Should I ditch First Premier?

[Meh]

My discharge was 9.23.09 and since then I have opened the following:

Secured Visa @ Local CU: $1,450 limit
Hooters MC: $1,000 limit
First Premier Bank: 700 limit
Auto Loan w/ Santander@ 17,000.

First Premier was the first lender to offer me a credit card and I took it for the purposes of rebuilding, then I obtained the secured card at the local CU and have had it since January. After that came Hooters who approved me about 3 weeks ago. I just gained access to NFCU and was approved for a Visa w/ them witha CU of 1,000. My question is would it be better for me to just toss the First Premier card in the sock drawer and let the history continue to build or should I just cancel it and stick with the (no more than 3 revolving accounts) rule? Any input is welcomed. My goal is to be able to refi the auto loan with NFCU around March and my current FICO's are 601 TU and 594EQ.

[backtoschool]

First Premier is an awful card, and they will charge you a large yearly fee even if you do not use the card. Whether or not you should close it depends on how much older it is than your other positive trade lines. How long have you had the card?

If you have had the card one to two years longer than your other tradelines, I would sock drawer it. If it is only a couple of months older than your other cards, I would close the account and take the hit to your score now. Your scores are still low, and the card is helping your score. Closing it will lower your score, but you will be free of the high fees.

[Meh]

It's only a few months older. IIRC, I got the FPB card in November/December of 2009 and the Secured Visa in January or so. I think that you're probably right about dropping the card. The pro's of getting rid of it seem to outweigh the good of keeping it.