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Reinstating old credit?

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dwh164
Established Member

Reinstating old credit?

So I had this old GEMB/Lowes card with $400 limit that I was 60 days late on and they cancelled. I paid it right away (went thru a rough financial spot and didn't handle it as well as I could have). I'd like to see if I can reopen it- will creditors really do that? Even if I have not-so-spectacular credit? How would I go about it? Are there any form letters out there that might help??


Thanks for the help in advance!

Message Edited by dwh164 on 04-12-2008 11:07 AM
12/26/07: TU: 602 EQ: 618 EX: 582
7/02/08: TU: 651 EQ: 660 EX: 656
Message 1 of 7
6 REPLIES 6
dwh164
Established Member

Re: Reinstating old credit?

*BUMP* Anyone? Anyone? Bueller? Bueller?
12/26/07: TU: 602 EQ: 618 EX: 582
7/02/08: TU: 651 EQ: 660 EX: 656
Message 2 of 7
haulingthescoreup
Moderator Emerita

Re: Reinstating old credit?

How long ago did this happen? Sometimes, when the consumer cancels, they will let you change your mind within a certain period of time, but it's a lot tougher when there were problems, and they canceled you.

All you can do is try. If you're a familiar face at your local Lowe's, you might try going to their service desk, explaining the situation, and seeing if they can work some magic for you with GEMB.

Are your scores a lot better? Have you had any lates on other accounts since then? And so on.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 7
Anonymous
Not applicable

Re: Reinstating old credit?

Some creditors will, usually if you were the one to close. However, in the case where they closed, I would almost bet they'd just do a new app and new credit pull.
 
They might re-instate that same account, but I'm sure it will cost ya an inquiry.
 
All you can do is ask.......all they can do is say yes or no.
 
 
Message 4 of 7
dwh164
Established Member

Re: Reinstating old credit?

It was four years ago they cancelled. I did have a few lates after that- but I mean *right* after that, then I've been clean since. Still trying to get the scores to come up though- paid off several CA's before I found this forum... *DOH*!! (So far have only been turned down on my GW's.)

Reason I was hoping for it to be reinstated is to give me a little extra oomph in my # of CC's, age of accounts, and account limits. A hard pull would probably negate any net positive I'd get from such a small amount. Oh, well- scores are on their way up as I pay my balances down, and I've got a couple more really old things that are about to fall off anyway. Best thing I can do is to just keep chugging on- have four years of on-time payments, but MAN are those stupid things I did four+ years ago killing me now!!! I mean come on- a ruined CR for a $43 copay?? A $50 phone bill?? What the heck was I thinking??? (And why does wisdom often come too late and won by mistakes???)
12/26/07: TU: 602 EQ: 618 EX: 582
7/02/08: TU: 651 EQ: 660 EX: 656
Message 5 of 7
haulingthescoreup
Moderator Emerita

Re: Reinstating old credit?

Yep, you've summed it up pretty well!

As handy as the history on that card might have been, it sounds like you're at a place now where you can start looking for credit cards that are keepers, instead of just plugging up holes.

Nearly four years of clean history, bringing down util --you're doing the right things. There are some good card companies that will tolerate old paid collections with subsequent "good behavior," so when you feel that it's time to go shopping, do some visiting over on the Credit Cards forum for suggestions. Good luck!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 7
marty56
Super Contributor

Re: Reinstating old credit?

You also might want to try to get credit from a company that you have a good relationship with in other areas.  Mortgage companies and car loans come to mind.
 
Dont loose hope since time will heal any credit problem and there will always be some place to turn to to get the credit you need.
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 7 of 7
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