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Reopen Accounts

Not applicable

Re: Reopen Accounts

@Anonymous wrote:
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.

I think we all understand your thinking but you agreed to close these accounts if they gave you a loan. If you didn't like or agree with the terms, why didn't you go elsewhere?

Message 11 of 15
Not applicable

Re: Reopen Accounts

@Anonymous wrote:
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.

Understood. I think the CU was pretty sure your creditors would close your accounts. 

Message 12 of 15
Frequent Contributor

Re: Reopen Accounts

To answer your question OP, I do not think you will be able to reopen any accounts.  They would make you reapply.  I have never had any luck doing this.

Message 13 of 15
Not applicable

Re: Reopen Accounts

1) This used to be VERY standard back in the day for conservative Credit Unions...

With my 1st CU gig when it came to a DEBT CONSOLIDATION, it was a REQUIREMENT of getting the loan, period!

Actually, going back and opening an account could absolutely be cause for the loan to be ESCALATED
Just like any lender, said CU during a simple AR can SEE that those accounts that THEY paid off are now reopened....and even if they let that slide, Lord help you if there is ACTIVITY of those accounts.

Ppl might not 'like' it but a debt consolidation means the applicant allowed things to get out of hand and came for HELP, so the lender could take the position that any other debt, especially NEW debt ain't gonna happen, such to the degree that they don't even want to take the CHANCE of having 'loan cards' walking around in folks pockets.

Honestly, I seen it WAY too often where it happens that ppl pay off their debt, only to be drowning in it again within a birthday or two.

I'm not on anyone's side I'm just saying from the person LENDING the 💰 POV there are times where they feel the reason the loan was given,with these terms, Apr etc was because of the DTI and debt load as of paying off everything AND not having the open TLs

Once any of that changes,the Lender might feel and could be justified in wanting to change their position as well....and that could mean instead of a 5 year payback I want my $$ NOW....then what do you do?

Again, I'm not finger wagging I'm just saying they could easily take that tact

You have the ability to carry it your way and they also have the ability to say we prefer it this right or wrong just two points of view.

The OP says in this case,it wasn't an over the head thing but more a looking to save thing, which is fine but when one request 💰 from another they become subject to today's world there are TOO many lenders and options for non desperate ppl with decent credit and the proper income to accept terms they don't want.

Typically, in these debt consolidations where it's send the letters, cut up the cards etc it's because options are lean, perhaps the OP didn't do a great job of due diligence prior to accepting these terms, as I said too many places in 2017 for this to be 'required' again depending on the status of the applicant.

Saving a little on % generally is NOT enough for most ppl who know about credit to KILL that many revolving accounts w/o thoughtful consideration...again a person DROWNING in debt sees it differently, credit darn they need's hard to 'see' what the OP was thinking, I can really see 'how' an UWer could be leery enough to call a loan in a nano second.
Message 14 of 15
Established Contributor

Re: Reopen Accounts

If it were me I would pay off the loan first then re apply for those cards. If you left them in good standing paid and no lates you might have good results in re applying. I would not open them all again or just keep the limits low and manageable. 

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