I make this post once a year, around the Christmas/New Year's Eve time.
As most of us know, keeping your credit history as long as possible is very good for our credit scores. The more lines of credit we have open, the more it affects our average age of credit, total amount of credit available, and just in general credit score goodness.
That being said, it's time to think of the credit lines we have open just to keep the average age of credit up. Those cards that you have stuck in a drawer because they have no annual fee, but don't give decent enough rewards to be used on a regular basis.
It's that time now! Pull those cards out and buy a value meal at a McDonalds. Maybe a coffee at Starbucks. Hell, use them to buy a tank of gas for your car.
If you have enough monthly charges, put each card with one of them. Insurance on one, Netflix on another, etc. Then set up auto-payment so you don't need to even think about them.
The important cards are the ones that may get canceled because of non-usage. Those are the ones that you want to do anything with this year. Spend SOMETHING on them, then immediately go pay them off. Just like always, you don't need to pay interest to keep your credit score up.
Happy New Year my PF friends!
Submitted December 26, 2018 at 06:52AM by NuclearLunchDectcted http://bit.ly/2Q3o038
