Close it or SD it?

For just about anything you want to get off your chest about credit cards.
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MemberSince99
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Close it or SD it?

Postby MemberSince99 » Thu Oct 09, 2014 8:14 am

SD = sock drawer for those who don't know.


I made the mistake of checking FICO for the first time in a week or so, and time and again people are asking permission over there to close some of their cards.


First of all, you don't need permission from some idiot off MyFICO - it's YOUR card if you wanna close it that's your right. If they don't like it, oh well. But of course the "helpful and knowledgable" credit geniuses over there implore people not to close cards they don't want anymore, even if the card hasn't been used in nearly a year. "SD it and put a small charge on it, doesn't hurt a thing to keep it". Yeah but dude, maybe you can't read or comprehend - the person said they don't want it, and having to remember to use it and pay it every now and then is a PITA. Not to mention the potential for fraud on a SD card.


I'd like to say first to the people who ask permission to close a card there, grow a pair and do it. Don't ask bozos who have ruined their credit through stupidity if you have their permission to close your unwanted card - just be a man with a set of testicles and DO it.


Second to the bozos who scream it's a mortal sin to ever close a precious credit card, are YOU going to accept liability for any fraud that occurs on that card that's in the SD? No? Then seriously please just STFU. Thank you. If you're willing to put your money where your mouth is, and re-imburse any fraud that I'm held liable for, then I'll consider leaving it open. Otherwise, seriously......


Needless to say I stopped reading at that, as the stupidity level is probably only going to get worse from there.


On the bright side I did not once see "NASA" on the page I glanced at.


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Postby popamode72 » Thu Oct 09, 2014 8:23 am

I saw that thread too. Yeah that does get kinda annoying and I have replied to a few of those threads and always say that if you have no use for the card anymore and it's an underperforming tradeline that isn't going to grow anyway to just dump it. I also saw them get pissed off at a guy who closed his high APR Barclay rewards card he found useless.

I did this with several cards I didn't need anymore, including a useless Wells Fargo college card and look what I have now. If I had followed their advice to the letter, I honestly don't think I would have made it this far with achieving my credit goals quite frankly. I mean why would anyone want to keep a Fingerhut card long term?
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djrez4
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Postby djrez4 » Thu Oct 09, 2014 9:15 am

You may or may not know that Chrome tries to autofill when you start typing in the URL bar. Once upon a time, when I typed "F," it would take me to the FICO forums. It doesn't do that anymore. I'm happy about that.
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hockeyplayr
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Postby hockeyplayr » Thu Oct 09, 2014 9:25 am

you don't see nasa anymore because they started over turning approvals and everyone got upset.
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takeshi
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Postby takeshi » Thu Oct 09, 2014 9:58 am

MemberSince99 wrote:I made the mistake of checking FICO for the first time in a week or so, and time and again people are asking permission over there to close some of their cards.

You know what they say about the definition of insanity... :D

Seriously though, while some thread posters are asking for permission not all of them are. myFICO has a lot of newbies that don't know much and want input since they're not sure about the pros and cons on all sides of a given action. It's not unusual at all for people to be afraid of the unknown whether it's in the credit world or with any other topic. Unfortunately, for some reason a lot of people (and this is not exclusive to myFICO) think that polling is the way to answer questions where subjective factors matter in finding the best suited answer for the individual.

I wouldn't just assume that the OP of that thread understands the full impact. There's just not enough information provided to make such an assessment. I have cards that are essentially unused I but I do have a use for them in that they pad my utilization since they have decent limits and I have no problems monitoring these accounts. The ignorant aren't always aware of the impact of utilization and may not be considering it. The OP that thread does not specifically state anything in that regard or provide other information that would really help in guiding the OP to one decision or the other.

MemberSince99 wrote:having to remember to use it and pay it every now and then is a PITA. Not to mention the potential for fraud on a SD card.

