- Credit Card
- Real Estate
I currently have five credit cards, four of which total $11,500 in credit, the other is a $300 line. I’m a recent graduate not making tons of money, so I don’t spend more than $6k per year on things other than rent/utilities.
I’m nowhere near utilizing the full potential of the cards with high limits (I try to purchase everything on the cards with rewards, then pay them off immediately). The $300 card seems to be a waste of time, but it is my oldest line (5 or so years). The other cards are all 1-3 years old.
I know that having long-standing lines is good, but for such a low limit card, is that actually still true? Should I keep this card and make the occasional $30 purchase, or cancel the line? How does it affect my credit score? I’m only keeping it and occasionally using it to have the long-standing account open. But I’d rather not have it if I don’t actually need it.
PS – I know that the oldest card won’t actually fall off my report for many years.