First Premier Question

[LS2982]

I'm planning to call and close this account out on friday. Would it make more sense to pay it off and wait until april when it gets its full year of history or close it out now?

If there is no difference in wither time I want to close it friday.

[Anonymous]

You might need to keep one or two rebuilder card open despite unfavorable term and ludicrous AF. Why? Credit history is like building a bridge and if all bridge get cut off... start again. That means series of 24 green squares from first premier actually worths more than 6 greens from barclay for FICO scoring regardless of how first premier being percieved. If I were you, I would keep 2 cards that have been open longest for now. 

[LS2982]

I have other accounts that have 6 months of history right now (4 of them). others have 5 or 4 months. My FP card has 9 months right now. I also have a closed Cap1 card with same history as FP. I dont know AAoA wise if FP being closed will hurt me or not, but im real anxious to get rid of them now that I have a prime card. I'm really tired of paying them 11 dollars to make a payment too. i dunno i need some expert advice! help a mn trying to make it in the credit world! lol

[visorboy1974]

Close it and rid yourself of the FP stigma.  

[CS800]

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@LS2982 wrote:
I have other accounts that have 6 months of history right now (4 of them). others have 5 or 4 months. My FP card has 9 months right now. I also have a closed Cap1 card with same history as FP. I dont know AAoA wise if FP being closed will hurt me or not, but im real anxious to get rid of them now that I have a prime card. I'm really tired of paying them 11 dollars to make a payment too. i dunno i need some expert advice! help a mn trying to make it in the credit world! lol

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Closing the card itself in will not affect your AAoA. It will affect your util since the CL from the FP card will no longer be factored into your available credit.

The FP card itself will still report up to 10 years i believe. So if you can afford to lose the CL on this card go ahead and close it.

[aussiesareforever]

I vote that you should close it.

[Carlile92]

Close it close it I just kicked my cap one secured card to the curb and it felt great

[LS2982]

Yes, the axe will layeth across 1st premier friday!!

[chan85]

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@LS2982 wrote:
I have other accounts that have 6 months of history right now (4 of them). others have 5 or 4 months. My FP card has 9 months right now. I also have a closed Cap1 card with same history as FP. I dont know AAoA wise if FP being closed will hurt me or not, but im real anxious to get rid of them now that I have a prime card. I'm really tired of paying them 11 dollars to make a payment too. i dunno i need some expert advice! help a mn trying to make it in the credit world! lol

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I though as part of the new credit card rules they can't charge to make a payment? Are you doing express payments or paying with a debit card??

[FicoScore626]

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@LS2982 wrote:
I have other accounts that have 6 months of history right now (4 of them). others have 5 or 4 months. My FP card has 9 months right now. I also have a closed Cap1 card with same history as FP. I dont know AAoA wise if FP being closed will hurt me or not, but im real anxious to get rid of them now that I have a prime card. I'm really tired of paying them 11 dollars to make a payment too. i dunno i need some expert advice! help a mn trying to make it in the credit world! lol

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Holy krap, $11?? I thought it was $7.99 to make payments through their site?

Another possible problem of waiting for the card to hit the 1 year mark is that you might also have to deal with their annual fee.

I closed my First Premier account right before it hit the 2 year mark and before they came for their annual fee. My strategy was to overpay the account by $15.00 and then close it. That way I was covered if I got nailed by their $7.99 monthly fee shenanigans. They ended up sending me a check for the remaining $15.00...