topic Re: SHould I close FP card? in Credit Cards

SHould I close FP card?

Sitori — Fri, 03 May 2013 16:20:13 GMT

I was talked into getting a first premier card last July when at a credit repair company. It only has a $300 limit and I'm pretty sure it has a 75$ AF. I haven't used it in months and it has a zero balance reporting. I was leaving it open to help with my AAoA and UTL.

I have heard that when applying for new credit some people look at FP as a red flag. I will be applying for NFCU membership and a CC from them as well as care credit, in the next few weeks. If the FP is there will this negatively affect me?

I don't want to pay the AF again, so I will probably close it. But if it will HELP me obtain new credit then I will leave it open. But if it will hurt me then I will close it before I apply for the new credit.

Re: SHould I close FP card?

afbar1114 — Fri, 03 May 2013 16:34:15 GMT

What is your profile like? If you can close it do it. Leaving it open can hurt on a recon. But if its your only one try for a cap1 card and go from there

Re: SHould I close FP card?

09Lexie — Fri, 03 May 2013 16:36:07 GMT

IMO, close it and make sure it's closed. You have other cc's now and it's done its job.

Re: SHould I close FP card?

NonSufficientFunds — Fri, 03 May 2013 16:44:15 GMT

@Sitori wrote:
I was talked into getting a first premier card last July when at a credit repair company. It only has a $300 limit and I'm pretty sure it has a 75$ AF. I haven't used it in months and it has a zero balance reporting. I was leaving it open to help with my AAoA and UTL.

I have heard that when applying for new credit some people look at FP as a red flag. I will be applying for NFCU membership and a CC from them as well as care credit, in the next few weeks. If the FP is there will this negatively affect me?

I don't want to pay the AF again, so I will probably close it. But if it will HELP me obtain new credit then I will leave it open. But if it will hurt me then I will close it before I apply for the new credit.

It looks like you have a couple other decent trade lines with respectable limits - and those accounts will age soon enough.

Just the $75-AF alone, would already put you very close to 30% utilization on the $300 limit.

I would call them and ask them to either raise the limit (by a lot), or waive the annual fee.

Otherwise, this card is probably not worth keeping - Let it go, and move on. It's no longer serving you.

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 17:01:33 GMT

I have discover more $1700(asking for a CLI later this month at the 6th statement), amazon store $2200, and cap1 $1500.

Ok, so close it most likely? Should I close it before I apply for the NFCU or should I wait until after. Is it helping me at all by being my oldest account?

Re: SHould I close FP card?

tattooedhusker — Fri, 03 May 2013 17:08:13 GMT

Close it and don't look back.

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 17:12:05 GMT

I've only had my other cards since oct/nov of last year so that's why I was afraid of closing it. I guess 3-4 months doesn't really make that much of a difference lol

Re: SHould I close FP card?

tattooedhusker — Fri, 03 May 2013 17:15:14 GMT

@Sitori wrote:
I've only had my other cards since oct/nov of last year so that's why I was afraid of closing it. I guess 3-4 months doesn't really make that much of a difference lol

It won't ding your AAoA to close it since it will still report for 10 years, and $300 isn't going to effect your UTIL all that much. I would close it, and move on. The fees are atrocious, and it has seemed to serve it's purpose.

Re: SHould I close FP card?

dodfire — Fri, 03 May 2013 17:19:18 GMT

@tattooedhusker wrote:
@Sitori wrote:
I've only had my other cards since oct/nov of last year so that's why I was afraid of closing it. I guess 3-4 months doesn't really make that much of a difference lol
It won't ding your AAoA to close it since it will still report for 10 years, and $300 isn't going to effect your UTIL all that much. I would close it, and move on. The fees are atrocious, and it has seemed to serve it's purpose.

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 17:31:26 GMT

Ok thanks.

Should I close it before apping for the new credit or after?

Re: SHould I close FP card?

tattooedhusker — Fri, 03 May 2013 17:33:20 GMT

@Sitori wrote:
Ok thanks.

Should I close it before apping for the new credit or after?

I'd close it before, it will look better if you have to recon.

Re: SHould I close FP card?

boomhower — Fri, 03 May 2013 17:58:27 GMT

Drop them like a bad habit. The annual fee is rediculous.

Re: SHould I close FP card?

phillyguy12 — Fri, 03 May 2013 18:31:11 GMT

close it, way too may fees, if you ask for a cli they charge you a % of whatever they approve you for. i ditched my and they tried to get me to keep it by waiving the annual fee and cli fee, but they were also charging me $7 servicing fee any month i had a balance. stay strong don't let them talk you into keeping it open, they will tell you experts do not rec.closing positve trade lines and line of other crap. i saved my card as a reminder to never burn my credit again so i never have to deal w/ companies like them again!

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 18:37:45 GMT

Haha! Yes they convinced me to stay open when I tried to close last time. But I figured I would keep it open until I was getting close to the AF date lol. I believe it's June or July , so I should close it this month.

It's not really doing much except for adding to my UTL. Hopefully I will get an increase from discover once I get to my 6th statement and I won't have to worry as much about it.

Re: SHould I close FP card?

afbar1114 — Fri, 03 May 2013 18:57:00 GMT

i would close it ASAP!!! BoA denied me on a recon becasue i had FP open. paid it. closed it a month later i had BoA

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 19:50:13 GMT

Lol! Wow that's nuts! Ooook then I am closing immediately!! Thanks guys!!!

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 20:07:11 GMT

It's not going to drop my score at all is it??? When closing it?

Re: SHould I close FP card?

koalablue — Fri, 03 May 2013 20:25:03 GMT

If there's any drop, it will be minimal. The FP card and your good payment history on it will continue to report for 10 years. As others have said, you could absolutely be denied by some credit card issuers if they see an open First Premier on your report, so I would close it now. You've gotten a couple good prime cards - keep using them and you will eventually be good to go on whatever cards you want.

Re: SHould I close FP card?

Sitori — Fri, 03 May 2013 20:25:54 GMT

Ok thanks a bunch

Re: SHould I close FP card?

NonSufficientFunds — Fri, 03 May 2013 20:30:18 GMT

@Sitori wrote:
...they convinced me to stay open when I tried to close last time.

Just ask them exactly what they will do for you if you agree to keep the card. Demand that the CSR be quite specific regarding the benefits.