@socalchef00 wrote:So my wife has this card for about 12 years as it was one of her first cards.
However, it has the **bleep** monthly fee of $7 and I believe an annual fee too.
This is one of her oldest cards, how bad would it hurt her credit if she were to close it so we can save some money that is being wasted every month
A card like that should be closed immediately.
Closing it won't affect her Average Age of Accounts as long as the closed card continues to be reported, which is likely to be in the neighborhood of 10 years or so, at which time it won't matter. And even then it won't have major effect.
@socalchef00 wrote:
@7774x wrote:
@socalchef00 wrote:
@coldfusion wrote:The card will continue to contribute toward her FICO-centric average age of accounts for up to 10 years. Her Vantage 3.0 scores would take a ding as their scoring model only counts open accounts toward their AAoA calculations, but nobody who matters really cares about Vantage 3.0 scores.
Where it might hurt is with the utilization percentage across all cards due to the loss of the credit limit, but how much if any impact that might have is going to be based upon her total debt and her aggregate credit limit across all cards both before and after the card closure.
Its only an $825 CL with no balance. and all our/her cards don't carry a balance.
Will have to consider closing that card!
$200 in Prem AF's ..30-35% interest rate ..fico Ding or no ...run away..Fast $200+ in your pocket ..savings each year. Signup for a No AF card
Thanks all, will close it asap
Good. Keep an eye on the account for a couple of months after closure to make sure no fees are still being charged/posted to the account, too. Don't want a late payment to sneak in there.
Can you PC it to Custom Cash or Costco?
Costco CC is a dead-end and it cannot be PCed to any card. Anyway, I think it may get used as membership. I guess, if you can have this card, you do not need to pay for the annual Costo membership (60$ value/year) but I am not sure. It is good if somebody that has this card provides clarification.
Fico8: EX~EQ~TU~810 (12 month goal~840).
@xenon3030 wrote:Can you PC it to Custom Cash or Costco?
Costco CC is a dead-end and it cannot be PCed to any card. Anyway, I think it may get used as membership. I guess, if you can have this card, you do not need to pay for the annual Costo membership (60$ value/year) but I am not sure. It is good if somebody that has this card provides clarification.
I think OP DW has a "1st Premier" card, not a Citi Premier... 1st Premier Bank issues fee harvester accounts for less than perfect credit and it sounds like OP's DW is well beyond that stage.
OP, Enjoy running that card through the shredder!
