Credit One worth having?

[ficojoe]

The oldest account on my credit reports is a Credit One credit card that reports a tiny limit and a high balance about 4x the limit. I got the card when I was 18 and didn't take care of it, I do not remember if it was ever paid off or not. Now it reports as a positive trade line on my CRs, but it shows as closed. 

If I recall correctly (it has been many years), I felt scammed from this card. I believe the entire limit was charged with fees that I had to pay off before I could use it, plus they charged me fees up front.

Anyhow, do they have any decent products? I am wodnering if this very old account can be reopened so that it will show as a positive open trade line. I'm not interested in massive fees and interest this time, but would be nice to have something backdated with them.

[llecs]

DW and I had them. Aside from the fees, they were good to have. If I had it to do over again though, I would have focused on secured CCs more and definitely wouldn't have opened it if I had other CCs reporting.

I don't know if they'd reopen it, but I personally would avoid it.

[Shogun]

+1 Too much money in fees and low limits to mess with.   

[ficojoe]

I wonder why it hasn't dropped off. It has been closed for about 15 years. No complaints though.

[Shogun]

Has it been over 10 years since it was closed?   If it's 15 years old and still reporting it's helping you AAoA.

[ficojoe]

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@Shogun wrote:

Has it been over 10 years since it was closed?   If it's 15 years old and still reporting it's helping you AAoA.

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exactly why I was thinking of trying to reopen it. It could dissapear any time... Plus would help the avg age of open accts.

[apandabear]

FICO algorithms score both open and closed accounts for your Average Age. It's not Average Age of Open Acccounts. It's Average Age of Accounts. So if it's still in your report, it's still factoring in.

[ficojoe]

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@apandabear wrote:

FICO algorithms score both open and closed accounts for your Average Age. It's not Average Age of Open Acccounts. It's Average Age of Accounts. So if it's still in your report, it's still factoring in.

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I understand the old closed accounts are good for FICO. I have however gotten the denial reason that the average age of OPEN accounts is too low. which makes sense, all my accounts are brand new, I have a decent AAoA only because of closed accounts. Plus, an account closed 15 years ago is liable to dissapear any time. I'd like for it to remain on the credit report. 

[Shogun]

That's true.. but what are the specifics of the account?   AF?  Monthly fee?   Is the card worth it?

[ficojoe]

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@Shogun wrote:

That's true.. but what are the specifics of the account?   AF?  Monthly fee?   Is the card worth it?

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No idea. I will send them a letter and see what they say.