Really BAD idea right? (re-opening closed account)

[FicoScore626]

I figured I'd try to add one last subprime credit card to my collection so I tried for a Credit One card. After applying online I received a message saying that I already had an account with them. I was like, "What the hell??"

Called Credit One this past Friday and they told me that the account was a very old account that was closed and in their archives, and they told me to call that department on Monday (Today). Called them today and apparently the account was sold to Arrow Financial Services a long time ago.. The lady at Credit One told me that the account was closed in 1995 and the last reported balance was $600. She said if I get a letter from Arrow Financial Services stating that the account was paid off then I can call Credit One and ask them to reconsider my application.. She gave me their phone number.

EVERY voice in my head and every fiber of my being is telling me to just "let sleeping dogs lie" and lose both phone numbers (Credit One and Arrow Financial) and NEVER look back. On one hand it would be pretty sweet to be able to reopen that old tradeline and benefit from its age, but on the other hand I imagine it would be akin to opening pandora's box and more than likely I won't like the end result, lol..

Once the account was closed and sold off I kind of doubt that Credit One would be able to reinstate it. I have a feeling they'd just end up opening a brand new tradeline?

Message Edited by FicoScore626 on 12-01-2009 11:21 AM

[Anonymous]

FicoScore626, listen to the voices in your head...you don't want any of this.

[moondog7324]

You have a 'gift of intuition'- USE IT!, Stay away from this account, unless you are still within the Statute of Limitations.

Another point, why do you wish to "add one last suprime" to your collection. You should be trying to avoid subprime, and Credit One is as low as you can get. Do yourself a favor, join a credit union and open a savings account- build it up with regular deposits, then when you get >1,00 ask for a secured card.

[BungalowMo]

This card is fine as a starter...if you can't get anything else.  If you can possibly get a better card in the next few months, let this dog sleep.

[haulingthescoreup]

I doubt very, very, very, very seriously that Credit One would give you your opening date back. The only bank that does that (reliably) is American Express.

Looks to me as though you'd wind up with yet another crummy card, chock full o' fees, a $600 bill to Arrow, and a brand new account that would lower your AAoA.

I hope that Credit One doesn't pursue this and contact Arrow. Tiptoe away as quickly and quietly as you can, would be my advice.

[Anonymous]

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@haulingthescoreup wrote:
I doubt very, very, very, very seriously that Credit One would give you your opening date back. The only bank that does that (reliably) is American Express.

Looks to me as though you'd wind up with yet another crummy card, chock full o' fees, a $600 bill to Arrow, and a brand new account that would lower your AAoA.

I hope that Credit One doesn't pursue this and contact Arrow. Tiptoe away as quickly and quietly as you can, would be my advice.

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+1

Macy's and others have "reinstatement" programs when you PIF old accounts....but you don't get the old account back, you get a new account, new date, new account number and thus new aging, not the old original date open....so if that is all you are hoping for, forget about that and try First Premiere or Orchard or go with a CU secured card.

[FicoScore626]

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@moondog7324 wrote:

You have a 'gift of intuition'- USE IT!, Stay away from this account, unless you are still within the Statute of Limitations.

Another point, why do you wish to "add one last suprime" to your collection. You should be trying to avoid subprime, and Credit One is as low as you can get. Do yourself a favor, join a credit union and open a savings account- build it up with regular deposits, then when you get >1,00 ask for a secured card.

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I only wanted to add one last subprime card to my collection because I currently have two low limit cards (First Premier = $250, HSBC 2% Platinum MasterCard = $320) and was hoping to land a third card with a higher credit limit because my FICO scores had improved.. I suppose I should have just been content with the two cards I currently have and request a credit line increase from First Premier in January because I've had that account since July. They kept denying all of my previous credit line increase requests because they require accounts to be open and paid as agreed for 4 or 5 months. I got a bit antsy after the last denial and that's when I tried to apply with Credit One. Anyway, January will put my account with First Premier in the 5 - 6 month range so I'll try again towards the end of next month.

As for joining a credit union, I've already set the ball in motion to try and join the NASA Credit Union but I'm still waiting on the membership information from the National Space Society before I can complete the application process with NASA Federal. If approved I plan on opening checking and savings accounts and dump money into them on a weekly basis. I'll hold off on applying for any credit cards with them until a couple months down the line. The Credit One nonsense was just a moment of weakness on my part, lol, but I've survived years with just my Visa debit cards so there's absolutely no reason why I can't hold out for a couple months while my scores improve and all of my account age a bit more before applying for a NASA credit card..

Message Edited by FicoScore626 on 12-01-2009 11:18 AM

[FicoScore626]

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@haulingthescoreup wrote:
I doubt very, very, very, very seriously that Credit One would give you your opening date back. The only bank that does that (reliably) is American Express.

Looks to me as though you'd wind up with yet another crummy card, chock full o' fees, a $600 bill to Arrow, and a brand new account that would lower your AAoA.

I hope that Credit One doesn't pursue this and contact Arrow. Tiptoe away as quickly and quietly as you can, would be my advice.

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I think they're leaving it all up to me to pursue. At least that's what I came away with from my conversation with the lady in archives. So, I shall be whistling and tiptoeing away as quietly as possible, lol..

Message Edited by FicoScore626 on 12-01-2009 11:30 AM