Desire to ditch a credit card


The desire to get rid of one of my credit cards has been kicking around in my head for a while. I’ve got a total of five and that’s more than I want to manage. In my ongoing attempts to make my life as simple as possible, I’d like to drop the under performer. A few reasons why I chose the one I did:

  • It has the lowest limit of all my credit cards.
  • It has no points or rewards program.
  • The website isn’t user-friendly.
  • Interest rate could be worse at 12.99%, but that doesn’t matter much to me since I don’t carry a balance.

Before taking any drastic financial measures, I did my due diligence and reviewed all of my credit cards to see where I stand. My credit score is pretty darn great and I don’t want it to take a hit for no good reason. I scoured the websites of each card in search of dates the accounts were opened, but had no luck.  I then turned to my last credit report and found everything I needed quickly.

It turns out that this lame little credit card is my oldest! Rats. It dates back to the good old days of 1996, when I was a perky young college student. Knowing that the length of one’s credit history is a significant factor in credit scoring, my dream of simplification is dashed. I gotta keep it! Truly, it’s not that big of a deal. I’ll continue to use it once or twice a year to keep the account active, which I totally have time to do.

There are plenty of excellent ways to simplify life:

  • Donating clothes that don’t fit, are damaged, or don’t make you feel fabulous.
  • Getting rid of all that stuff in the garage so cars could actually be parked inside.
  • Deleting shows on your DVR that have been saved for a year and not watched.
  • Unsubscribing from emails that try to sell you stuff you don’t need.

Closing your oldest credit card account is NOT on this list!

(Image: emdot)

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