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Which credit card should I cancel?

I recently got married, and since then my husband and I purchased our first home and a newer vehicle for our expanding family. We both have good credit scores, but we opened a joint credit card that has good rates and cash back options. I have two previous credit cards that I've had for many years and would like to cancel one, but am not sure which one would be better to cancel to protect my credit score.

The first one I have been a member of since 1999, it has a high credit limit, and also a very high interest rate (19%). The second one I have been a member of since 2007 with a average limit and 12.25% interest rate. Is it true that it "looks good" on a credit score to have had a credit card for a long time? That would be the only reason to keep the first card with the high interest rate. Which credit card should I cancel?

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June 2018

You shouldn’t cancel either credit card to have your credit score not be impacted negatively.

15% of your credit score is based on how long you’ve had credit (hence keeping the one from 1999) and your average length of credit. Each source of credit counts as one for the denominator and the years you’ve had each line of credit get added together to form the numerator. The numerator divided by the denomination gives you your average length of credit.

30% of your score is based on your credit utilization, which is the amount of total credit you have available and the amount that you are using. Less than 30% is best, although the lower the better. This is the case for also keeping the card from 2007.

Since you won’t be carrying these cards with you to make purchases, charge at least one thing to each so they have some activity. For instance, charge something like Netflix and/or another monthly automatic charge to each.

Be disciplined about using a credit card and pay off the balance every month to incur no interest charges.

June 2018
June 2018
June 2018
June 2018