Closed First Premier

[newyearnewcredit]

Ok guys. Closed first premier today. Both cards. One with a $250 limit and one with a $400 limit. The CSR gave me the spill on "according to my fico.com, 15% of your score is the longevity of your account," and told me my score could go down with closing the cards. Kinda bombed me out. I closed the cards because I recently got approved for a discover it for $1500 a amex gold delta $100 and a chase freedom $500 along with a $1500 care credit and $700 for both texaco/chevron and amazon store. Will it really be as bad as she saying? She said I had 90 days to reopen and said I already paid the annual dee for both:.. Should I just reopen them?

[Leadberry]

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@newyearnewcredit wrote:
Ok guys. Closed first premier today. Both cards. One with a $250 limit and one with a $400 limit. The CSR gave me the spill on "according to my fico.com, 15% of your score is the longevity of your account," and told me my score could go down with closing the cards. Kinda bombed me out. I closed the cards because I recently got approved for a discover it for $1500 a amex gold delta $100 and a chase freedom $500 along with a $1500 care credit and $700 for both texaco/chevron and amazon store. Will it really be as bad as she saying? She said I had 90 days to reopen and said I already paid the annual dee for both:.. Should I just reopen them?

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The account will remain on your CR's for up to ten years after closure.  Sounds like she was doing her job and trying to get you to keep the accounts open.

[IgnatiusReilly]

Absolutely not. Positive tradelines report for 10 years once they are closed. Either the CSR is poorly trained or willfully misleading you, and I would bet on the latter.

[newyearnewcredit]

Thank you guys. I mean she literally was making me feel like sh*t!

[newyearnewcredit]

And the amex delta was $1000 forgot a zero!

[lhcole77]

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@newyearnewcredit wrote:
And the amex delta was $1000 forgot a zero!

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Congratulations on your new cards and on closing FP. It felt so good when I closed mine. FP served its purpose and then it was time for me to move on.

Like others have said the account will remain on your CR for 10 years and will not impact AAoA until it ages off in 10 years. By that time you will be so rock solid it won't even matter.

[CreditMagic7]

What she didn't tell you is that what you really needed was higher limit cards from Prime lenders to "better" your FICO and sooner rather then later.
Smart move to cut that FP anchor AFAIK.

[killer_queen229]

If FPB wants to help people with credit history they can do it without the ridiculous, excessive fees. I don't think it should cost so much to build history when nobody else will give you a chance. They should be a lot more grateful then they act. Good riddance... Their card designs are ugly anyway! 😜

[Boragard]

Congrats on closing the First Premier cards!!!  Don't listen to the CSR, they are rude with exorbitant fees.  You have done a good job, I am proud!!!  The good TLs will remain on your CR for 10 years

[gdale6]

You did the right thing, the CSR does not know what s/he is talking about as stated they will stick around for up to 10 yrs post close. Enjoy your freedom from such eggregious fees