I closed my First Premier card today

[Country_Feller]

Well I did it, lol. I closed my First Premier credit card this morning. It wasn't as bad as what I've read it would be but I could hear the disappointment in her voice. I'm not sure how this will effect my score but whatever it does at least I am free. I have a Capital one (secured) card that I got the same time as the FP card and am going to keep it for awhile. I applied for three cards on the 12th of this month, a Barclays, Citi Diamond and an unsecured Capitol one and was approved for all three.

From what I've learned from this awesome community I feel like I am finally headed in the right direction. What really scared me the most about FP was the effect it would have on future credit apps as I've read on here that some lenders frown when they see a FP account on your CR. Also, I made my first payment on my Wells Fargo card today, 25.00 over the minimum. I don't think closing the FP is going to effect my util. percentage that bad as it just had a 300.00 limit.

If ya'll don't mind, could you give me your opinions on how I'm going about this? Thank you in advance and I am getting ready to use my Barclay card to contribute to this wonderful forum.  

[yudeology101]

Awesome job on closing your FP, it did its job and it sure was the time to close it.  Keep doing what you are doing using all new cards, maintain & build positive history with all three lenders and you should be pretty solid within 6~12months.  Barclays like to see some balances, while other big lenders such as AMEX & Chase likes heavy usage & PIF. 

[Country_Feller]

Thank you !!!

[Anonymous]

Would anybody mind elaborating on why a First Premier card is frowned upon? I would think closing it would only shorten your average age of account...

[NWintellectual]

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@Anonymous wrote:

Would anybody mind elaborating on why a First Premier card is frowned upon? I would think closing it would only shorten your average age of account...

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The horrendous monthly maintenance fees ($6.95/mo) and interest charges (circa 36%) are just too much to bear. Not to mention that there is an annual fee ($75). Basically it costs too much to maintain the account relative to the benefit the OP would be getting to their credit score keeping it open. Better for the OP to garden with cards that are more likely to grow with him or her.

[alvon123]

congrats

[coldnmn]

Congrats! Thanks for sharing.