Annual fee about to hit, should I close First Premier? Not sure what to do...

[Ortz33__]

Hi - this is pretty much my first new card after rebuilding a few charges offs in 2007.  It was opened in 2007 but not my first account. It is my first account after rebuilding so I am not sure how it impacts, AAoA, longest account ,etc.  I have manged to get higher limit, better cards and this is $250 limit with $48 annual fee about to hit in August.  I don't want the card, don't need it. I am mid-650s right now and have been gardening., waiting to app for a Barclay card in the Fall.  

Can anyone help?  I do have other cards opened in that timeframe that are still active and with better limits I am keeping opened

[dallasjetfan]

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@Ortz33__ wrote:

Hi - this is pretty much my first new card after rebuilding a few charges offs in 2007.  It was opened in 2007 but not my first account. It is my first account after rebuilding so I am not sure how it impacts, AAoA, longest account ,etc.  I have manged to get higher limit, better cards and this is $250 limit with $48 annual fee about to hit in August.  I don't want the card, don't need it. I am mid-650s right now and have been gardening., waiting to app for a Barclay card in the Fall.  

Can anyone help?  I do have other cards opened in that timeframe that are still active and with better limits I am keeping opened

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I would never pay an AF to any CCC especially FP!!

[LS2982]

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@Ortz33__ wrote:

Hi - this is pretty much my first new card after rebuilding a few charges offs in 2007.  It was opened in 2007 but not my first account. It is my first account after rebuilding so I am not sure how it impacts, AAoA, longest account ,etc.  I have manged to get higher limit, better cards and this is $250 limit with $48 annual fee about to hit in August.  I don't want the card, don't need it. I am mid-650s right now and have been gardening., waiting to app for a Barclay card in the Fall.  

Can anyone help?  I do have other cards opened in that timeframe that are still active and with better limits I am keeping opened

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Ditch em'. You got 4 yrs of history and other cards to back you. You don't need to be payin a monthly fee and AF's and payment fees to have their rebuilder card.

[Anonymous]

Well Im going to be thew contrarian and say if this is your only active TL, then dont close it. Wait until you have at least 2 or 3 other TL's reporting.

[Open123]

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@Anonymous wrote:

Well Im going to be thew contrarian and say if this is your only active TL, then dont close it. Wait until you have at least 2 or 3 other TL's reporting.

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Likewise, unless you have a couple of other credit cards, I wouldn't close it.

Why don't you try applying for a couple of other cards.  Once approved, then I'd go ahead and close it.

[Ortz33__]

hey guys. thamks but not sure if you read close enough. i had already mentionex i had other active tradelines. 5 to be exact. highest limit is 2700

[Open123]

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@Ortz33__ wrote:
hey guys. thamks but not sure if you read close enough. i had already mentionex i had other active tradelines. 5 to be exact. highest limit is 2700

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Sorry, I should have read your post more carefully.

In that case, since it dates to 07, I'd close it.  The only marginal reason to keep it open is if you're about to apply for a big loan (such as a mortgage) and would like the added boost the AAoA offers your score.  Aside from that, I'd close it, especially since you have much better cards now.

In my view, unless there's a tangible short term benefit, I don't believe it's worth it to "pay" for a longer AAoA.

[tinuviel]

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@Open123 wrote:

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@Ortz33__ wrote:
hey guys. thamks but not sure if you read close enough. i had already mentionex i had other active tradelines. 5 to be exact. highest limit is 2700

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Sorry, I should have read your post more carefully.

In that case, since it dates to 07, I'd close it.  The only marginal reason to keep it open is if you're about to apply for a big loan (such as a mortgage) and would like the added boost the AAoA offers your score.  Aside from that, I'd close it, especially since you have much better cards now.

In my view, unless there's a tangible short term benefit, I don't believe it's worth it to "pay" for a longer AAoA.

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Well, bear in mind that it won't hurt your AAoA immediately. The account will stay on your reports and count towards your AAoA for the next 10 years. I'd say close it and move on to better things. Congrats on being in a good position to do so!

[Ortz33__]

Thanks everyone!  Calling to close it today if they are open!!! 

It is because of this forum that I am in a better spot! : ) 

[FicoScore626]

Just be prepared to fend off their "Retention specialist" who will try to hypnotize you with promises of waived fees and a pot of gold at the end of the rainbow, and then try to scare you by planting seeds of doubt in your head about your credit being negatively affected if you proceed with closing your First Premier account.