Closing my First Premier CC

[AwwwYeee]

Hey guys,

I'm semi new to this forum and i just had a couple of questions.  I've been trying to rebuild my credit after costly mistakes during my youth.  A few months ago I got a First Premier CC and I didn't know till it was too late that it was a horrible decision.  How bad would it be if I closed the account (PIF) a month before the annual fee hits? I'm hoping if i can get a new cc before then.

[myjourney]

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@reggiereg86 wrote:

Hey guys,

I'm semi new to this forum and i just had a couple of questions.  I've been trying to rebuild my credit after costly mistakes during my youth.  A few months ago I got a First Premier CC and I didn't know till it was too late that it was a horrible decision.  How bad would it be if I closed the account (PIF) a month before the annual fee hits? I'm hoping if i can get a new cc before then.

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Do you have any other cards now? 

TL's?

[AwwwYeee]

I currently have a CapOne secured card. Had it for 3 months now.  Don't really understand what a TL means? sorry hah

[SunriseEarth]

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@reggiereg86 wrote:

I currently have a CapOne secured card. Had it for 3 months now.  Don't really understand what a TL means? sorry hah

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TL = trade line.  It refers to accounts that you'd see on a credit report (CR), such as credit cards or installment loans.   We use a lot of acronyms here, so you might want to look at the Sticky thread with commonly used abbreviations if you feel lost.

You might also want to look at the sticky thread about closing a credit card for full details.  FP can be very bad with their various rates and charges. so many people are quick to leave them once they've served their purpose. 

[Anonymous]

TL = tradeline (credit card, line of credit, installment loan, etc.)

It seems like a useful approach in your situation would be to get a couple of additional secured cards.

[myjourney]

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@reggiereg86 wrote:

I currently have a CapOne secured card. Had it for 3 months now.  Don't really understand what a TL means? sorry hah

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It's ok we are here to help 

TL= tradeline....Car loan, Home, Student loan, installment loan

Having 2 TL's or more is certainly better for building CR's and the only time I advice closing TL's is if 

1) it has excessive fees

2) AF

If you can stand those for 6 months or until the AF is due I would say keep it open for the history after that close it as it will report as a positive TL for 10 years 

[coldnmn]

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@reggiereg86 wrote:

I currently have a CapOne secured card. Had it for 3 months now.  Don't really understand what a TL means? sorry hah

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Listed under helpful threads top of the page. Then common abreviations.

[Anonymous]

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@myjourney wrote:

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@reggiereg86 wrote:

I currently have a CapOne secured card. Had it for 3 months now.  Don't really understand what a TL means? sorry hah

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It's ok we are here to help 

TL= tradeline....Car loan, Home, Student loan, installment loan

Having 2 TL's or more is certainly better for building CR's and the only time I advice closing TL's is if 

1) it has excessive fees

2) AF

If you can stand those for 6 months or until the AF is due I would say keep it open for the history after that close it as it will report as a positive TL for 10 years 

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FP has both the APR is 30%+ and the AF was like $175 as soon as I got my Discover last week I requested a BT and closed FP as fast as my fingers could dial. I only had the approx. 5 months and have many other TL,s so it was a easy decision. I will let others give advice as I am still a newbie.

[AwwwYeee]

i currently have student loans about under $10,000 and a car title loan for about $3,000.

[myjourney]

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@reggiereg86 wrote:

i currently have student loans about under $10,000 and a car title loan for about $3,000.

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Does the car title loan report to CR's?

If so that would mean you have at least 3 TL's and enough to build positive history 

student loans, Cap1, car title (3)

So you could close FP if you like but that's your call to make