Use Of Sock Drawer Cards

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hammerandnails1859
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Use Of Sock Drawer Cards

Postby hammerandnails1859 » Wed Feb 22, 2017 12:59 pm

Like most, I've got more credit cards than I probably need, 8 to be exact, but only use a couple regularly the rest being stuck in the sock drawer. My question is how often do I need to use them to keep them active and keep the issuer from possibly closing them? I have well over 100k in CL's (zero balance on all of them) and don't want to lose this due to nonuse but don't want to keep up with paying eight payments a month either.
Thanks in advance!


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CarefulBuilder14
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Re: Use Of Sock Drawer Cards

Postby CarefulBuilder14 » Wed Feb 22, 2017 3:37 pm

hammerandnails1859 wrote:Like most, I've got more credit cards than I probably need, 8 to be exact, but only use a couple regularly the rest being stuck in the sock drawer. My question is how often do I need to use them to keep them active and keep the issuer from possibly closing them? I have well over 100k in CL's (zero balance on all of them) and don't want to lose this due to nonuse but don't want to keep up with paying eight payments a month either.
Thanks in advance!

There's no one answer that applies to all cards. I think the fastest closure I've heard of has been after six months of inactivity, except for cases where an unused card had an AF that sat unpaid (technically a default despite the fact the card had never seen actual spending).

I suggest using a card every 4 months to be safe...but occasionally ask yourself whether your credit really needs them to remain open. Small steps towards simplicity (when your credit is good enough to allow it) can be a good thing,
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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kcm7
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Re: Use Of Sock Drawer Cards

Postby kcm7 » Wed Feb 22, 2017 5:39 pm

I have a card I haven't used in 2 years, and they've left it open. But that's probably not the norm. I'd say use the card at least twice a year.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

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CarefulBuilder14
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Re: Use Of Sock Drawer Cards

Postby CarefulBuilder14 » Wed Feb 22, 2017 6:12 pm

Barclaycard had a reputation for being quick to close inactive accounts (as little as 6 months). They may be allowing a bit more time now. Amex and Chase will sometimes let cards stay open for years without use.

I have a clothing store card that I wouldn't miss, and I don't go out of my way to keep it active. Apart from that, though, I'll let other people's cards be the canaries in the coal mine.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

TXviking
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Re: Use Of Sock Drawer Cards

Postby TXviking » Fri May 05, 2017 12:36 pm

I try to use mine every 3 months just so they don't go inactive or cancelled-by-issuer on me.



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