When should I cancel First P?

[ABattle]

I am finally ready to get rid of this $250 cl w/a $7 monthly fee + a fee for an authorized user but not sure when to cancel.  Correct me if I'm wrong but I should have a zero balance when I cancel?  My cycle date is the 16th of the month so when should I cancel?

[Anonymous]

Honestly I'd cancel ASAP if you're comfortable with that.  PIF and bye-bye 

[Anonymous]

shouldn't it depend on if it is your oldest card.  I too want to get rid of First P and if AMEX lets me back in I will cause I will have a 1996 membership date, but until then that is my oldest current card. 

If you just got it, honestly I would get rid of it and go the secured route.

[ABattle]

This card is about 2 years old & it isn't my oldest card.  It is however my lowest cl card so I don't think it would make much of a difference.  I just want to know when I should cancel it.  I have a kay, best buy mastercard, express & an orchard cc. 

[haulingthescoreup]

Closed accounts should stay on your reports for 10 years, counting in your age of credit until they fall off. Read fused's Closing Credit Cards for more info on how this works.

While I think it's a good idea to zero out a CC and do a screen print showing the $0 balance before closing, that can be tough to time with cards like FP that keep slapping on fees.

OP, I'd go ahead and PIF it now, wait for it to show up as PIF'd, print that off, and call them to close. Tell them that you want a letter stating that the account is paid in full, and hang on to that letter along with your screen print showing the same. Then check online for the next 2-3 months to make sure that some strange fee didn't sneak back on.

Congrats on no longer needing this card!

[MarineVietVet]

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@ABattle wrote:

I am finally ready to get rid of this $250 cl w/a $7 monthly fee + a fee for an authorized user but not sure when to cancel.  Correct me if I'm wrong but I should have a zero balance when I cancel?  My cycle date is the 16th of the month so when should I cancel?

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Do you mean that's when your statement posts? If so I would pay in full before that date and then close the account.

It's time for Mr. FP to go away IMO.

ETA: Beaten out by HTSU!

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[ABattle]

Yes the 16th is when my statements post.  Thank you for the advice guys!  I will pay before the 16th & do a screen print as stated & when I call to close request a letter stating the account has a zero balance  I'm so glad that I no longer need this card & can stop being taken advantage of & having to pay for credit.  I knew it was time to cancel when I inquired about a cl & they said sure but you have to pay 25% of what ever the increase amount is you're given, smh.

[Anonymous]

Good move!

I would add to pay in plenty of time for the payment to process and report with lots of spare time before the statement date.

And the advice to watch this account online for 2-3 months after closing is key - printing out (or PDF'ing) those statements is a great safety precaution.

I party for you!!!!!  And I hope other FP'ers reading your thread are encouraged to close these cards as soon as they have opened better behaved cards.  Keeping FP open for age is counterproductive.  Let them go.

[FicoScore626]

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@ABattle wrote:

Yes the 16th is when my statements post.  Thank you for the advice guys!  I will pay before the 16th & do a screen print as stated & when I call to close request a letter stating the account has a zero balance  I'm so glad that I no longer need this card & can stop being taken advantage of & having to pay for credit.  I knew it was time to cancel when I inquired about a cl & they said sure but you have to pay 25% of what ever the increase amount is you're given, smh.

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How long ago was it that you inquired about a credit line increase? I'm only asking because I logged onto the First Premier site yesterday to check my account and it had a new design and when I clicked the credit line increase button just to see if anything changed it said something about charging "up to 50% of your increase amount". It used to be an absurd $25 fee and now they've become even MORE absurd.

[ABattle]

I called last week on the increase & I too logged in today & notice that the design is different the site was down yday.  I don't need the increase & the card served it's purpose I was also able to add my hubby on as an auth user so it helped him as well.  He too has a FP cc that I will be doing the same thing with.