@nish129 wrote:
OK I'm sending the letter today. They told me I had to wait until four months of payments before I could reapply. Maybe the letter will do the trick.
Hi Nish and welcome to the forum
It seems from this statement, they are making you re-apply again which means you are not re-opening the account, but asking for a new account. It will be an entirely different account.
Pay the balance off as soon as possible, Not only is this card hurting you with lates but also with Util%.
Util% is the biggest piece of the pie that effects your fico score. It is the quickest way to either increase your fico score or in your case decrease your fico score. Because this account is close, not only have you reduce your overall limit by eliminating the limit of this card due its closure, but the balance of this card is still counted in your util.
Example:
you have 4 cards, each with 10k limit and 5k balances. util% = 50% (20k balance divide by 40k limit)
You now close one card. 10k is now eliminated so now you have 30k limit but still 20k balance
20k balance divide by 30k limit = 67% Util and thus your fico score is reduced
Get this balance paid off as quickly as possible so you can increase your score in this fashion.
I would not apply for a card due to these new lates hurting your report and score. Let it age.
Also in today's time, you would not get a high limit with your scores even if you got approved.
Take care of what you can control and allow time to help with things you can't.
Hope this helps and keep us updated
