Hi,
I'm fairly new to this site, though it's been exciting to read through a lot of the recommendations. I looked for something on this topic and found something similar but couldn't find the exact scenario. If I missed it, I apologize.
I made a lot of bad mistakes in college and ended up with terrible credit. After graduating, I tried to rebuild my credit by getting a credit card and could only get approved for one with a 23.99% interest rate and an annual fee of $79. It also comes with a minimum interest charge of $1 a month.
So, I've paid down the card and carry no balances on it, but it still costs me $10 a month (annual fees, monthly service fees that I can't cancel, etc.), even doing nothing with it. However, it's also my oldest account and my only credit card. I'd like to improve my credit, but my credit report keeps telling me that the average age of my accounts is too low. I also don't really want to apply for new credit cards because I already have a ton of inquiries on my credit report this year (bought a house, got a car loan, and consolidated some debt).
The question is, do I bite the bullet and keep paying the credit card company or do I close down the account and deal with the fact that all my other accounts are less than 1 year old? Are there any other options I'm not considering properly?
Thanks.