Tired of having an over-stuffed wallet and paying too many credit card bills each month? Personal finance blog The Simple Dollar has a few suggestions on which cards to keep and which to start cancelling over time. It's not as simple as cutting all of them up except one, as the post points out:
Which is your oldest card? That card is the one that has the longest credit history, which is important for your credit report. For me, my oldest card is one that I got as a freshman in college. It has an atrocious "bonus" program associated to it (1/4% return in the form of "points"), but it was the first one I had and thus it's been on my credit report for more than a decade, establishing that I've had positive credit for a long while.
Rather than keep the card in his wallet, however, the author simply locks it away in a safe, so the good credit hits keep coming every month. How did you decide which credit card gets the prime slot in your wallet? Share your wisdom in the comments. Photo by mlinksva.