Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
willd2345

1 Contribution
7 People Helped
canceling old credit card first premier card
My oldest and first card is a first premier card 11 years ago. Since than I have gotten better cards with low aprs. I want to close the first premier card. They charge me 7 bucks a month matinence fee and their apr is 30 and their annual fee is 50 bucks a year im actually wasting money. ..I haven't used this card in two tears but every month I still owe them money because of that matinence fee...I want to close this account will this hurt me if I do..thanks a bunch. ..

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
1 Contribution
2 People Helped
Most Helpful Response

You have options.

Helpful to 2 out of 2 people

First call them and ask them to convert the account to a non-annual fee and no monthly fee card along with a better interest rate. If they say no then close and take the 3-4 point decrease in your credit score. It will come back up within a few months.

1 Contribution
2 People Helped

Same Situation

Helpful to 2 out of 2 people

I had the same problem a couple years ago. My credit score did not change and I closed 4 cards. I would take the chance and close it.

1 Contribution
1 Person Helped

Close It!!!

Helpful to 1 out of 1 people

There is no reason to give them any money - if there was any effect on your credit score it would only be temporary.

There is no excuse for charging $7 per month, $50 a year fee, and 30% interest rate.

Shame on them and shame on you for letting them get away with your cash.

1 Contribution
1 Person Helped

Helpful to 1 out of 2 people

You are wasting money on a card that you don't use, $7 X 12 += $84 a year down the drain + 30% if you don't pay it on time each month!  I closed one of my oldest accounts I never used a few years ago before I realized that was a mistake but the hit on my credit was not too bad. I have a score of 759 and a B for length of credit but it doesn't really affect me. Saving money is a much better option! 

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.