Reopen

[laryn41]

Will reopening a old account help with  your credit score? Even if it means you'll be adding another account?

[DI]

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@laryn41 wrote:

Will reopening a old account help with  your credit score? Even if it means you'll be adding another account?

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If the opening date of the account remains the same it won't hurt your score.  But if the opening date is changed to 2/2010, your FICO score will decrease.  

At any rate, the account should still be appearing on your credit reports if it's not more than 10 years old.  

[laryn41]

Does it fall off 10 years after it was closed? even bad ones?

[laryn41]

and would it help my credit to reopen or not make a differene? i thought it wouls help my Average overall age?

[DI]

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@laryn41 wrote:

Does it fall off 10 years after it was closed? even bad ones?

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Sometimes the CRA's will continue to report closed accounts that are older than 10 years.  But if you have an old account and negotiate with the creditor to not reage the account, your FICO score won't suffer.  

[laryn41]

I re-opened my 2500 macys account that was opened in 05. The agen said it will date back and show opened in 05. Does that help my Average Overall age? And will it help my Usage Ratio?

[DI]

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@laryn41 wrote:

I re-opened my 2500 macys account that was opened in 05. The agen said it will date back and show opened in 05. Does that help my Average Overall age? And will it help my Usage Ratio?

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Yes it will help your AA0A's and yes it will help your utilization ratio. 

[Anonymous]

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@DI wrote:

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@laryn41 wrote:

Does it fall off 10 years after it was closed? even bad ones?

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Sometimes the CRA's will continue to report closed accounts that are older than 10 years.  But if you have an old account and negotiate with the creditor to not reage the account, your FICO score won't suffer.  

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Is it possible to negotiate with the creditor and ask them to use the old account date for the new account?

[llecs]

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laryn41 wrote:

I re-opened my 2500 macys account that was opened in 05. The agen said it will date back and show opened in 05. Does that help my Average Overall age? And will it help my Usage Ratio?

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To add, if your AAoA on any given report is older than 5 years, then the history will help.