Score Simulator and First Premier

[1gr8deal]

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@llecs wrote:

Thankfully FICO doesn't behave that way. Your FICO score should remain the same assuming your util isn't negatively impacted. Don't put too much trust into a FAKO score for reasons like this.

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Yes it is a simulator tied to a FAKO score but it freaks me out a little to see the score go up so much by deleting the account.  I guess I will just ignore that for now and work on paying the balance off and consider closing the account. How will that affect my actual FICO score?  I really don't want to keep paying the fees associated with this card but if it is a big negative to my score to close it I will keep it at least until I purchase a home later this year.

[1gr8deal]

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@kjm79 wrote:

When FICO provideds a score it doesn't look at "First Premier Bank", it sees "credit card".  I don't see how FICO would ding you for the First Premier Card, it's not listed as a "consumer finance account" is it?  Those can ding your score for as long as it's reported?  But the bank issuing the card wouldn't ordinarily ding your FICO score. 

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No, the account is listed as a revolving account and appears among my other credit cards on my report.  I have not seen any reference to a "consumer finance account" but I will check to see for sure.

[kjm79]

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@Anonymous wrote:

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@Booner72 wrote:

I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.

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I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.

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Exactly.  Typically, people with lower scores have less options for getting credit and then the vultures appear, like First Premier.  People have First Premier because of their lower scores, having a First Premier card doesn't lower your score. 

[1gr8deal]

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@Anonymous wrote:

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@Booner72 wrote:

I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.

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I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.

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FP was the only card to give me a pre approved offer after my BK7 discharge and unlike the usual offer from them this one had a bit of meat to it. The initial cl was $700 and the set up fees were only $75 ( and best of all the card is purple!) so I ended up taking the offer but it does have an annual fee and high apr. so I would like close it at some point. It was a good jumping off point and has served me well except for this little issue!

[Anonymous]

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@1gr8deal wrote:

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@Anonymous wrote:

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@Booner72 wrote:

I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.

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I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.

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FP was the only card to give me a pre approved offer after my BK7 discharge and unlike the usual offer from them this one had a bit of meat to it. The initial cl was $700 and the set up fees were only $75 ( and best of all the card is purple!) so I ended up taking the offer but it does have an annual fee and high apr. so I would like close it at some point. It was a good jumping off point and has served me well except for this little issue!

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I've defended FP's business model many times, particularly since 40% of their accounts older than 1 year end up having a CO. However, if you have money to open a secured card, there is at least one bank that will issue a secured card with relatively low fees, reporting to all three bureaus and that doesn't require a credit check to open the account.