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Sock Drawer (SD) Questions

Frequent Contributor

Sock Drawer (SD) Questions

What's the theory behind SDing a card?

How long does one do it for?

What are the repercussions of SDing a card?

How does one determine which card to SD?

Amex Platinum - Amex BCP - Chase Freedom - NFCU Platinum -
Message 1 of 11
10 REPLIES
Frequent Contributor

Re: Sock Drawer (SD) Questions

Your AAoA keeps growing, the repercussion is that after lengthy inactivity they may cancel your card out of nowhere.

Message 2 of 11
Frequent Contributor

Re: Sock Drawer (SD) Questions

Buy *why* SD a card when you can use it? Used or not, as long as the account is open, you're increasing you AAoA.

Amex Platinum - Amex BCP - Chase Freedom - NFCU Platinum -
Message 3 of 11
Established Contributor

Re: Sock Drawer (SD) Questions

sock drawering  also occurs when you place a less used credit card to the bottom of your used stack. Usually speaking, you do not want to loose the history or the aging of the account so you use it two or three times a year so it is not closed by the issuer. This often occurs when you get a cc that has a higher limit, more favorable terms, etc.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 4 of 11
Senior Contributor

Re: Sock Drawer (SD) Questions


MontegoMack wrote:

Buy *why* SD a card when you can use it? Used or not, as long as the account is open, you're increasing you AAoA.


The AAoA keeps increasing (open or closed) as long as it is on your CR. 

 

SD is for those cards for which you don't have a current use.   For instance, you may want to SD a non rewards card and only use a card with good rewards.   Or store cards may go a long time between purchases for things like computers, tires, appliances and other things you don't buy often.  

 

Generally better to SD than to close the account.

 

Message 5 of 11
Valued Contributor

Re: Sock Drawer (SD) Questions

this would be something you do when you have cap one

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 6 of 11
Established Contributor

Re: Sock Drawer (SD) Questions

lol too true Root, can't wait to SD mine when I hit prime ville

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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Message 7 of 11
Established Contributor

Re: Sock Drawer (SD) Questions

You might have a card that has rotating rewards categories and when the categories don't line up with your spending you put something else in it's place in your wallet.  So you sockdrawer the rewards card until the categories change.  Or it could just be a card that you have absolutely no need for anymore.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Message 8 of 11
Moderator

Re: Sock Drawer (SD) Questions

FICO has other things to consider besides AAoA, namely there's the concept of scoring an individual tradeline, and age there is definitely a factor (tradeline seasoning).

 

Continuing to rack up payment history on a card you're not using is quite often a better FICO decision than simply closing the account.  Not always, and it's not always fiscally smart if there's a non-trivial AF (however you define that), but in many cases it's in your best interests between FICO and building a relationship with a particular lender to keep that card active, even if you're not using it often.  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 9 of 11
Moderator Emeritus

Re: Sock Drawer (SD) Questions


Wolf3 wrote:

MontegoMack wrote:

Buy *why* SD a card when you can use it? Used or not, as long as the account is open, you're increasing you AAoA.


The AAoA keeps increasing (open or closed) as long as it is on your CR. 

 

SD is for those cards for which you don't have a current use.   For instance, you may want to SD a non rewards card and only use a card with good rewards.   Or store cards may go a long time between purchases for things like computers, tires, appliances and other things you don't buy often.  

 

Generally better to SD than to close the account.

 


The AAoA increases for 10 years then falls off but you lose the CL.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 10 of 11