topic Re: Closing Credit First Premier Question in Credit Cards

Closing Credit First Premier Question

AwwwYeee — Tue, 17 Jun 2014 21:41:36 GMT

It'll be a year for my first premier credit card next month. The AF will hit my account. Can I close my card that has a balance to avoid the AF? or does it have to be completely paid off?

Re: Closing Credit First Premier Question

-NewGuy- — Tue, 17 Jun 2014 21:47:57 GMT

You can't close a credit card until there is a zero balance on the account. You can pay and close at the same time, but it has to be paid off.

Re: Closing Credit First Premier Question

09Lexie — Tue, 17 Jun 2014 22:05:17 GMT

@-NewGuy- wrote:
You can't close a credit card until there is a zero balance on the account. You can pay and close at the same time, but it has to be paid off.

Actually you can close an account with a balance but this would ding your util. Your CL would be 0 and your bal will report XXX. To avoid the possible hit to your CS, pay off your balance and then close. Some lenders will reimburse your AF if you close within a certain amount of time. Check your T&Cs

Edit: typo

Re: Closing Credit First Premier Question

-NewGuy- — Tue, 17 Jun 2014 22:00:21 GMT

@09Lexie wrote:
@-NewGuy- wrote:
You can't close a credit card until there is a zero balance on the account. You can pay and close at the same time, but it has to be paid off.
Actually you can close an account with a balance but this would ding your util. Your CL would be 0 and your bal will report XXX. To avoid the possible hit to your CS, pay off your balance and then closr. Some lenders will reimburse your AF if you close within a certain amount of time. Check your T&Cs

Really? Interesting, I did not know that.

Re: Closing Credit First Premier Question

AwwwYeee — Tue, 17 Jun 2014 22:07:02 GMT

@09Lexie wrote:
@-NewGuy- wrote:
You can't close a credit card until there is a zero balance on the account. You can pay and close at the same time, but it has to be paid off.
Actually you can close an account with a balance but this would ding your util. Your CL would be 0 and your bal will report XXX. To avoid the possible hit to your CS, pay off your balance and then close. Some lenders will reimburse your AF if you close within a certain amount of time. Check your T&Cs

Edit: typo

I don't mind dinging my util. So I can close my account and wont be charged the AF before my next statement? I can probably payoff of the card in the next two months

Re: Closing Credit First Premier Question

09Lexie — Tue, 17 Jun 2014 22:12:24 GMT

@AwwwYeee wrote:
@09Lexie wrote:
@-NewGuy- wrote:
You can't close a credit card until there is a zero balance on the account. You can pay and close at the same time, but it has to be paid off.
Actually you can close an account with a balance but this would ding your util. Your CL would be 0 and your bal will report XXX. To avoid the possible hit to your CS, pay off your balance and then close. Some lenders will reimburse your AF if you close within a certain amount of time. Check your T&Cs

Edit: typo
I don't mind dinging my util. So I can close my account and wont be charged the AF before my next statement? I can probably payoff of the card in the next two months

You'll need to call them and ask or check your T&Cs. You are requesting a closure on an account while still carrying a balance -that situation may or may not be allowed to avoid the AF. Each lender has their own T&Cs regarding AFs.

Re: Closing Credit First Premier Question

AwwwYeee — Tue, 17 Jun 2014 22:17:51 GMT

@09Lexie wrote:
@AwwwYeee wrote:
@09Lexie wrote:
@-NewGuy- wrote:
You can't close a credit card until there is a zero balance on the account. You can pay and close at the same time, but it has to be paid off.
Actually you can close an account with a balance but this would ding your util. Your CL would be 0 and your bal will report XXX. To avoid the possible hit to your CS, pay off your balance and then close. Some lenders will reimburse your AF if you close within a certain amount of time. Check your T&Cs

Edit: typo
I don't mind dinging my util. So I can close my account and wont be charged the AF before my next statement? I can probably payoff of the card in the next two months
You'll need to call them and ask or check your T&Cs. You are requesting a closure on an account while still carrying a balance -that situation may or may not be allowed to avoid the AF. Each lender has their own T&Cs regarding AFs.

Thanks Lexie!

Re: Closing Credit First Premier Question

TimeLBK — Tue, 17 Jun 2014 22:20:21 GMT

I've gotten their offers, but they were ridiculous. I think it was 34.99% APR with fees up the wazoo...I think it was about $175 for the 1st year, then a monthly fee along with a membership fee.

Re: Closing Credit First Premier Question

mongstradamus — Tue, 17 Jun 2014 22:24:30 GMT

@TimeLBK wrote:
I've gotten their offers, but they were ridiculous. I think it was 34.99% APR with fees up the wazoo...I think it was about $175 for the 1st year, then a monthly fee along with a membership fee.

I think they throw out offers to everybody no matter how bad or good their scores are . I get emails from them few times an week lol

Re: Closing Credit First Premier Question

mrvoicelc — Wed, 18 Jun 2014 01:11:54 GMT

I had two FP cards and I closed both as soon as an AF posted...both timess FP removed the AF and credited it to my account after it was closed...I did have a zero balance at the time...

Re: Closing Credit First Premier Question

Loques — Wed, 18 Jun 2014 01:40:55 GMT

@mongstradamus wrote:
@TimeLBK wrote:
I've gotten their offers, but they were ridiculous. I think it was 34.99% APR with fees up the wazoo...I think it was about $175 for the 1st year, then a monthly fee along with a membership fee.
I think they throw out offers to everybody no matter how bad or good their scores are . I get emails from them few times an week lol