1st Financial Bank USA!!!

[zeusta20]

Hello all,

So I've been looking through these forums about 1st Financial Bank USA. I was thinking about closing them out (when the time is right) because I keep hearing bad things about them. One of my concerns though is that its one of my 1st credit cards. I got this card when I was 18, (i'm 23 now), and from all the posts that i've read, apparently there's a fee to pay online or over the phone. But to my knowledge, I NEVER get charged. I know that a few years back, I received a letter stating that there were going to be some changes, and if I DID NOT want those changes, then I'd have to call and let them know, so I did. I don't know if that has anything to do with other people being charged to make online payments and not myself, or what. But I'd much rather just get rid of them all together. 

But back to my concerns. I opened them in July of 2008. I also opened a Wells Fargo Credit Card in Aug of 08. My question is, if I were to close them out, would that go against my credit history? Or is it a good thing that I opened up my WF card a month later because I still plan to keep that. The way that I see it, is if I close them out, i'd only be losing out on a month of my credit history because its still going to show that Well Fargo is my oldest credit card now. anybody know?

I know that it will go against my DTI, especially since 1FBUSA is my largest credit line. But thats why I said I'm going to do it when the time is right. I want to owe NOTHING on credit cards, and THEN close it out. That way I can start fresh. I have 4 credit cards altogether (WF, 1FBUSA, Citi, and Amex).

So to sum everything up:

1) Will it go against my credit history in a negative way EVEN THOUGH I still opened another credit card account one month later?

2)Is it a good idea to close them out? (from their neg record, I'm just afraid they'll start charging me for stuff and me not even know it. Even though I look at my statements, and constantly look at the credit card agreement and Terms and Conditions).

And one more question, Does any one else have a 1FBUSA credit card and they have a limit over 5k? because My limit is 4900, and IF I DO KEEP THEM, i'd like to have it over 5k, but since this was supposed to be a student credit card, I don't know if i'm at the max, or they just haven't increased my limits yet. They've increased it multiple times for me, but i'd like for it to be above 5k. (at some point, I'm looking to get the Chase Sapphire Preferred card and I heard that they'd want to see a CL of 5k or more on your credit report AT LEAST).

[Simply827]

If you decide to close out the card and it has no negatives associated with it, it will continue to report positively on your CR for up to 10 years. It won't affect your AAoA. Closing it will increase your overall utilization if you have a balance on your other card. 

If so far they've been treating you well, I don't see the harm in keeping the card. They have to notify you of any upcoming changes to your account and give you time to accept or decline them. 

When it comes to Chase, I think 4900 is pretty close to 5K for UW purposes. You can always recon with an analyst if that ends up being an issue. Have you ever asked for a CLI with 1st Financial? If not, maybe you should. I think you're in a very good position to get some more prime cards.

[zeusta20]

I have not asked them. I was thinking about it, but I was afraid they were going to pull my credit.

If I did, do you think it would go against my history even though I opened up a WF credit card a month right after that?

Thanks for your input! I really appreciate it!

[Simply827]

When you ask for the CLI, ask if it will be a SP or HP. I'm assuming you don't have many inquiries on your reports. If that is the case, it doesn't matter much if it ends up being a HP.

What exactly do you mean by would it go against your history? Which action are you referring to? The inquiry or closing the account?

[zeusta20]

The action i'm referring to is the closing of the account altogether.

Because when I view my credit reports through myFico, it says one of my negative factors are that my oldest account is X years and X months old.

So, for example, when I view it, it says 4 years and 8 months old. But I'm wondering if, once I close it, if its going to say 4 years and 7 months old (Since my WF card is the next oldest). I don't want it to hurt the length of my credit history. I don't think it would, but I was just curious because I like to make sure i'm making the right decision right off the bat instead of taking action, and regret it later.lol.

[Simply827]

When you close an account it won't affect your AAoA. It will continue to be whatever it is now. The closed account will continue to report and age for up to 10 years after closure. 

Whenever you decide to open a new account, that will lower your AAoA.

[zeusta20]

ohhhh really?! I had no idea! I thought that once you closed out your account, that credit history is done and over with.

Definitely valuable info! Good to know. Thanks!

also, I just called 1FBUSA, and asked for a credit limit increase, and the rep said that she doesn't know what affect it would have on my credit. She doesn't know if its going to pull an inquiry or not. I Hate dealing with them because sometimes they just seem so uneducated. So now, I'm contemplating on calling back to get someone different, or just leave it alone.

[Simply827]

Call again