Credit Novice: Closing first and only card?

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bayra1ae
 
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Joined: Wed May 29, 2013 6:55 pm
Location: United States

Credit Novice: Closing first and only card?

Postby bayra1ae » Wed May 29, 2013 7:25 pm

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]

Thanks!


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