Should i cancel my old credit card with high interest rate!?
If the old card has an annual fee, I’d close it. It’s a really good idea to have a couple of revolving trade lines (like credit cards) on your credit report for as long as possible – even at zero balance – because it strengthens your FICO when you can show a long history. However, you shouldn’t have to pay to keep it there. If you have a yearly fee and don’t owe anything on it, I’d close it down. You COULD replace that trade with a new card that has no annual fee and simply not use the card (or use it for one small purchase a month and be sure to pay it in full when the bill comes). You don’t want all the trades on your credit report to be brand new, but you also don’t have to pay for something you aren’t using. Congrads on getting off that high interest card!
