Reopen Accounts

[Anonymous]

I currently have a Discover IT, BankofAmerica BankAmericard, and WellsFargo Cash Back card that were recently closed due to a debt consolidation. Has anybody had any success in having those accounts reopened? They were just closed last week. I don't want to reapply I just want the original accounts reopened if allowed. Any pointers on whom I may need to speak with regarding this at each of the corresponding banks?

TIA

[Anonymous]

I've never heard of anyone doing this successfully.  The only option I'm aware of is to reapply for the cards once your FICO scores allow you to be approved -- and some banks might blacklist you for a number of years (or forever) if you paid less than owed (some debt consolidation companies negotiate a lower amount).

[Anonymous]

It was a personal loan I did on my own but the credit union had me sign letters requesting account closures and sent along with the cashier checks for payments. No settlements were done, all accounts were paid in full.

[Anonymous]

If you made a contract with your loan originator that you would close those accounts, I'd be careful reopening them.  The loan originator can soft pull your credit reports to make sure the accounts are closed and stayed closed.

Some credit card banks will allow a closed account to be reopened within 30 days fo closure depending on the reason for closure.  Chase, Amex, BofA all MIGHT allow you to reopen the accounts if it's recent, but definitely be aware that if you have an agreement with another lender to close them, it might work against you if that lender calls your loan in for violating the contract.

[CreditInspired]

OP, why do you want to reopen these accounts? IMHO, you're begging for trouble. You were only approved for the personal loan based on your agreement to close the CCs. Reopening the CCs or even applying for new debt before the personal loan is PIF might cause your debt to spiral out of control. IMHO I think you should consider taking advantage of this "no CC debt" opportunity to take a trip to the garden.

[Anonymous]

Wow! Guess you learn something new every day. That's the only way they would give you the loans? Close all those accounts and kill your credit?? That's BS I would have told that credit union to shove it where the sun doesn't shine

[Anonymous]

Finally someone sees where I'm coming from. While I understand the point of closures to prevent going back into debt, I only had $13k. It was very manageable but I wanted lower rates than what cards had. I kept one card though. Only reason I'm seeking reopening is utilization purposes since we all know that's the most important thing.

[thummel]

You signed an agreement and knew what you were coming into to be honest. If you didn't like the terms you can always back out and take your business elsewhere. I wouldn't even try if I was in a signed agreement with another bank that they would be closed. You can always apply for new cards for utilization purposes too.

[Anonymous]

The closure requirement is actually nowhere in the loan agreement. It's just a policy of this credit union to require we request closures. I even asked them what if they don't close based on this request and I was told that's up to those banks, they just want me to authorize a request for closure.

[Anonymous]

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@CreditInspired wrote:
OP, why do you want to reopen these accounts? IMHO, you're begging for trouble. You were only approved for the personal loan based on your agreement to close the CCs. Reopening the CCs or even applying for new debt before the personal loan is PIF might cause your debt to spiral out of control. IMHO I think you should consider taking advantage of this "no CC debt" opportunity to take a trip to the garden.

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+1 Excellent advice OP.