Background: BK in Jan ’10, found job later in year and have steadily built finances back by living on cash and establishing credit with secured card.
Current: Almost two years ago we purchased a budget minded house ($ 82K at 3.75%) and plan for this to be our final. We now have 2 Visa, 1 MC, 1 Discover, 1 department store card, 1 auto loan at 0.9%, two interest free credit purchases, and two store credit lines (zero balance). No credit card balances are carried forward monthly and we have not had a late payment since the BK. Our total credit limit is over $ 22K with one card willing to go another $ 7K but I kept it at $ 12K for some reason. None of the credit cards have annual fees. Two of the credit cards are 1.5% cash back. Our credit score ranges between 680 and 699 (never breaking 700 for some reason.) I suspect that when the write-offs fall off the reports at the end of Summer 2016 we’ll see the score jump somewhat. We are in our early 60s.
One of our earlier cards but not the oldest does not offer cash back and is not offering to increase the $ 2K credit limit.
Question: Is there any reason we need to hold on to this card. If not, would it be better to cancel the card or just let it die on the vine?