topic Re: Question for the wise in Credit Cards

Question for the wise

myjourney — Sat, 16 Feb 2013 11:33:07 GMT

I have a old account, in good standing, never late, pays as agreed which was opened in 1995 closed in 2003 scheduled to fall of CR august of 2013. (LOWES) Listed on CR as inactive.

My question is has anyone ever had an account reopened? I understand it would result in a HP but I think that would be fine for the age of the account and the positive history not to mention I shop there anyway?

Thanks

Re: Question for the wise

SnackTrader — Sat, 16 Feb 2013 15:15:11 GMT

I think there have been stories of it happening - but rarely from an account that old. I would think that given how much time has passed the company would want to do a review of your credit history through the normal application process.

I suppose in this situation the only way to find out is to ask.

Re: Question for the wise

myjourney — Sat, 16 Feb 2013 18:59:15 GMT

@SnackTrader wrote:
I think there have been stories of it happening - but rarely from an account that old. I would think that given how much time has passed the company would want to do a review of your credit history through the normal application process.

I suppose in this situation the only way to find out is to ask.

Thanks SnackTrader

Re: Question for the wise

Anonymous — Sat, 16 Feb 2013 19:03:09 GMT

I have to agree with snack on this one.

A company like Lowe's would also have an obligation to write good loans for its shareholder's protection. I think they would probably be prohibited from issuing a card after so long without a looksy at the persons credit report.

Side note: I see a lot of folks with Lowe's cards...is there something special above a regular store card that I am missing when it comes to Lowe's cards?

Re: Question for the wise

myjourney — Sat, 16 Feb 2013 20:21:09 GMT

@Anonymous wrote:
I have to agree with snack on this one.
A company like Lowe's would also have an obligation to write good loans for its shareholder's protection. I think they would probably be prohibited from issuing a card after so long without a looksy at the persons credit report.

Side note: I see a lot of folks with Lowe's cards...is there something special above a regular store card that I am missing when it comes to Lowe's cards?

Nothing really special I get better points with some of my reward cards ....just would hate to see a 10 years good account fall off CR if there was a chance to save it with just one HP which isn't a problem...they do run specials from time to time 6 month 0% finc

Re: Question for the wise

E150GT — Sat, 16 Feb 2013 19:21:39 GMT

I wonder what it will do to your score?

Re: Question for the wise

myjourney — Sat, 16 Feb 2013 19:27:11 GMT

Thats what im wondering as well if I that account could be reopened it could become a 20 year account...makes you think... hummm

Re: Question for the wise

SnackTrader — Sat, 16 Feb 2013 20:32:31 GMT

@Anonymous wrote:
I have to agree with snack on this one.
A company like Lowe's would also have an obligation to write good loans for its shareholder's protection. I think they would probably be prohibited from issuing a card after so long without a looksy at the persons credit report.

Side note: I see a lot of folks with Lowe's cards...is there something special above a regular store card that I am missing when it comes to Lowe's cards?

Just to clarify, very few retail stores actually underwrite their own credit cards. So this one is probably underwritten elsewhere, through an agreement with Lowe's (a check on the Lowe's website says GECRB). And with that in mind, there's always a chance that the card issuer has changed since the OP got the card originally, which would probably provide even greater difficulties.

Just the same, your point is well-taken Pilotdude.

Re: Question for the wise

myjourney — Sat, 16 Feb 2013 20:50:56 GMT

@SnackTrader wrote:
@Anonymous wrote:
I have to agree with snack on this one.
A company like Lowe's would also have an obligation to write good loans for its shareholder's protection. I think they would probably be prohibited from issuing a card after so long without a looksy at the persons credit report.

Side note: I see a lot of folks with Lowe's cards...is there something special above a regular store card that I am missing when it comes to Lowe's cards?
Just to clarify, very few retail stores actually underwrite their own credit cards. So this one is probably underwritten elsewhere, through an agreement with Lowe's (a check on the Lowe's website says GECRB). And with that in mind, there's always a chance that the card issuer has changed since the OP got the card originally, which would probably provide even greater difficulties.

Just the same, your point is well-taken Pilotdude.

Point well taken as a matter of fact im pretty sure orginal underwriter was citi or chase so yes it would probably end up as a new account. Thanks to all for the input

Re: Question for the wise

LS2982 — Sat, 16 Feb 2013 22:25:23 GMT

@myjourney wrote:
I have a old account, in good standing, never late, pays as agreed which was opened in 1995 closed in 2003 scheduled to fall of CR august of 2013. (LOWES) Listed on CR as inactive.

My question is has anyone ever had an account reopened? I understand it would result in a HP but I think that would be fine for the age of the account and the positive history not to mention I shop there anyway?

Thanks

AFAIK GE will not reopen an account, at least i've never heard of it.

Re: Question for the wise

myjourney — Sat, 16 Feb 2013 22:41:06 GMT

@LS2982 wrote:
@myjourney wrote:
I have a old account, in good standing, never late, pays as agreed which was opened in 1995 closed in 2003 scheduled to fall of CR august of 2013. (LOWES) Listed on CR as inactive.

My question is has anyone ever had an account reopened? I understand it would result in a HP but I think that would be fine for the age of the account and the positive history not to mention I shop there anyway?

Thanks
AFAIK GE will not reopen an account, at least i've never heard of it.

Well the good news is i have a GE account so thats a plus and welcome back LS2982

Re: Question for the wise

Anonymous — Sun, 17 Feb 2013 00:22:08 GMT

@Anonymous wrote:
I have to agree with snack on this one.
A company like Lowe's would also have an obligation to write good loans for its shareholder's protection. I think they would probably be prohibited from issuing a card after so long without a looksy at the persons credit report.

Side note: I see a lot of folks with Lowe's cards...is there something special above a regular store card that I am missing when it comes to Lowe's cards?

My DH has a Lowe's card. We love it because we get a choice of 5% off at the register on all purchases or 6 months interest free on purchases of $300 or more. The 5% is a nice discount, and it's year round as opposed to a rotating category.

Re: Question for the wise

myjourney — Sun, 17 Feb 2013 00:28:25 GMT

@Anonymous wrote:
@Anonymous wrote:
I have to agree with snack on this one.
A company like Lowe's would also have an obligation to write good loans for its shareholder's protection. I think they would probably be prohibited from issuing a card after so long without a looksy at the persons credit report.

Side note: I see a lot of folks with Lowe's cards...is there something special above a regular store card that I am missing when it comes to Lowe's cards?

My DH has a Lowe's card. We love it because we get a choice of 5% off at the register on all purchases or 6 months interest free on purchases of $300 or more. The 5% is a nice discount, and it's year round as opposed to a rotating category.

thats a plus and so is the fact its unwritten by GE known for great CLI's

I might just wait tho....I hear AMEX in the background whispering in my ear saying app me Lol

but im trying so hard to remain in the garden until 6/2013