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-   -   When to Close? (https://www.flyertalk.com/forum/credit-card-programs/1487903-when-close.html)

sxc7885 Jul 24, 2013 4:45 pm
When to Close?
 
I was wondering what everyones opinion is on closing cards with absurd fees. About 8 months ago I finalized Ch 7, and things now are a million times better, and I have been able to re-establish my credit for the most part. I began with cards such as credit one, and first premier, and now have a USAA credit card, and a Sparks Business card. My question is when should I close the first two because of their fees. Do it now, and take the hit, or wait and close it right before they charge me the AF.

jerry305 Jul 24, 2013 5:37 pm
Closing a card account won't help your credit score.

Why not wait out the year, phone them up and ask to change to a no-fee option? Keep that card for a while.

mnscout Jul 25, 2013 12:48 am
Originally Posted by jerry305 (Post 21153152)
Closing a card account won't help your credit score.

Why not wait out the year, phone them up and ask to change to a no-fee option? Keep that card for a while.
I agree. If you are just establishing/re-establishing your credit, the AAoA is very important. At least try to convert into a no-fee card or ask them for some perks that could negate the fee before canceling.

AllieKat Jul 25, 2013 2:29 am
Credit One and First Premier are loan sharks, he should close them. It won't hurt his score for ten years, at which point the other cards will have greatly improved his score!

9Benua Jul 25, 2013 8:13 am
Originally Posted by alexmt (Post 21154720)
Credit One and First Premier are loan sharks, he should close them. It won't hurt his score for ten years, at which point the other cards will have greatly improved his score!
^ This, close them ASAP and take the hit now.

jerry305 Jul 25, 2013 8:57 am
Originally Posted by alexmt (Post 21154720)
Credit One and First Premier are loan sharks, he should close them. It won't hurt his score for ten years, at which point the other cards will have greatly improved his score!
Oh. Okay then. Now that I know something more about these cards: Sweet jeebus, yeah, look for advice about specifically how to close or get out of accounts from these two card issuers.

mnscout Jul 25, 2013 11:24 am
OK, yeah, I'll add to the choir. The first two must go.

sxc7885 Jul 26, 2013 7:10 am
So then do I keep the cards which currently have a zero balance right until they are ready to charge me a AF, or just go ahead and take the hit and close them now.

isle-hawg Jul 26, 2013 10:21 am
Originally Posted by sxc7885 (Post 21161178)
So then do I keep the cards which currently have a zero balance right until they are ready to charge me a AF, or just go ahead and take the hit and close them now.
OMG the First Premier and Credit One cards look horrible - as in extremely slimy predators! My recommendation is to ensure they are paid off, then immediately close them, then follow up to have something in writing to state that the effective closed date, and monitor your credit report to show those cards closed with zero balance and in good standing.

USAA is extremely reputable, that card is a keeper to re-build your credit around.

AllieKat Jul 26, 2013 2:36 pm
Originally Posted by sxc7885 (Post 21161178)
So then do I keep the cards which currently have a zero balance right until they are ready to charge me a AF, or just go ahead and take the hit and close them now.
First Premier and Credit One need closed ASAP. It's not just an annual fee they'll try to get you for. Get rid of them NOW!

Calipso Jul 26, 2013 3:45 pm
Originally Posted by alexmt (Post 21154720)
Credit One and First Premier are loan sharks, he should close them. It won't hurt his score for ten years, at which point the other cards will have greatly improved his score!
^^^

This, this, definitely this.


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