Again, you can't just assume that everyone is in your boat with the same preferences, ability, etc. The number of accounts that one can manage and monitor will vary from person to person. Whether one wants to keep as many tradelines open as possible or close as many as possible will vary. Whether or not one is willing to maintain minimal activity to keep an account open will vary. There isn't just one answer that best fits everyone asking that question. It might make sense for a given OP to close the account but it might also make sense for the OP to keep the account open. One really has to dig in deeper and consider the person asking the question to make a meaningful suggestion whereas simply responding with one's particular preference may provide a suggestion that isn't relevant to the person asking the question.

You are correct in that "keep everything open" isn't a useful response to such a question. However, neither is "keep everything without an AF open" or even "close everything that you aren't using". But any response to any question on any topic that assumes that everyone is identical is a useless response. People vary and the best decision for an individual will depend on how those variances factor into the decision.

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Postby thom02099 » Thu Oct 09, 2014 10:08 am

hockeyplayr wrote:you don't see nasa anymore because they started over turning approvals and everyone got upset.


This....plus they are all Jonesing for the Diner's Club card...and most won't qualify for it.
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Postby TheLethargicAge » Thu Oct 09, 2014 10:54 am

MemberSince99 wrote:On the bright side I did not once see "NASA" on the page I glanced at.


I know exactly who you're talking about, hehe.

I've read a few "moon landing hoax" sites lately, so when I saw that avatar I cringed.
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MemberSince99
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Postby MemberSince99 » Thu Oct 09, 2014 1:11 pm

Takeshi, I get you. You make some good points. They may not know. Sadly, just going with a blanket statement like a lot of them do over there is pointless too, but you mentioned that.


It is sad, as I mentioned, they don't just do it. What's the worst that can happen? They don't have that card, MAYBE their credit drops (not necessarily, again as you mentioned hard to say) and they move on and learn something. Doesn't sound bad to me.


And so NASA started doing a OCCU you guys are telling me? I missed that but I'm not surprised. That's twice recently then that some little credit union gave out insane limits to people who probably shouldn't have them, then changed their minds and jerked it back. That's really dumb policy but that's why I avoid the FICO "fad of the month" I'd rather stick with relatively stable lenders. At least you know what you are getting. True they can change things at any time but usually it has to be something drastic on your end to cause that, it's not that they for some bizarre reason overextended themselves and then have to lie to bail. That just doesn't strike me as being a good way to run a business. I plan to stay far away from these turkeys. If you want high limits just do the smart and right things and earn them. It's a lot easier in the long run. Short cuts just don't seem to work.

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Postby lobbythis » Thu Oct 09, 2014 3:07 pm

I glanced at that forum for maybe a week before I realized it was a joke. Reading through dozens of pages of nonsense and broke people advising broke people.

If I forget a recon number or acronym, I go there, but that's it.

hockeyplayr
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Postby hockeyplayr » Thu Oct 09, 2014 4:08 pm

MemberSince99 wrote:Takeshi, I get you. You make some good points. They may not know. Sadly, just going with a blanket statement like a lot of them do over there is pointless too, but you mentioned that.


It is sad, as I mentioned, they don't just do it. What's the worst that can happen? They don't have that card, MAYBE their credit drops (not necessarily, again as you mentioned hard to say) and they move on and learn something. Doesn't sound bad to me.


And so NASA started doing a OCCU you guys are telling me? I missed that but I'm not surprised. That's twice recently then that some little credit union gave out insane limits to people who probably shouldn't have them, then changed their minds and jerked it back. That's really dumb policy but that's why I avoid the FICO "fad of the month" I'd rather stick with relatively stable lenders. At least you know what you are getting. True they can change things at any time but usually it has to be something drastic on your end to cause that, it's not that they for some bizarre reason overextended themselves and then have to lie to bail. That just doesn't strike me as being a good way to run a business. I plan to stay far away from these turkeys. If you want high limits just do the smart and right things and earn them. It's a lot easier in the long run. Short cuts just don't seem to work.


I don't know if they actually shut down peoples cards. I think it was moreso how penfed will approve you but then a loan officer will review it and sometimes overturn it to a decline. That happened to a bunch of people and they got their panties in a bunch.
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