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so i had capitalone credit card for 2 years and i closed maybe half year ago. and i chat with a person online to see if i can reopen that account. and he said all i can do is reapply? so they dont do reopen old credit account?
I was told that they cannot re-open an account that a consumer has closed. They can only re-open an account that the creditor themselves have closed.
Whether or not that's true, I can't confirm. (But I did try the same thing a few months ago.)
@ceemee2203 wrote:I was told that they cannot re-open an account that a consumer has closed. They can only re-open an account that the creditor themselves have closed.
Whether or not that's true, I can't confirm. (But I did try the same thing a few months ago.)
For the majority of lenders, accounts cannot be reopened as a result of any customer initiated request. The only known exceptions by some lenders would be due to an error on their part (i.e. product change/non-acceptance of terms, client file mix up due to multiple accounts/consolidation, client changed mind with newly offered product-within terms of acceptance, court order/legal settlement, etc).
i've been credit obsessed for last 2 years, and I'm a credit forum Junkie self admitted. I have never seen a company re-open any type of card.
Look at it from the creditor's point of view. Why would I help my client avoid a ding on his credit (inquiry) and also a ding to his average age of account? Remember the banks make money by taking responsible borrowers and making them look as irresponsible as possible.
Proof? If you have a 800+ score a single 30 days late can cost you over 130 points! driving your score down to as low as 670! and It will take you 3-4+ years to recover most of it.
Now if you had a 700, your looking at around a 70 point damage, and a rebound rate of only 9 months comparingly!
With Fico the higher the score, the harder the fall.
If the account has not been closed for a year or more the account can be reopened. I just had one reopened last week. I called 800-707-0489 and you have to tell them there is the option so they can look because other than that they will tell you no.