Need you credit gurus now please

[Anonymous]

Ok here it is. My oldest account is 5 years old and it's a closed Wells Fargo credit card that was closed by grantor noted as paid as agreed ,current, good standing. I called Wells Fargo and asked them is there anything I could do with this closed account. The rep said one possibility is asking for a good will to reopen the card. But I said to her I don't want a new open account. Can the status just be changed from closed to open with keeping the original open date so I don't lose my age on the account. She told me she thinks it's a possibility and would get back to me in a few days. Has anyone heard of this happening before? And if it does change status from closed to open. What will FICO view this as? A new account even tho the dates will not change on the account? Will I get punished from FICO as a new credit? Anyone know? Thanks

[Anonymous]

I have never heard of any issuer doing that, so I wouldn't get your hopes up. 

But if WF were to do that for you, it would be great for you.  Like opening a new credit card with no hard inquiry that starts as five years old and does not track as if it were a new card.  On the other hand if you win the lottery that would also be great.  Just don't count on it. 

How much older is the closed WF card than your oldest open credit card?

[Anonymous]

7 months my discover 6 months cap one 8 months first progress. Installment loan 2 months . No other credit and had a clean EQ report of 768 till the loan took 53 points and dropped it to 715 fico

[Thomas_Thumb]

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@Anonymous wrote:
7 months my discover 6 months cap one 8 months first progress. Installment loan 2 months . No other credit and had a clean EQ report of 768 till the loan took 53 points and dropped it to 715 fico

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No worries. It appears that you are a C8 scorecard member. The C8 is reserved for clean profiles that have a short credit history, only a few accounts and accounts opened recently. This scorecard is hyper sensitive to new account activity, new inquiries and high utilization. I think your score should rebound nicely within the next 90 days if you stop opening accounts. In 6 months your score should be higher than it is now as 2 of your 3 inquiries will have reached 12 months age.

By the way - what were your individual and aggregate credit card utilizations at the time of the 715 score? If they increased significantly, that can drop your score quite a bit.

Regarding your closed account, they typically cannot be re-opened. They likely will offer you a new account but that account would almost certainly not be retroactive for date opened. Would you incur a hard inquiry? Not sure but likely. The only good thing here is your old WF account, although closed, still counts toward AAoA and age of file.

Unless you need additional CL, I think your best course of action is to hold off on adding a new card for 6 months.

P.S. My comments are based on the above listed cards having the following age: Discover 7 months, Cap One 6 months & First Progress 8 months. I also read the installment loan as being 2 months old.  If OP means the accounts are all within a years age of the closed WF card, then everything I wrote above is inaccurate and will be deleted/revised once OP clarifies.

[Anonymous]

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@Anonymous wrote:
7 months my discover 6 months cap one 8 months first progress. Installment loan 2 months . No other credit and had a clean EQ report of 768 till the loan took 53 points and dropped it to 715 fico

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Not sure how to best understand your first sentence.

Does it mean that your other (currently open) credit cards were opened about 4.5 years ago, roughly 6-8 months after the WF?

[Anonymous]

No. Just opened 6-8 months ago they all under 1 year

[Anonymous]

CC utilization was 1% showing small balance on 1/3 cards. It was 768 untill the loan

[Anonymous]

But my TU and EXPERIAN are at 638 and 639 with both having 2 medical derogatorys on them. And they don't seem to move up. Funny thing is the derogs were the same on all 3 CBs but equafax chose to delete them when I disputed the others said meets requirements.

[Anonymous]

OK.  Well, I can see why you'd like to have your WF reopened with its original Date Opened.  Five years from now your WF will drop off your reports and that will cause your "Age of Oldest Account" to go down by over 4 years, which won't be terrible but isn't ideal either. 

Let us know if WF agrees to do that for you!

[Anonymous]

Ok. Will update. Thanks