No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I had some Citi accounts that were a couple of years old and they were purchased by Elan/US Bank. They are now being reported as new accounts. I am worried about adverse action being taken by my other creditors due to it looking like I just went on an app spree. Has anyone had success with getting Elan to report the original opening date of the accounts? These cards have high limits and it looks like I just added $40k of new credit limits when nothing changed other than the transfer of ownership of the accounts. My main concern is this triggering other creditors to close my accounts.
http://ficoforums.myfico.com/t5/Credit-Cards/Idiots-at-Elan-Financial/td-p/681500
It that is the way it is supposed to work then I guess the moral of the story is to close accounts before they are transferred if you don't want your FICO score to take a hit from the transferred accounts showing up as "app spree" new accounts.
@score_building wrote:http://ficoforums.myfico.com/t5/Credit-Cards/Idiots-at-Elan-Financial/td-p/681500
Well, that topic has been locked.
I have had numerous accounts sold or transferred over the past two decades. Sometimes new account numbers were assigned, sometimes not. This is the first time in my experience that I've seen a sold/transferred account get assigned a new "date opened".
This same gaffe has affected ADA accounts. Either Citi or US Bank (or both) have really struggled with that conversion. For me it is only a difference between an 14-month-old account and a 3-month-old account, but it is still a significant problem, since paranoid banks are liable to overreact to anything, including "too many new accounts". I purposely wait at least 13 months between applications - I just put in a new application a few days ago, and suddenly a "new" 3-month-old account pops up on my CRs that might affect my getting approved.
Not happy ...
Exactly, Revike. Thanks for starting a new thread., manyquestions.
My particular card is an Associated Bank card. It was and STILL IS an Associated Bank card. It was never closed, so never re-OPENED.
Only the bank servicing these cards has changed.
These are NOT new accounts, and a transition that should have been mostly transparent to the consumer has been botched, affecting AAoA and FICO scores.