Credit History Question

[thorice]

If credit report say "closed at consumer request" is it a good idea to reopen account so I can get positive credit history from it?

[Anonymous]

YES- Re-opening "closed at consumer" accts is an easy way to LENGTHEN you credit history and lower UTL w/o the FICO hit for a new INQ and TL.

Some companies NEVER allow this, some not after 60 days, some years later. so YMMV.

You KEEP the positive history on a closed acct for 10 years after it is closed.

---

@thorice wrote:

If credit report say "closed at consumer request" is it a good idea to reopen account so I can get positive credit history from it?

---

[Anonymous]

I have a builder cc that I've had for 7 years. In fact it's my oldest card. I am going to close it, because of the super high fees I am being gouged with. I can no longer justify it. And I know my scores will drop when I do that. But it's something I accept. I'm spending money needlessly.

It is being replaced with a prime card(BoA 99/500 card), which will also lower my score, but here again, I know this is going to happen, and the negative impact will lessen over time.

Knowing how closing cc's and opening new one's impact your FICO scores is paramount in overall personal credit strategy, imo.

(and I have no idea why I even posted this. I just like to talk. lol)

[Anonymous]

Closing the card will not hurt you short term EXCEPT for utilization. The card will drop in 10 years-

---

@Anonymous wrote:
I have a builder cc that I've had for 7 years. In fact it's my oldest card. I am going to close it, because of the super high fees I am being gouged with. I can no longer justify it. And I know my scores will drop when I do that. But it's something I accept. I'm spending money needlessly.

It is being replaced with a prime card(BoA 99/500 card), which will also lower my score, but here again, I know this is going to happen, and the negative impact will lessen over time.

Knowing how closing cc's and opening new one's impact your FICO scores is paramount in overall personal credit strategy, imo.

(and I have no idea why I even posted this. I just like to talk. lol)

---

[Anonymous]

Thanks Timothy.

[thorice]

I haven't used the card in 9 years but if I did have it reopened how long does it stays on my credit report without utilization?

[Anonymous]

---

@thorice wrote:

I haven't used the card in 9 years but if I did have it reopened how long does it stays on my credit report without utilization?

---

You really should use the card every 6 months to keep it reporting and not get closed by the lender.

Open accounts in good standing stay on credit reports indefinitely.