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Ya know, the credit score system in america, while a good idea in principle, is really setup in such a stupid way.
One thing that really bugs me is one of the factors that effects your credit score is the age of your oldest account and the average age of your accounts. In other words if you cancel your oldest credit card, assuming thats your oldest account, your credit score will go down.
So for me my oldest account is 20 years old and its a really shitty secured credit card I got when I was building my credit. I had to pay 300$ to secure it (which i get back if I cancel) and it has only a 300$ limit, so it is useless to me. Moreover I have to pay 7$ every month to keep it. Worse yet the interest rate if i Put anything on it is insane. In every way its a bad investment and I should cancel it. But if I do that my credit will take a hit. So here I am forced to make a bad financial decision just to keep my credit score maxed out.... so fucking stupid.
@freemo
Wow, I can imagine the frustration.
In my country many people think credit cards are for poor, and never get them. There are no credit scores, only credit history (actual detailed info about your loans and how you paid them).
You can have no credit history and it doesn't mean anything in terms of getting your first loan.
@omicron to some extent that is true here. That being that the credit score really isnt what people making loans look at, they look at your actual history.