Received WaMu Card, now close First Premiere Card?

[mikebnbpt]

My BK has been discharged for a couple of years, I've been using the $300 fee ridden First Premiere Card for a year. I have just been approved by WaMu for a intro 0% $2500 card. I would love to get rid of the fee ridden card but is it worth taking a hit to my credit score? I currently have about a $12,000 loan at 9% for 5 yrs. with Honda Credit on a used Civic. I have payed every payment on time with extra added for the car payments. Also, I've seen a few negative reviews about rate jacking with WaMu after taking over Providian, anyone with good news about WaMu ? Thanks all, I have not posted in a while !

[Bandit]

I have been with providian for a good 12 years but it did change for the worse when wamu came into the picture. Still, WaMu is one of the better cards to have.

Maybe wait until one more card comes your way before closing out your first premier? That way you will be able to keep getting better offers because that is how they operate, trying to out do each other with specials & promotions. Plus it will help you not to bury any high interest charges on the bottom. Use the special offer for something big & keep the little card for small things---this is just because you are rebuliding credit, right?

If WaMu says it is 0% for the life of the balance/charges then that is what it will be- but only during that time period it is offered. When that promotion is over the rates go back up until the next promotion (unless it is a lifetime transfer). This is how they try to get people to bury high interest without realizing, but they all do that.

I consider myself an expert at using credit cards wisely without paying any interest but I have more credit than I could ever pay back because of that, which I am not so sure is a good thing any more.

[FLBK7]

My BK has been discharged for a couple of years, I've been using the $300 fee ridden First Premiere Card for a year. I have just been approved by WaMu for a intro 0% $2500 card. I would love to get rid of the fee ridden card but is it worth taking a hit to my credit score? I currently have about a $12,000 loan at 9% for 5 yrs. with Honda Credit on a used Civic. I have payed every payment on time with extra added for the car payments. Also, I've seen a few negative reviews about rate jacking with WaMu after taking over Providian, anyone with good news about WaMu ? Thanks all, I have not posted in a while !

I got a no-fee WAMU card with a $2500 limit 8 months after my discharge. Over the past 3 years they upped my limit to $9000. After the initial 0% interest period, the interest rate became 11.9%. I only carried a balance once, $2200 for home a/c repairs and car repairs -- and I paid that off in 3 months. I've never had a problem with them, and their online services, including account-specific e-mail, is excellent.

Now, CRAP1, that's another story. I closed my Crap1 Master Card when after 3+ years with only occasional use, they suddenly insisted I had to pay a $39 fee because inactive accounts cost them money. Good riddance to them.

My credit reports show "account closed at account holder's request" and my score hasn't dropped by more than 5 points as a result. I still have a Crap1 Visa ($2500), the WAMU ($9000) and my credit union Visa through Infibank ($10000). Also Sears and a BP gas card. No car payments but I do have a mortgage.

[CindyLou]

keep first premier until the next annual fee is due. Be sure to keep a Zero balance so you can close it. That way your WAMU is a little more matuee in age when you close it.

[mikebnbpt]

Thanks for the info. I did a little more reading of the WaMu fine print and it says they will not raise my rate because of what happens with other accounts, only if I screw up with their account. I actually have been getting alot of offers such as Orchard, Juniper, and others. Would it be wise to add one of those without fees, and drop FP ? I only want to do this If a take a small hit, and then increase my credit over 08. I've been lazy so I haven't checked my report, but I will do that right now.Thanks.

[jetset]

I was in the same boat. I recently canceled my first premier because the annual fee was coming do. Honestly, don't have a clue what it did to my scores afterword, and that really doesn't matter because I was just happy to see it go.

It's only use for me was giving me credit when nobody else would. Thanks to that card, I was able to get better cards with NO fee's. I got all I was going to get out of it, and thats that.

Is there still a fee for paying your bill online? Last I remember it was around 7 bucks. That's reason enough to cancel. Closing it now and losing points is only a short-term downfall. In the long run you'll be happy to have gotten rid of it. Your score will go back up and you'll have saved a LOT of money in fee's, etc.

jetset

[Flamingo]

My BK has been discharged for a couple of years, I've been using the $300 fee ridden First Premiere Card for a year. I have just been approved by WaMu for a intro 0% $2500 card. I would love to get rid of the fee ridden card but is it worth taking a hit to my credit score? I currently have about a $12,000 loan at 9% for 5 yrs. with Honda Credit on a used Civic. I have payed every payment on time with extra added for the car payments. Also, I've seen a few negative reviews about rate jacking with WaMu after taking over Providian, anyone with good news about WaMu ? Thanks all, I have not posted in a while !

We received an invitation to apply for a WAMU Visa 4 months after our Chapter 13 discharge. We were given a $3500 credit limit. A year later our limit has increased to $8,500. Their website is excellent and we pay our bill online with them at no fee. Standard payments are free and you need to ensure you schedule your payment at least two days in advance with their online payment procedures. You will consistently get bombarded with their promotional checks in the mail. As with any credit card, they entice you to use it as much as possible. We only use it for car or house repairs and pay it off immediately if not within a few months. If you carry a balance and make new purchases, you are charged interest instantly on those new purchases since you are carrying a balance so watch fine print with any card. Our rate is 11.9%.

I would not go crazy with applying for the offers you will get and just keep one or two cards and pay them promptly and on time and just do not be late ever. Applying for too much credit at one time does not look good on your credit reports with all the inquiries and can work against you.

[BeMore]

WAMU Credit Card

Received a WAMU Credit Card Application less than a year after BK, then received the card with no fee, 8.99%, $7,000 CL. Great website, pay online, keep your credit in good standing. Way to go!

[325Falcon]

I never want another Fing credit card!!

[mikebnbpt]

Thanks. My one question is still should arrange for another card before I cancel it. My credit is at about 641 according to True Credit. I got a free one year subscription from T Rowe Price. They handled our 401k's etc. when I was with Reebok a few years back. They had computers stolen with my info on it. Real nice. I know scores all vary, but I don't plan on making another car purcase until at least 3 yrs. Everything else is in my wife's name, as she has great credit. I just want keep building my score up.

[CindyLou]

Again, there is NO reason to cancel the card before OR after you get the new card UNTIL your monthly fee comes due. Keep it as long as you can and it will help your credit rating. Plus it will give your new card time to age. I think I said that before....