Really wanting to close First Premier (updated CLOSED)

[Anonymous]

I really want to close FPB. My CL is $700 but it's costing me $14.50 per month (plus an annual fee) for a card I don't want to use. I'm trying to hold out until I can get a CLI from my Cap1 cards in March. C'mon hopeful CLI in March. Until then...... *sigh*

[Anonymous]

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@Anonymous wrote:
I really want to close FPB. My CL is $700 but it's costing me $14.50 per month (plus an annual fee) for a card I don't want to use. I'm trying to hold out until I can get a CLI from my Cap1 cards in March. C'mon hopeful CLI in March. Until then...... *sigh*

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I'm curious as to why whether you get a CLI from CapOne or not determines whether you close out a predatory credit card?

[Anonymous]

I was under the impression that when I closed a card that it effected my overall utilization. Right now "loosing" $700 would hurt. So, I thought by getting an increase it wouldn't hurt as bad.

[Anonymous]

Predatory, that makes me chuckle because it's so true. I wish I knew about these boards when I started rebuilding!

[Anonymous]

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@Anonymous wrote:
I was under the impression that when I closed a card that it effected my overall utilization. Right now "loosing" $700 would hurt. So, I thought by getting an increase it wouldn't hurt as bad.

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Well it would lower your overall credit limit and might affect your scores if you are carrying balances.  However, temporary score drops are better than paying $15/month for that card.  In the end $700 of credit limit isn't worth the cost you are paying.  Throw it in the firepit and burn it to death.

[Anonymous]

Close mine last week regardlesss of my uti. Better off without them. I lost 1250 off line of credit byclosing Verve and First Premier. I know the hit is only temporary.

[joltdude]

Closing it at this point would probably be only a short blip on your credit score.. just close it.... .. I really dont think it will affect your Cap1 odds enough to pay the monthly fees...

[Chris679]

My number one go to piece of advice: don't let your credit score cost you money.  The whole point of rebuilding and boosting your credit score is to save money. 

[Anonymous]

I will have to call on Monday since they are closed and aren't open on Sundays.

[takeshi74]

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@Anonymous wrote:
Right now "loosing" $700 would hurt. 

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How much?  What's your revolving utilization now?  What would it be without the $700?  Don't just assume that there would be a significant impact.  Do the math.

Keep in mind that revolving utilization isn't all that matters.  Your entire credit profile and income will matter when it comes to a CLI.