What to do about Cap1?

[gymbo731]

Ok, So I have a Cap1 card that was CO years ago. It will actually be coming off my CR in like 1.5 years. I had a balance on the card, and I paid them. Do you think that I should call lthem up and ask if they would reset my account with a clean history and keep my day opened date? Or should I just wait until it falls off, and then apply again with them for a card?

I really want to rebuild my credit, and Cap1 is pretty good I hear about letting you build. What should I do?

[RobertEG]

If it went to CO, it was closed by the OC.  You would be asking them to open a closed account, and also to GW away old derogs on the account.  Since you had a major derog on this account, I dont think the liklihood of this happening is great.  You would need a good showing of benefit to them, and not just to show that it would be of benefit to you.  But you cant lose anything by trying, so give it a shot.

Once the old account drops from your CR after 7 1/2 from the DOFD on that account, sure, it will no longer be in your CR.  But that does not mean that Cap1 wont retain and use records of that prior account history in their evaluation of an application for a new account with them.  So it may still be a factor.  If they do approve granting of new credit, it will add a new account to your CR that will add a new inq, and lower your AAoA.