topic Re: First Premier Credit Card - Keep or Close in Rebuilding Your Credit

First Premier Credit Card - Keep or Close

Anonymous — Thu, 26 Jun 2014 21:03:33 GMT

I have been repairing my credit the last few years. My scores skyrocketed with keeping utilization low. I have 2 low limit (with very low balance) cards with First Premier that I have had for 2 and 5 years. They are among my older credit on the report along with a 2k still-owed student loan on revolving credit in good standing.

I now have an American Express Card with a $2500 allowable use (a $100 balance); a Discover IT card with $5,500 limit ($900 balance), and a Victoria's Secret card with a $500 limit ($40 balance). I also have a paid-off car loan and a Capitol One card that was charged off ($555) in 2007 that is being deleted because it should have already dropped.

Would it be wise to keep or close the First Premier Bank cards? Or should I leave them to keep my utilization to credit limit stable?

Any advice would be great.

Thanks!

Re: First Premier Credit Card - Keep or Close

Whitneyy — Thu, 26 Jun 2014 21:04:46 GMT

I would close it. You have more than enough revolving lines and you seem to have redeemed yourself.

Doesn't this have an AF?

Re: First Premier Credit Card - Keep or Close

Anonymous — Thu, 26 Jun 2014 21:08:53 GMT

There are annual fees, yes. I pay twice a month, so even an annual fee won't affect my utilization. Wondering if my credit score will drop if I just pay the remaining $25ish left on each and close them.

FYI the Victoria's secret is new (shopping cart trick soft pull) and so is AMEX. The hard pull for AMEx and the listing of both new accounts are not on my credit report yet. Wondering if I should wait a few months before closing First Premier. The sooner I close them, the sooner that 7th year comes that drops the sub-prime card stigma from my history.

Re: First Premier Credit Card - Keep or Close

Whitneyy — Thu, 26 Jun 2014 21:11:30 GMT

I still would close it. You don't need it. Or just not use it for a while and let the other cards age, and THEN close it.

Re: First Premier Credit Card - Keep or Close

Anonymous — Thu, 26 Jun 2014 21:49:28 GMT

Thanks!! Was concerned that it might make my score drop of I closed them.

Re: First Premier Credit Card - Keep or Close

Forte747 — Thu, 26 Jun 2014 23:03:28 GMT

@Anonymous wrote:
I have been repairing my credit the last few years. My scores skyrocketed with keeping utilization low. I have 2 low limit (with very low balance) cards with First Premier that I have had for 2 and 5 years. They are among my older credit on the report along with a 2k still-owed student loan on revolving credit in good standing.

I now have an American Express Card with a $2500 allowable use (a $100 balance); a Discover IT card with $5,500 limit ($900 balance), and a Victoria's Secret card with a $500 limit ($40 balance). I also have a paid-off car loan and a Capitol One card that was charged off ($555) in 2007 that is being deleted because it should have already dropped.

Would it be wise to keep or close the First Premier Bank cards? Or should I leave them to keep my utilization to credit limit stable?

Any advice would be great.

Thanks!

I would Close it for a couple of reasons;

- They charge an AF

- No Rewards

- It is not an impressionable card to have on your Profile...in fact I read somewhere here that a Member was denied Credit with either AMEX or Chase and one of the reasons given was he had a low limit(High Risk) card. Not sure of its validity!

Plus you have established a descent profile now to worry about FP

Re: First Premier Credit Card - Keep or Close

Anonymous — Mon, 30 Jun 2014 19:17:06 GMT

Yes, the AF and lack of rewards are huge factors in closing them - also the stigma as a sub-prime card. I have prime cards now and would prefer to close the sub-prime.

So even closed, they still affect my age of open accounts. That makes me happy because these are old accounts and I only kept them for that reason.

Re: First Premier Credit Card - Keep or Close

d170 — Mon, 30 Jun 2014 20:01:19 GMT

Sorry to thread jack but I'm in the same boat. I have two cards since about 2007. 550 and 400 cl. I just got approved for Amex cl 2k FRN cl3k and cap1 CLI of 3.2k total of 3 cards. Best to close the cards as well?

Re: First Premier Credit Card - Keep or Close

Anonymous — Mon, 30 Jun 2014 20:49:10 GMT

Thread jacking is cool with me. We all learn from each other, so no problem at all.

I am thinking that as long as the closed cards still count toward our credit age, it should be ok.

I erred earlier in calling it age of available credit. If I close it, it is not available. Oops! But I don't want to use the cards. Just want the aging.

Re: First Premier Credit Card - Keep or Close

d170 — Mon, 30 Jun 2014 21:07:34 GMT

Yeah giving them almost 250 a year is a bit ridiclous. Closing as soon as I get off work. Best of luck to you

Re: First Premier Credit Card - Keep or Close

kaylord84 — Tue, 01 Jul 2014 19:39:12 GMT

thank god i found this thread i have a first premier card i had for 3 years and was just approved fror a barclays rewards card and amazon store card. I also have 2 cap1 Quicksiver rewards cards, target store card ,and a walmart store card. was wondering if i should close the FP card and it seem as such thanks

@d170 wrote:
Yeah giving them almost 250 a year is a bit ridiclous. Closing as soon as I get off work. Best of luck to you