cancel
Showing results for 
Search instead for 
Did you mean: 

Should I close these accounts?

GatorsFan15
Regular Contributor

Should I close these accounts?

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?!?!!)

Message 1 of 7
6 REPLIES 6
AllZero
Super Contributor

Re: Should I close these accounts?

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.
Message 2 of 7
SouthJamaica
Super Contributor

Re: Should I close these accounts?


@GatorsFan15 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.

Message 3 of 7
HeavenOhio
Community Leader
Senior Contributor

Re: Should I close these accounts?

Definitely close the First Premier cards. That's still going to leave you with five revolvers plus the charge card.

 

Also, consider a second NFCU card once your first one has been around for a few months. They're likely to reward you with a much higher limit.

 

Which Capital One cards do you have? If one of them is the QuicksilverOne, you'll eventually want to dump it to get rid of its fee. If neither has a fee, you can keep them around as long as you'd like.

Message 4 of 7
GatorsFan15
Regular Contributor

Re: Should I close these accounts?

Thanks for the replies everyone. I'll call in the morning and dump these. 

Message 5 of 7
Mr_Mojo_Risin
Valued Contributor

Re: Should I close these accounts?

Congratulations on your rebuild! Yeah probably time to axe the First Premier. I've been rebuilding for awhile now also and know exactly what you mean about checking your accounts and reports multiple times a day. 

 

It does feel like an obsession sometimes. Always waiting for something to change. This credit stuff moves way to slow when your trying to come back up. Good luck with the rest of your rebuild. 🤟

NFCU More Rewards 24K CL
NFCU Cash Rewards 4000 CL
Discover IT 1,000 CL
Quicksilver 600 CL (formerly Platinum)
NFCU auto loan
*We survived it, now comes the progress*
Previously Bowiefan
Message 6 of 7
Iusedtolurk
Established Contributor

Re: Should I close these accounts?


@SouthJamaica wrote:

@GatorsFan15 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. Smiley Happy

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.