- Posts: 1
- Joined: Wed May 29, 2013 6:55 pm
- Location: United States
I have only 1 credit card that I have had since I turned 18--it is a citicard with an outrageously high APR [29.99%]. My total credit limit with the card is $4390 and the card got most of its high balance throughout college, being spent on books, supplies, etc. so I have primarily just been paying just the interest for the last several years.
It is now 10 years since I first opened this card and I am in a place financially where I am very ready to pay it off and close it, but I am wondering if this is the best idea. Obviously I will still need to have a credit card, so I am intending on finding another credit card immediately after i close it.
How should I approach this?
It is my oldest and only credit card so is there any reason to just pay off the balance and keep it open?
If I do close it, would there be any reason i should find a new card while i still have this card open? [i literally know nothing about how these things work]