i recently paid & closed a cc in hopes to help my fico, but after reading this from this board

[Anonymous]

I called the cc and they said no problem to reopen. My question is, will it hurt anything if i simply reopen the account? Its been only 5 days since i closed it.

[Tuscani]

I would reopen unless it is costing you money.

[Anonymous]

If a long standing account is closed.  Does the history (length of cc) still stay on your report and is that considered when your credit history is configured?   Or is it once it's closed it's out of the computation of your fico score.

[scramblingin2007]

a closed cc stays with you for 10 long years, i would open it back up if it's not costing $.

[fused]

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Red14 wrote:

If a long standing account is closed.  Does the history (length of cc) still stay on your report and is that considered when your credit history is configured?   Or is it once it's closed it's out of the computation of your fico score.

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http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=30100

[newFICOwatcher]

What options do you have when a CC discontinues the card for all card holders? I had a Verizon CITI card that was discontinued in March. I've had the card since 1997. It had a $2500 limit. My only other card is a $500 limit Capital One.

edited date of CC account opening

Message Edited by newFICOwatcher on 09-16-2007 03:41 AM

[Anonymous]

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@newFICOwatcher wrote:
What options do you have when a CC discontinues the card for all card holders? I had a Verizon CITI card that was discontinued in March. I've had the card since 1999. It had a $2500 limit. My only other card is a $500 limit Capital One.

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You should have plenty of options? What are your scores and baddies?

[newFICOwatcher]

On September 1, my scores were:

TU - 663
EQ - 630
EX - 649

Average account age is 6 years with oldest accounts being opened 10 years ago.

The Verizon account (opened in 1997) reported "new activity" on August 1st. It said the last activity was on March 1st, but I've been making on-time payments for the past few years. I just PIF in the past 2 months. Previous balance was listed as $25 ($2500 CL). Verizon is listing no lates. Two days ago, ScoreWatch reported a 20 point drop due to the "new activity". I also had a 14 point drop because of a car rental on my Cap1 card (opened August 2006) that brought me up to 95% utilization (I only have this one open CC now and don't have any lates). As of today, ScoreWatch is saying my EQ is now at 596.

I paid off two other CC's (Best Buy and Wells Fargo) that were closed by the CC grantor over 5 years ago. They were PIF within the past few months.

For baddies:

-11 accounts with late payments (my Wells Fargo Education loans = 10 of those accounts and 46 total lates, with the last one in July 2006).
-No late payments on the WF loans for over 1 year. Still owe approx. $19,000.
-Best Buy (opened in 1997) is listing no lates in the past 7 years.
-WF CC (opened in 1999) is listing 4 30 day and 1 60 day late (last late was Feb 2005).
-One collection from 2002 that was PIF in April 2003. EQ is still reporting it as open. I have sent a dispute letter to them and they responded back that they have forwarded my info to the CA. Both EX and TU report the account as PIF in 2003.

Thanks in advance!

[Anonymous]

35 point drop- dang/

Well when you pay off your open CC down under 10%
You will get a bump. You stated 14 points.

Should have disputed the CA as "not mine" as is has a balance and could not have possibly been yours--
If they don't report correctly you can request removal.

After your score recovers add another Credit card.

The late payments are over a year and will soften even more when the most recent one reaches 2 years,