You're in a better place now. Time to move on from predatory, sub prime cards that charge you a monthly or annual fee. If the fees outweigh the benefits, you know what to do.
@Anonymous wrote:I was looking through my various credit monitoring services tonight and was reminded of an annoying fact. That is, two of my credit cards (both with First Premier) charge an $8 monthly fee. So there goes AZEO for this month because they slid the fee on there before I realized! In any event, I've been on a serious rebuild journey for 6 months or so. I've seen more than 100 point FICO 8 increases in that time. I'm currently: EQ 701, TU 680, EX 679. Do you all think it'd be okay if I just close these two First Premier cards? One is about 15 months old. The other is about 3 months old. One has a $500 CL and the other a $700 CL. Also in my wallet are a couple Cap Ones (total CL of $4100), a Wells Fargo VISA Signature ($6500), a NFCU Cash Rewards ($500), a Discover It ($750), an Amex Gold (NPSL) and an Ollo Cash Back ($300). The balance on those cards is less around $500 total and that's only because I haven't paid one of the bills yet this month. It seems like the obvious answer is yes, shut them down. But I keep reading where people say never close accounts, just put them in the SD. Given the relative youth of these cards and the monthly fee, can anyone tell me any reason to keep them? Am I going to suffer a credit score ding for some period of time that I won't like? (In case it's matters, my AAoA is 11 years 3 months, my oldest account is 26 years 2 months, and my newest account is 1 month, and the NFCU, Wells, and Amex haven't yet reported, so that will affect the average ages). Thanks for any advice you all have. It seems like a silly and obvious answer now that I've type this post out. Still, having been in the credit dumpster before, I'm worried about every little thing to the point of obsession! (Btw, does that obsession that causes me to check my credit and credit cards multiple times a day ever calm down in this journey?!?!!)
I would definitely get rid of those bloodsuckers. I don't think you'll find anyone on this forum advising you to keep cards that charge a monthly fee.
@SouthJamaica wrote:
@Anonymous wrote:I was looking through my various credit monitoring services tonight and was reminded of an annoying fact. That is, two of my credit cards (both with First Premier) charge an $8 monthly fee. So there goes AZEO for this month because they slid the fee on there before I realized! In any event, I've been on a serious rebuild journey for 6 months or so. I've seen more than 100 point FICO 8 increases in that time. I'm currently: EQ 701, TU 680, EX 679. Do you all think it'd be okay if I just close these two First Premier cards? One is about 15 months old. The other is about 3 months old. One has a $500 CL and the other a $700 CL. Also in my wallet are a couple Cap Ones (total CL of $4100), a Wells Fargo VISA Signature ($6500), a NFCU Cash Rewards ($500), a Discover It ($750), an Amex Gold (NPSL) and an Ollo Cash Back ($300). The balance on those cards is less around $500 total and that's only because I haven't paid one of the bills yet this month. It seems like the obvious answer is yes, shut them down. But I keep reading where people say never close accounts, just put them in the SD. Given the relative youth of these cards and the monthly fee, can anyone tell me any reason to keep them? Am I going to suffer a credit score ding for some period of time that I won't like? (In case it's matters, my AAoA is 11 years 3 months, my oldest account is 26 years 2 months, and my newest account is 1 month, and the NFCU, Wells, and Amex haven't yet reported, so that will affect the average ages). Thanks for any advice you all have. It seems like a silly and obvious answer now that I've type this post out. Still, having been in the credit dumpster before, I'm worried about every little thing to the point of obsession! (Btw, does that obsession that causes me to check my credit and credit cards multiple times a day ever calm down in this journey?!?!!)
I would definitely get rid of those bloodsuckers. I don't think you'll find anyone on this forum advising you to keep cards that charge a monthly fee.
Agree time to toss the FPs and all their fees.
In regards to the credit checking obsession I think it happens to everyone who starts rebuilding because every move you make you want to check to see how it affects you. The climb is slow and steady and not as quick as we would like and with one misstep you are sent tumbling back down.
Does it ever calm down? It sure does I only check all my reports once a day now since I started rebuilding 2 years ago. 