Well I applied and got a first premier card in may of 2008. I payed little more then the minimum due for maybe 5 months then when i had the extra money payed the balance off in full. They called me said i was eligible for a second card with a higher limit. So i got the second card. Next month will be 2 years I have had my first card with them never been late, but everytime i apply for a CLI they deny me. Sorta wierd how im good enough for a second card with a higher limit but cant get the first one past 200 even though next month will be 2 years with perfect payment history with them.
Starting Score: 452
I actually have been working on the deragatories. I have payed off 5 collections in the last 3 months, and 1 pfd. Of course they didnt even mark the collection i did the pfd as even paid..had to dispute it with equifax, and just last week i noticed it;s removed from my CR. But I dont make alot of money so when i focus on paying the collection off then my balances run up on my credit cards.So, since i focused on collections for 3 months in a row i figure ill pay off the balances on my CC's next month. Alot of my colllections are medicals some have not ha ve not been updated for 5 years. I don't think I want to mess with those since they will drop off my report in 2 years anyway.
I ahve had first premier for about 5 years. The one account that is 5 years old has 2 late payments. I ran a balance like you for some time and then ban apayed off in full. CL of $200. They then contacted me and told me same thing. I was eligible for an additional card with a higher limit....$300. I took the card. So anyway I ahev had the $200 card for 5 years and have been denied for a CLI everytime. This is just a business model for FP to get you on another card to pay the annual fee and the mothly participation fee. I have had several people on the board here tell me to drop them since now i have a credit line with Ge capitol for my new walmart card. The problem is for people rebuilding their credit first premier is usually their longest credit line and would drop their score to drop them. So I am personally going to wait. I have about 5 more collections on my CR that will fall off next year. I have walmart 2 first premiers 1 capitol one secured billmelater applied bank orchard bank....my utilization is high so i figure i am gonna hammer those down with my income tax return see what that brings my score and figure if dropping FP is a good thing or not. Anyway thats my experience with FP and my credit situation if that helps you in figuring out what you want to do.
op brought back own thread from 2 years ago!
closing a card doesnt hurt your score.
if its closed in good standing it reports good for 10 years before it falls off. (so right before the card falls off it will have 15 years of history not just 5)
it drops the util rate and such but if you have other cards i wouldnt worry too much about.
@JayDilla wrote:I ahve had first premier for about 5 years. The one account that is 5 years old has 2 late payments. I ran a balance like you for some time and then ban apayed off in full. CL of $200. They then contacted me and told me same thing. I was eligible for an additional card with a higher limit....$300. I took the card. So anyway I ahev had the $200 card for 5 years and have been denied for a CLI everytime. This is just a business model for FP to get you on another card to pay the annual fee and the mothly participation fee. I have had several people on the board here tell me to drop them since now i have a credit line with Ge capitol for my new walmart card. The problem is for people rebuilding their credit first premier is usually their longest credit line and would drop their score to drop them. So I am personally going to wait. I have about 5 more collections on my CR that will fall off next year. I have walmart 2 first premiers 1 capitol one secured billmelater applied bank orchard bank....my utilization is high so i figure i am gonna hammer those down with my income tax return see what that brings my score and figure if dropping FP is a good thing or not. Anyway thats my experience with FP and my credit situation if that helps you in figuring out what you want to do.
Closed credit cards stay on your report for ten years, so closing the card shoudn't affect your AAoA. You should absolutely get rid of FP the first opportunity you get. They are vampires that suck people dry when they are vulnerable. Getting rid of FP won't negatively affect your credit.