Valued Member
Posts: 47
Registered: ‎03-05-2007

What if I open 2 old accounts

I have 2 old accounts ..they are just 1 year old....but should I open them?  one was closed by creditor for going over the limit...but never late.  Will my score increase?  can anybody provide me a range of increase?  TY
New Contributor
Posts: 56
Registered: ‎03-30-2007

Re: What if I open 2 old accounts

You probably wouldn't see much of an immediate increase, but it would likely improve your scores over the longer term from a more seasoned account mix -- particularly if your overall credit history is young. (I expect we're talking single digits, unless you only have 1 or 2 open accounts at present.)

In addition to the benefit of increasing your average account age, available credit on the accounts would lower your overall utilization - also improving your scores. (But you can get that benefit by opening any new account.)

Note: many creditors won't reopen an account once it's been closed -- merely consider you for a new account.

Once reopened, the accounts need to be occasionally used so that a statement is generated (you can pay in full) -- say once every 6 mo to 12 mo -- to avoid the accounts going inactive.

Starting Score 1/01/10: TU:768 EQ:770
Current Score 8/21/12: TU:776 EQ:779
Goal Score 12/31/10: . TU:800 EQ:800

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