Want to close my First Premier Card...too early?

[jetset]

If you close a credit account, does it hurt your score? My chapter 7 was discharged in August 2006, and I opened the First Premier Card in September. After that, I opened an Orchard Bank Card and a Capital One card. The orchard bank and capital one are wonderful. But, FPB charges a $6.00 monthly fee, and the online bill pay costs $7.00. Sometimes I need to take advantage of the online bill pay, and therefore, whatever my payment is, subtract $12.00 from it for fee's.

It's kinda irritating, and I'm wondering - It's been open for almost exactly one year, would I be ok with paying it off and closing it? I'd like to replace it, so that I have three credit lines reporting at all times.

I'm considering applying for an HSBC card. Any other recommendations? Anything would be an improvement from First Premier.

thanks,
jetset

[HHM]

Since this is a card you opened post BK, closing it will not hurt your credit score (or at least not much). You should not have to tolerate ridiculous fees, so go ahead and cancel it.

The only time closing an account hurts your score is if you have had the account for many, many years. If you close an old account, it shortens your overall credit history, which can have a negative effect. But closing a card that you have had for less than a year shouldn't matter too much.

Also, time, more than anything else, will heal your credit. No need to pay $13 per month for some rip-off credit card.

[CindyLou]

I closed my hubby's first premier exactly one year post BK to avoid the annual fee and i didn't see a drop in his score.

[JollyGG]

The average First Premier Card holder only keeps the card for 18 months.

[Boscoe]

If at all possible, stay away from this predatory lender.....too many unnecessary fees......try Orchard, Hooters, HSBC or Cap One first.