Closing my First Premier Card..?

[Anonymous]

I'm not sure what I should do... I have a First Premier Card with a limit of $300. It is my oldest open account (4 years old). It was the card that helped me rebuild my credit, however, now I have an AMEX, Chase Freedom, and 2 cards from Capital One. My question is: I am looking to buy a house toward the end of 2015 and I am wondering if closing the First Premier card will hurt my score? The card is paid off and has had a zero balance for months. 

[Anomalous]

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@Anonymous wrote:

I'm not sure what I should do... I have a First Premier Card with a limit of $300. It is my oldest open account (4 years old). It was the card that helped me rebuild my credit, however, now I have an AMEX, Chase Freedom, and 2 cards from Capital One. My question is: I am looking to buy a house toward the end of 2015 and I am wondering if closing the First Premier card will hurt my score? The card is paid off and has had a zero balance for months. 

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If you close it, it'll report as a postive TL for 10 years. The only drawback I see is maybe a hit on your AAoA. With what you currently have, you really don't need the card. 

[baller4life]

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@Anomalous wrote:

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@Anonymous wrote:

I'm not sure what I should do... I have a First Premier Card with a limit of $300. It is my oldest open account (4 years old). It was the card that helped me rebuild my credit, however, now I have an AMEX, Chase Freedom, and 2 cards from Capital One. My question is: I am looking to buy a house toward the end of 2015 and I am wondering if closing the First Premier card will hurt my score? The card is paid off and has had a zero balance for months. 

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If you close it, it'll report as a postive TL for 10 years. The only drawback I see is maybe a hit on your AAoA. With what you currently have, you really don't need the card. 

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+1 Close it....you've outgrown it!

[Anonymous]

In the short run, no - months from now - minimally. What it will hurt is your AAOA. How long have you had your AMEX, Chase, and Cap 1 cards? If you increase your limits on your cards before you apply for a mortage, that should increasse your score as well. 

I would close the account - personally. You have good cards to grow with. 

[baller4life]

Will not hurt AAoA. It stays on report for 10yrs. Closed accts are also factored in. Get rid of it.

[Anonymous]

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@baller4life wrote:

Will not hurt AAoA. It stays on report for 10yrs. Closed accts are also factored in. Get rid of it.

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+1. No effect whatsoever on AAoA for 10 years. Read  this post about closing cards

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

[Anonymous]

Close it and burn it.

[Anonymous]

You paid their oppressive fees for 4 years?

You are a better man than I

[Anonymous]

Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more  monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum! 

[SunriseEarth]

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@Anonymous wrote:

Update: after 4 years... I CLOSED MY PREMIER CREDIT CARD! No more  monthly fees, absurd rates, etc! I'm SO happy! Thank you to everyone on this forum! 

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Congrats!   You used them to build your credit and now you can enjoy the rewards of your good usage.  So bid FP a fond farewell!