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Closed, but I can reopen if I change my mind... How will it report?

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Dalmus
Valued Contributor

Closed, but I can reopen if I change my mind... How will it report?

With the addition of the two new higher limit cards in my portfolio, I've been following through with cutting lower balanced cards out (three buit the dust yesterday).  Yay for me!

 

One of those cards was First National's Legacy Visa.  When I called, they tried to get me to stay by lowering the APR for three months (woohoo), I declined their efforts and they closed the account.  Then they ended the call with "If you change your mind, you can reopen the account any time in the next six months."

 

I've never encountered that one before...  Has anyone else?  Will it report as truly closed on my CR right away, or will it stay "open" for those six months?

 

I'm not buying a house any time soon, but I like an accurate report anyway!

 

Thanks!

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K


Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814


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6 REPLIES 6
UpperNwGuy
Valued Contributor

Re: Closed, but I can reopen if I change my mind... How will it report?

I don't know the answer to your question, but I applaud you for closing cards that you no longer need.  May the rest of us learn from your good example.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 2 of 7
J-F168
Frequent Contributor

Re: Closed, but I can reopen if I change my mind... How will it report?

I will tell you my story. Few months ago I called an closed credit one and first premier. On my report were reported as closed. Last month I decided to reopen them and I did..now on my credit report those credit cards as open when I initially open them over a year ago. Now I am thinking to close them again lol.

EX 716 - EQ 707 - TU 724
BK 7 D/C Dec '16.
Message 3 of 7
AverageJoesCredit
Legendary Contributor

Re: Closed, but I can reopen if I change my mind... How will it report?

Fire ,its beautiful but it burns like heck if you play with itSmiley Wink
Message 4 of 7
silvius
New Contributor

Re: Closed, but I can reopen if I change my mind... How will it report?

I have run into the re-open within six months offer before, but it has been a long time since I cancelled a card.   Once I tried to get some old cards re-established that were closed for about a year, but that wasn't happening.    I sure wish I would have kept the first couple of cards I had when I was around 19 or 20 but I didn't know any better and cancelled them at some point.

January 2023: 850 (Equifax FICO 9)
Message 5 of 7
silvius
New Contributor

Re: Closed, but I can reopen if I change my mind... How will it report?

Oh, and to answer the reporting question... I would think it could potentially report the same as if you had lost a card and had to get it re-issued but that is just a guess really.

January 2023: 850 (Equifax FICO 9)
Message 6 of 7
Dalmus
Valued Contributor

Re: Closed, but I can reopen if I change my mind... How will it report?

Oh, I don't intend to ever reopen it. It was my first Major after BK, so I know it will hurt my AAoOA, but that should only effect my Vantage score.

My ultimate goal is to trim my card portfolio to less than 10 majors. That's means 6 more gotta go eventually!

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K


Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814


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