topic Re: Really wanting to close First Premier (updated CLOSED) in Credit Cards

Really wanting to close First Premier (updated CLOSED)

Anonymous — Mon, 01 Feb 2016 13:50:21 GMT

I really want to close FPB. My CL is $700 but it's costing me $14.50 per month (plus an annual fee) for a card I don't want to use. I'm trying to hold out until I can get a CLI from my Cap1 cards in March. C'mon hopeful CLI in March. Until then...... *sigh*

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 01:08:06 GMT

@Anonymous wrote:
I really want to close FPB. My CL is $700 but it's costing me $14.50 per month (plus an annual fee) for a card I don't want to use. I'm trying to hold out until I can get a CLI from my Cap1 cards in March. C'mon hopeful CLI in March. Until then...... *sigh*

I'm curious as to why whether you get a CLI from CapOne or not determines whether you close out a predatory credit card?

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 01:13:09 GMT

I was under the impression that when I closed a card that it effected my overall utilization. Right now "loosing" $700 would hurt. So, I thought by getting an increase it wouldn't hurt as bad.

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 01:15:52 GMT

Predatory, that makes me chuckle because it's so true. I wish I knew about these boards when I started rebuilding!

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 01:35:34 GMT

@Anonymous wrote:
I was under the impression that when I closed a card that it effected my overall utilization. Right now "loosing" $700 would hurt. So, I thought by getting an increase it wouldn't hurt as bad.

Well it would lower your overall credit limit and might affect your scores if you are carrying balances. However, temporary score drops are better than paying $15/month for that card. In the end $700 of credit limit isn't worth the cost you are paying. Throw it in the firepit and burn it to death.

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 01:54:45 GMT

Close mine last week regardlesss of my uti. Better off without them. I lost 1250 off line of credit byclosing Verve and First Premier. I know the hit is only temporary.

Re: Really wanting to close First Premier

joltdude — Sun, 31 Jan 2016 02:03:18 GMT

Closing it at this point would probably be only a short blip on your credit score.. just close it.... .. I really dont think it will affect your Cap1 odds enough to pay the monthly fees...

Re: Really wanting to close First Premier

Chris679 — Sun, 31 Jan 2016 02:07:02 GMT

My number one go to piece of advice: don't let your credit score cost you money. The whole point of rebuilding and boosting your credit score is to save money.

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 04:57:21 GMT

I will have to call on Monday since they are closed and aren't open on Sundays.

Re: Really wanting to close First Premier

takeshi74 — Sun, 31 Jan 2016 05:01:22 GMT

@Anonymous wrote:
Right now "loosing" $700 would hurt.

How much? What's your revolving utilization now? What would it be without the $700? Don't just assume that there would be a significant impact. Do the math.

Keep in mind that revolving utilization isn't all that matters. Your entire credit profile and income will matter when it comes to a CLI.

Re: Really wanting to close First Premier

pizza1 — Sun, 31 Jan 2016 05:19:20 GMT

@Anonymous wrote:
I will have to call on Monday since they are closed and aren't open on Sundays.

Even more reason to close. What CCC isnt open 24hrs/7 days??? Ge rid of it yesterday...

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 05:19:32 GMT

Currently I'm sitting at 38% but working my way down paycheck by paycheck. When I close FPB it would jump up to 42%

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 05:20:44 GMT

Is a CCC CS supposed to be open 24/7? I never call card companies outside of usual business hours.

Re: Really wanting to close First Premier

Chris679 — Sun, 31 Jan 2016 05:40:18 GMT

@Anonymous wrote:
Is a CCC CS supposed to be open 24/7? I never call card companies outside of usual business hours.

Yes, all of the major ones have 24/7 CSRs. The senior account supervisors and executive offices and what not won't be open but you can always talk to somebody.

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 06:06:38 GMT

Do It ASAP!!!

Re: Really wanting to close First Premier

SouthJamaica — Sun, 31 Jan 2016 15:38:40 GMT

@Anonymous wrote:
I really want to close FPB. My CL is $700 but it's costing me $14.50 per month (plus an annual fee) for a card I don't want to use. I'm trying to hold out until I can get a CLI from my Cap1 cards in March. C'mon hopeful CLI in March. Until then...... *sigh*

I agree with the advice others are giving: just get rid of it; the money you're wasting on that you could be using to pay off other cards.

Re: Really wanting to close First Premier

Anonymous — Sun, 31 Jan 2016 17:02:14 GMT

Closing the card is my first order of business.

Re: Really wanting to close First Premier

thom02099 — Sun, 31 Jan 2016 23:54:24 GMT

@Anonymous wrote:
@Anonymous wrote:
I was under the impression that when I closed a card that it effected my overall utilization. Right now "loosing" $700 would hurt. So, I thought by getting an increase it wouldn't hurt as bad.
Well it would lower your overall credit limit and might affect your scores if you are carrying balances. However, temporary score drops are better than paying $15/month for that card. In the end $700 of credit limit isn't worth the cost you are paying. Throw it in the firepit and burn it to death.

^^^^ This.

Your signature indicates that you're gardening, not applying for new credit. Since you're not applying for new credit the score hit really doesn't matter, since it will likely be temporary as noted above. Some things are just not worth it. This is one of them. Get that firepit good and hot so it burns quickly.

Re: Really wanting to close First Premier

jeffery581 — Mon, 01 Feb 2016 01:42:32 GMT

your bk is going to affect your profile more than utilization. Try some pre-qualifiers.

Re: Really wanting to close First Premier

Anonymous — Mon, 01 Feb 2016 12:46:56 GMT

Only a few 14 more minutes until they open and I can call to close my card. Yay!