Get rid of old high interest credit card?

tryingmybest99

About seven years ago, while dealing with mental health problems, I defaulted on a credit card (I had the money to pay it off but I was too ill to deal with money issues). Five years ago I took out a new credit card with a high-interest rate (APR 34.9%) and spent money on that card and built up debt. I have worked really hard and now paid off my debt and my credit rating is excellent again- I am now a lot better and I am really careful with money management. However I have a question- I read it affects your credit score if your accounts are not very old. I would like to cancel the high-interest credit card (I have a lower interest credit card that I took out in 2018), but will that impact my rating? If so, how much? 

RobM99

In the interim, I'd suggest - use the old card for a few small purchases and pay it (Martin voice here) IN FULL  ASAP. What's to lose?

[Deleted User]

If you have several other cards, you could close it, but there's really no need.

tryingmybest99

Thanks both, I think I will keep the card but not use it (I do small purchases and pay off in full on another card)  

Fighter1986

If you've other accounts open 12+ months and you overall keep low balances it will do no real world harm to close this old account. 

tryingmybest99

Fighter1986 said:

If you've other accounts open 12+ months and you overall keep low balances it will do no real world harm to close this old account. 

Good to know! I have one card from 2018 and one from this year, if I get rid of the old card I will be using around 25% of the balance (but have budgeted to have it paid off by September), which I think is OK. 

DCFC79

Don't get too hung up on your rating, lenders see your history and not the rating.