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Closing First Premier account after recent late payment?

RightRyan
New Member

Closing First Premier account after recent late payment?

I have been with First Premier for about 2 years now (first card I got to start rebuilding my credit). I've never been late on a payment until January 2018. I do not seem to be having any luck with getting them to remove that one late payment out of goodwill so it seems that the 30 day late payment will be stuck on my report for the next 7 years...

 

My question is, my credit line is $300, which I just paid to $0, and frankly I cant wait to close the account anyway due to the well known ridiculous fees and interest rate, but would there be any benefit to closing the account now (April 2018) after paying down to $0 as far as the late payment is concerned. I've worked so hard to get here and somehow I missed something while switching banks at the beginning of the year, which resulted in the late payment. I want to finance a car and motorcycle here soon, just wondering if there is anything I can do at all considering they refuse to remove it out of goodwill.

Starting Score: 527
Current Score: 614
Goal Score : 700 (by mid 2019)

Discover it Secured - $500 (hopefully about to graduate)
Cap One Secured - $200
Credit One - $550
First Premier - $400 X
First Premier - $700 X
Open Sky - $200 X
Total Visa - $300 X
First Progress - $200 X
Hutton Chase - $1,500
New Coast Direct - $5,000
Finger Hut - $230

(X) - Plan to either negotiate annual fee or close after auto refinance and other credit card goals are met
Message 1 of 4
3 REPLIES 3
RobertEG
Legendary Contributor

Re: Closing First Premier account after recent late payment?

Closing of a revolving account simply discontinues the ability of the consumer to make additional purchases, and if it is in paid, good-standing, may also terminate any obligation for continued annual fees.

However, closing does not delete the account or its reported history, such as derogs, from their credit file.

The creditor must then delete the account or other derogs in order to remove them from the consumer's credit report, and thus from scoring.

 

You might contact the creditor and inquire as to whether they would grant deletion of the entire account rather than just deletion of the reported delinquency.  It is voluntary on their part, but they might wish to clear their own decks by removing any future need to monitor for any updates or to respond to any consumer disputes.

Message 2 of 4
Michael31innc
Contributor

Re: Closing First Premier account after recent late payment?

When you call to close the account, they will normally transfer you to someone that will try to get you to keep it open. Might be a good opportunity to bring up the 30 day late 🤔
Message 3 of 4
thornback
Senior Contributor

Re: Closing First Premier account after recent late payment?

If it were any other creditor I'd say you may have a decent chance at convincing them to remove the lates in order to keep you as a customer. But, this is First Premier...lol.

If they actually try to make offers, such as fee waivers, to get you to stay, try countering with the condition that they remove the lates. Given my experience, their response will be that they do not delete or change accurate reporting. You may even receive a letter in the mail from Julie reiterating this policy. But it's definitely worth a shot, you never know.

Good Luck!!
Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
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