01-26-2013 11:15 AM
I had a Capitol One secured card for about two years that I paid faithfully every month. Last spring, I considered filing bankruptcy and stopped paying at the advice of ,y attorney. Islater decided that I wanted to manage my debt on my own but by then, the account was closed. They show that I'm in good standing after a 30, 60 and 90 late because they used my deposit to pay off my account. Do you think it would be worthwhile now to ask them to reopen that sameaccount? I'm trying to rebuild my credit and am paying off all outstandinloaf counts in the next couple of months - Witt the exception of my car loan and student loans which are all in good standing.
Please excuse typos - my iPad won't let me rewind. :-)
01-26-2013 01:21 PM
If you dont currently have revolving accounts, or have only one, then you need revolving for long term rebuilding, as FICO places heavy emphasis on showing use of discretionary credit.
Reopening a prior revolving line of credit as opposed to an entirely new line will be favorable in your average age of accounts scoring, as well as not having a new line of credit under one year, so yes, it would be favorable for that isolated reason.
Is the account still reporting in your CR? If they deleted, and thus the derogs were also deleted, then resurrection might include the re-reporting of those derogs.
Having reached 90-late is not something I would want re-inserted.
01-27-2013 10:29 AM
My other accounts that are in good standing are two car loans (co-signer on one due to my income) and student loans. I plan to pay off most of my negatives within the next 45 days or so, and I'm kind of feeling like I wish I had kept this Capital One account open, since I have no other revolving credit. Given that I've had so many negatives, I'm not sure that the 90 day would be so bad. I wonder if I were able to reopen the Cap 1 account and reestablish payment history with them, maybe in a few months I could send a GW letter?
As far as reopening this account - is that even something that is possible? How would I go about doing that?
01-27-2013 11:07 AM
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.