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Reopening closed credit cards

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Established Member

Reopening closed credit cards

 Hello there,

I recently took a personal loan and paid over $40,000 credit cards bringing all my balances to zero. The bank sent a letter promising of the payment coming in the mail and is stating that this payment will close the application towards the credit card. Some of my credit cards and their sons that this was a request to cancel my credit cards. American Express platinum card canceled my card, Macy’s canceled my card and PayPal canceled my card.

I called American Express platinum and they promised to reopen the account after a review that could take up to five days. PayPal and Macy’s refused to reopen the account. I have two big accounts with city $10,000 each credit limit and one big account with Discover $15,000 credit limit. City and Discover cards are still open and hopefully don’t cancel for the same reason.

The question is what city and discover Re-open the Sim card if it was canceled and how many days should pass on Rachel except requests we open the accounts thank you for your help.

10 REPLIES 10
Community Leader
Mega Contributor

Re: Reopening closed credit cards

What kind of loan was this? If you would have gotten the money in your account you could have paid off your creditors directly and still have them open. Sounds like a debt consolidation loan that forces closure of ccs
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Message 2 of 11
Established Member

Re: Reopening closed credit cards

It is a normal personal loan. I shared with the banker (local credit union) that I am taking it to pay my debt. Today I lost Discover IT with $6000 limit. I only have 3 more accounts open. What can i do to prevent closing them? can I re-apply? please !!!!

Message 3 of 11
Community Leader
Super Contributor

Re: Reopening closed credit cards

We're your cards behind on payments?







Message 4 of 11
Established Member

Re: Reopening closed credit cards

No late payments on cards or anywhere in my credit report. My only problem was high credit utilization which was over 85%/.

Message 5 of 11
Community Leader
Super Contributor

Re: Reopening closed credit cards

What average Joe said is possible. NFCU requires cards to be closed with certain debt consolidation loans. You should check with the bank to make sure it really was just a personal loan and they didn't put you in a debt consolidation loan. It also wouldn't hurt to ask if they're the ones requesting it if your banks aren't giving you a reason.







Message 6 of 11
Established Member

Re: Reopening closed credit cards

The bank had me signed a form and told me it was a promise to pay that they will be sent to the credit cards. The form basically informed the credit card company to wait for the full payment and to close all balances and loans. The credit card company took that as a request to close the account.

The question now how bad is it if they close all of my accounts? and is there anything that I can do about it? how long it will be before I can apply for another account.

P.S. Amex Planenum today said they are reviewing my request to reopen my AMEX platinum. 

Any thoughts? 

Message 7 of 11
Community Leader
Super Contributor

Re: Reopening closed credit cards


@AverageJoesCredit wrote:
What kind of loan was this? If you would have gotten the money in your account you could have paid off your creditors directly and still have them open. Sounds like a debt consolidation loan that forces closure of ccs

^^^ this. 

 

OP, since $40K is a large personal loan, it makes sense that the lender would want the CCs closed to avoid running the CCs back up. I'm surprised that any CCC would reopen the accounts without a HP because now you have or will have a $40K loan at 100% UT on your CRs. And, even if the accounts were reopened, I would be surprised if they had the same account numbers.

REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 11
Community Leader
Super Contributor

Re: Reopening closed credit cards


@revking wrote:

The bank had me signed a form and told me it was a promise to pay that they will be sent to the credit cards. The form basically informed the credit card company to wait for the full payment and to close all balances and loans. The credit card company took that as a request to close the account.

The question now how bad is it if they close all of my accounts? and is there anything that I can do about it? how long it will be before I can apply for another account.

P.S. Amex Planenum today said they are reviewing my request to reopen my AMEX platinum. 

Any thoughts? 


Yes, the PL was to pay off outstanding balances and close the cards, and the CCCs understood this correctly. IMHO, you should see this as a blessing in disguise. I am very concerned that you want these cards reopened when you just had them paid off, especially since your UT was at 85%. This is a great time to take a breather and work on getting the PL paid down to <28.9% and then think about applying for additional credit.

REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 9 of 11
Super Contributor

Re: Reopening closed credit cards

Congrats on the $40k Loan. What are the monthly payments?

Hopefully the Platinum card could be kept open, as that will enable some benefits.

If all your revolving CC are on this list, it is possible you end up with no revolving CC to report a small balance, which would be a ding on your scores. Finding a small limit secured or basic card to have something report could be a next goal.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 10 of 11
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