have no affect whatsoever when it says "closed by consumer." However, if you have a high credit limit on the card and decide to close it, it may have an impact on your utilization measurement.

Re: First Premier Question?

Anonymous — Sun, 23 Nov 2008 22:15:31 GMT

@Anonymous wrote:
My ex paid his card in full and called CS to officially request that the account be closed. He also requested to be notified in writing that his account was closed in good standing and as per his request.

Message Edited by tonnie39 on 11-23-2008 03:32 PM

Ditto! Pay that sucker off and close it. It's a good thing the cards is new, but frankly, when it comes to account fees, I don't worry about age, I worry about the money. Why wait and continue to pay monthly fees? Why not shut those leeches at FP down now?

You've recently established plenty of good tradelines so any "age" points you lose will be regained quickly. Admittedly, the FP's of the world have their place when it comes to rebuilding credit, but based on your recent credit obtained, you're beyond FP so don't let the card linger beyond its usefulness. It's not worth it, IMO.

Re: First Premier Question?

laz98 — Sun, 23 Nov 2008 23:04:01 GMT

my first premier card will hit its 3 year anniversary 2/28/09. i will probably close it in january. it only has a $550 limit. recently i started thinking about the fees (since i read about them here so much), & i have decided i don't need to keep paying them to have a $550 limit. i'd rather have 3 capital one cards with no fees.

Re: First Premier Question?

Anonymous — Mon, 24 Nov 2008 00:19:19 GMT

Exactly, laz!

While FICO scores are important, they are but one indicator of financial health, and I for one refuse to be a slave to my FICO score. Although I was once consumed by all things FICO, I never put that 3-digit score above my cashflow health. Paying account fees often don't make financial sense after a certain time, and I wouldn't encourage anyone to keep doing them for fear of losing a FICO point or two. Some activities, such as PIF'ing, can make sense for both FICO and cashflow purposes. Paying account fees when you no longer need to can often benefit FICO only. Unless you're in the market for a major undertaking, e.g. house, car, HELOC, etc., I wouldn't sweat a few FICO points lost due to age, especially knowing they will quickly come back and bring lots of new points with them.

Re: First Premier Question?

haulingthescoreup — Mon, 24 Nov 2008 01:17:39 GMT

Chopbrocoli wrote:
Just make sure theres no oustanding balance on the card and you can close it. Keep in mind that if first premier is one of your oldest account on your credit report, it might have an impact on your score as it reduces your average years of credit history.

Good advice, but remember that it will stay on your reports for ten years after closing, and by then, any damage will probably be well diluted.

I would add that it would be a really good idea to print off the online screen showing that your have a zero balance, and/or save the mailed statement, and put it in your files. I would also do the payoff the month before your fee is due. Some CCC's can be pretty clever about sliding in last-minute surprises, so give yourself some wiggle room.

Congrats on the upcoming demise of your card!

--Oh, yes, it will show as "closed by consumer." No negative affect on your scores, as long as you paid it off, and you have replace its CL with other cards, which you have. You might want to read fused's thread on closing CC's, stickied in my siggy below.

Re: First Premier Question?

laz98 — Mon, 24 Nov 2008 03:55:58 GMT

i agree!

while i definitely want my FICOs to go up, i am not going to be buying a car or house for quite some time, so i am willing to continue waiting it out. i will just replace these low-life cards with better cards, & let time be my friend. i'm not going to be overly obsessed with squeezing every last point out of my FICOs. that's just too much stress!

Re: First Premier Question?

Anonymous — Mon, 24 Nov 2008 05:36:16 GMT

kill it and put your savings into a prime secured card that will grow with you(eg. bofa)

Re: First Premier Question?

Anonymous — Tue, 02 Dec 2008 23:25:19 GMT

close that account but just before you do please do yourself a favor and apply for a orchard bank cad and view all cards on their site and apply for 2% cash back card and the same card has a 3% cash back for gas great card.and AF run from 0 to 79.00 good luck.www.orchardbank.com

Re: First Premier Question?

Anonymous — Wed, 03 Dec 2008 00:49:05 GMT

@Anonymous wrote:
close that account but just before you do please do yourself a favor and apply for a orchard bank cad and view all cards on their site and apply for 2% cash back card and the same card has a 3% cash back for gas great card.and AF run from 0 to 79.00 good luck.www.orchardbank.com

You already paid the fee, so keep until next year. Are you in credit repair after CO or BK? Who are you current creditors?