Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Credit Card Programs
Reload this Page >

When to Close?

Register
Community
Wiki Posts
Today's Posts
Search
Vendor Directory

When to Close?

Thread Tools
 
Search this Thread
 
Old Jul 24, 2013 | 4:45 pm
  #1  
sxc7885
Original Poster
10 Countries Visited
20 Countries Visited
30 Countries Visited
10 Years on Site
 
Join Date: Jul 2013
Posts: 43
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.
sxc7885 is offline  
Reply
Old Jul 24, 2013 | 5:37 pm
  #2  
jerry305
All eyes on you!
15 Years on Site
 
Join Date: Sep 2010
Location: Canadia
Programs: A loyal Amerisuites customer... oh wait
Posts: 2,037
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.
jerry305 is offline  
Reply
Old Jul 25, 2013 | 12:48 am
  #3  
mnscout
20 Years on Site
 
Join Date: Dec 2003
Location: Brooklyn, NY, United States
Programs: AA, BA, UA, Spirit, Delta, PC Plat, SPG Gold, HHonors Diamond, Club Carlson Gold, Marriott Gold
Posts: 1,735
Originally Posted by jerry305
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.
mnscout is offline  
Reply
Old Jul 25, 2013 | 2:29 am
  #4  
AllieKat
 
Join Date: Nov 2012
Posts: 3,537
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!
AllieKat is offline  
Reply
Old Jul 25, 2013 | 8:13 am
  #5  
9Benua
Suspended
 
Join Date: Jul 2007
Location: PHL
Posts: 10,060
Originally Posted by alexmt
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.
9Benua is offline  
Reply
Old Jul 25, 2013 | 8:57 am
  #6  
jerry305
All eyes on you!
15 Years on Site
 
Join Date: Sep 2010
Location: Canadia
Programs: A loyal Amerisuites customer... oh wait
Posts: 2,037
Originally Posted by alexmt
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.
jerry305 is offline  
Reply
Old Jul 25, 2013 | 11:24 am
  #7  
mnscout
20 Years on Site
 
Join Date: Dec 2003
Location: Brooklyn, NY, United States
Programs: AA, BA, UA, Spirit, Delta, PC Plat, SPG Gold, HHonors Diamond, Club Carlson Gold, Marriott Gold
Posts: 1,735
OK, yeah, I'll add to the choir. The first two must go.
mnscout is offline  
Reply
Old Jul 26, 2013 | 7:10 am
  #8  
sxc7885
Original Poster
10 Countries Visited
20 Countries Visited
30 Countries Visited
10 Years on Site
 
Join Date: Jul 2013
Posts: 43
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.
sxc7885 is offline  
Reply
Old Jul 26, 2013 | 10:21 am
  #9  
isle-hawg
10 Countries Visited
20 Countries Visited
30 Countries Visited
15 Years on Site
 
Join Date: Jan 2010
Location: DCA/RIC
Programs: HH LTD, AA LTG
Posts: 1,021
Originally Posted by sxc7885
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.
isle-hawg is offline  
Reply
Old Jul 26, 2013 | 2:36 pm
  #10  
AllieKat
 
Join Date: Nov 2012
Posts: 3,537
Originally Posted by sxc7885
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!
AllieKat is offline  
Reply
Old Jul 26, 2013 | 3:45 pm
  #11  
Calipso
10 Years on Site
 
Join Date: Oct 2010
Location: LAS
Programs: Southwest, United, Marriott
Posts: 161
Originally Posted by alexmt
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.
Calipso is offline  
Reply



Advanced Search
Reply Closed Thread Share
Forum Jump

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.