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Sock Drawer

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Established Member

Sock Drawer

I don't know where to put this, so I'll post it here. How long have you had a card in the drawer before the creditor closed the account (or notified you it was going to be closed soon)? Someone holds a record here. I'm not looking for particular banks, CC's, etc. It's just something that crossed my mind. Maybe some issuers don't at all.
Message 1 of 9
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Senior Contributor

Re: Sock Drawer

It varies by bank. Amex cards can go for years. Same for Chase. Citi reps have thrown around 2 years as a figure. Barclays has been as quick as 6 months.

 

Creditworthiness can also play a factor. Discover implied in their October corporate earnings call that they were strategically closing higher-risk inactive accounts. Not to say they wouldn't close a lower-risk account for inactivity, but they weren't targeting them.

CSR, CFU, BBP, CF, Discover, Costco, ED, Arrival, Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum, Savor, BCP, Double Cash
May add 100k Platinum for a year then PC to Gold. May add BofA Premium. May add Virgin Atlantic. Likely to downgrade Savor, CSR, BCP.
Message 2 of 9
Established Contributor

Re: Sock Drawer

About 7 1/2yrs for me. The card in question is a co-branded Helzberg dimond cap1 card. I received a warning and choose to keep it open (spent $6), as it's currently my oldest open account. That was about 4yrs ago.
Message 3 of 9
Regular Contributor

Re: Sock Drawer

To be on the safe side Iv'e been putting a small charge on each card every few months but I believe 6 months is probably the minimum. 



Message 4 of 9
Senior Contributor

Re: Sock Drawer

And keep in mind:

 

If you have to go out of your way to keep a card active, then maybe you don't really need it.

CSR, CFU, BBP, CF, Discover, Costco, ED, Arrival, Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum, Savor, BCP, Double Cash
May add 100k Platinum for a year then PC to Gold. May add BofA Premium. May add Virgin Atlantic. Likely to downgrade Savor, CSR, BCP.
Message 5 of 9
Established Member

Re: Sock Drawer

Interesting. I read posts about people SD'ing cards and I was just curious. I guess I should have phrased the question with maintaining a good score while doing so.
Message 6 of 9
Established Contributor

Re: Sock Drawer

4-5 years with a discover.

Message 7 of 9
New Contributor

Re: Sock Drawer


@wasCB14 wrote:

And keep in mind:

 

If you have to go out of your way to keep a card active, then maybe you don't really need it.


Well in the case of some cards, they still add to your overall CL and by proxy add cushioning to your utilization. I rarely use my Discover card (only for the rotating gas and restaurants). It’s useless for 6 months of the year (and even more since they neutered all their benefits), but the $40,000 credit limit has helped to keep my overall utilization below 1% at all times. 


Current Cards:


Next Cards:
Message 8 of 9
Highlighted
Senior Contributor

Re: Sock Drawer


@ZainxIqbal wrote:

@wasCB14 wrote:

And keep in mind:

 

If you have to go out of your way to keep a card active, then maybe you don't really need it.


Well in the case of some cards, they still add to your overall CL and by proxy add cushioning to your utilization. I rarely use my Discover card (only for the rotating gas and restaurants). It’s useless for 6 months of the year (and even more since they neutered all their benefits), but the $40,000 credit limit has helped to keep my overall utilization below 1% at all times


If you closed it and your utilization rose from 1% to 2%, your scores wouldn't change much. 2% is still very low.

 

If someone's utilization went from 10% to 20%, that would be another story.

CSR, CFU, BBP, CF, Discover, Costco, ED, Arrival, Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum, Savor, BCP, Double Cash
May add 100k Platinum for a year then PC to Gold. May add BofA Premium. May add Virgin Atlantic. Likely to downgrade Savor, CSR, BCP.
Message 9 of 9
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