Closing Account - First Premier

Discussion in 'Credit Talk' started by Dustin, Jul 11, 2001.

  1. Dustin

    Dustin Well-Known Member

    Does it hurt your credit if you close an account 2 months after you open it? Fully paid off, of course. My wife got this, and I told her that it sucks. She got the first statement, with all the fee's and stuff. NOW she believes me! A little late, but...

    So, if we close this account, will this lower her FICO scores (other than the inquiry)?


  2. Mist

    Mist Well-Known Member

    It can lower your score by raising your balance to credit limit ratios. If those ratios are 44% or under you will probably be ok. If not, put the card away or cut it up but keep the account open. I tanked my fico scores and ability to get credit by closing almost all my accounts after I lost a card and got spooked. I thought I was doing something financially responsible for lowering my risk of having a card or cards lost/stolen. I've been penalized ever since and cc companies raised my interest rates based on account reviews using the scoring model.

Share This Page