cancel
Showing results for 
Search instead for 
Did you mean: 

Closing Subprimes CC-Interesting comment

Highlighted
Established Member

Closing Subprimes CC-Interesting comment

So with recently received credit cards that offer rewards, no annual fee and the opportunity to grow with me, I decided to close my oldest accounts due to low limits and high annual fees.
1st, two Orchard Bank cards, a Visa and a MC. $300 limits and $59 annual fee. They would raise the limit or cancel the annual fee...Goodbye!
2nd, First Premier Bank, MC, $800 limit, $49 annual fee and $14.50 monthly servicing fee. They offered to wave the annual fee, but not the monthly fee, No Thanks. They also explained "According to forums on myfico.com AAOA is approx 15% of your score" as a way to get me to stay. I also told her that approx $170 a year just to have the card was not acceptable, thank for the help in rebuilding my credit but I moving on to the next phase.
3rd, Credit One Bank, the foreign call center rep didn't put up any argument and simply told me to be sure any change any reoccurring I might have set up and that was it.

I found it interesting with First Premier, they actually have an argument for the request that's at least fact based. Their still just a means to an end and a relationship that had to end.

These cards did help me reestablish myself, so they served their purpose and for that I thank them. It's just a shame they really have no way to stay in a relationship long term with user who improve and have different needs.

Thanks for the help,
dadembk
AKA The Fictional Gardener
In the garden, then out, then in again, etc.
Currently
Fico 691 (Barclay), Fico 671 (Experian)
Goal
700 across the board


Message 1 of 6
5 REPLIES 5
Highlighted
Valued Contributor

Re: Closing Subprimes CC-Interesting comment


@dadembk wrote:
So with recently received credit cards that offer rewards, no annual fee and the opportunity to grow with me, I decided to close my oldest accounts due to low limits and high annual fees.
1st, two Orchard Bank cards, a Visa and a MC. $300 limits and $59 annual fee. They would raise the limit or cancel the annual fee...Goodbye!
2nd, First Premier Bank, MC, $800 limit, $49 annual fee and $14.50 monthly servicing fee. They offered to wave the annual fee, but not the monthly fee, No Thanks. They also explained "According to forums on myfico.com AAOA is approx 15% of your score" as a way to get me to stay. I also told her that approx $170 a year just to have the card was not acceptable, thank for the help in rebuilding my credit but I moving on to the next phase.
3rd, Credit One Bank, the foreign call center rep didn't put up any argument and simply told me to be sure any change any reoccurring I might have set up and that was it.

I found it interesting with First Premier, they actually have an argument for the request that's at least fact based. Their still just a means to an end and a relationship that had to end.

These cards did help me reestablish myself, so they served their purpose and for that I thank them. It's just a shame they really have no way to stay in a relationship long term with user who improve and have different needs.

Thanks for the help,
dadembk

they just missed the fact that even closed the card will sit on your credit report for the next 10 years, before it falls off, before it has any effect what so ever on closing it. The only semi valid reason for keeping the card is UTL, that can be negatively impacted if you close the card especially if you have a balance,

 

congrats on getting rid of the bottom feeders!!!

 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 2 of 6
Highlighted
Valued Contributor

Re: Closing Subprimes CC-Interesting comment

You made the right call in closing these accounts, and thanks for the insight into the First Premier retention patter, it will help someone reading these posts in the future.

 

Good luck with everything down the road!  Smiley Happy

 

Uborrow-Upay

 

Message 3 of 6
Highlighted
Contributor

Re: Closing Subprimes CC-Interesting comment

Definitely the right call nixing all the interest, toy limits, and associated fees.
Message 4 of 6
Highlighted
Established Contributor

Re: Closing Subprimes CC-Interesting comment

Congrats!

 

Enjoy your new spot in Primeville.Smiley Happy


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Message 5 of 6
Highlighted
Established Contributor

Re: Closing Subprimes CC-Interesting comment

Congrats on your hard work!!!!


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.