First Premier 2% Rewards

[CardsLifeLine]

+1

[Anonymous]

@ creditaddict

I'm waiting till next year to close First Premier (and Applied Bank) because I got FP in March 2013 - I want to have the account at least 1 year old before closing. I won't want to have an open tradeline of 8 months for example and then close it.

One year, to me, is a nice round number. 

FP was there for me when I needed it at the very beginning - and I am convinced that the card has helped me get other tradelines along the way...but as everybody mentions, there's a very short timeframe as to when this FP card becomes more burden than Godsend.

I shall spit FP out my mouth like a used, flavorless wad of gum!

[enharu]

Unusually confused, the account will continue to report on your CRs for up to 10 years even after it's closed. If you don't need it now, just close it. Only thing it will affect slightly is your utilization ratio.

[Anonymous]

I see that point, but my other unmentioned issue was I want to have some kind of logical explaination if my credit files are ever manually reviewed.

I'd like to be able to say that I kept the account open at least a year, used and paid on time for that year, determine I had outgrown that card and did not "need" that credit product anymore and therefore closed it.

I just wouldn't feel comfortable sitting down with a loan officer at a bank and saying, "yeah, got this little $300 line of credit, kept it open for 8 months, then decided it wasn't for me and closed it." Or something like that.

Right now, I carry no balance on FP and at the moment they are not "costing" me any money that I know of (interest, monthly account maintence, etc). So next year I will just need to check myself that the account is still at zero and use their Terms of Service to go through the procedure to the letter as to closing the account so they have no excuse to keep it open against my wishes.

Plus, concerning average age of accounts (and I know the tradeline will stay on there 10 years), isn't it better to have a close account that's a year old rather than a closed account that's 8 months old??

Or is that no calculated like that? If it's not, then I would close the account tomorrow....okay, Tuesday!