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Should I re-open a closed account (Hard pull required)

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Anonymous
Not applicable

Should I re-open a closed account (Hard pull required)

I had a Citi credit card closed recently due to inactivity.  Contacted Citi and they said they can "see" if they can reinstate it but it would require a hard pull.

 

Mostly deciding if I want to reopen it based on how it'll affect my credit score.

 

FICO is over 800 and reasons affecting your score (1) no loan information (don't need a loan) and (2) too many revolving accounts with balances. 

Second one is a bit surprising because I have 8? 10? credit cards and generally only use 4 (AX 3% for grocerys, Bank of America 3% for gas, Savor 4% for eating out, and citi 2% cash back on everything else).  The other cards I'll use one in a rare while on a small charge less than $10 just to keep it active (at least when I can remember to use them).

I know closing an account affects your credit negatively, but will reopening this account offset that?  Or will it be a double hit on my credit report because it was closed and doing another hard pull to open a card again?

I don't need this closed Citi credit card for anything (the points rewards it had was garbage, and I don't need the credit line for anything the cards I do use have more than enough credit line and better rewards).  If I did re-activiate it, I'd just use the card to buy a pack of gum and forget about it for a year lol.

I was dumb to open a bunch of cards during college (hey I wanted that free pizza lol), but technically speaking I don't want to have so many cards, but I just never closed them because I heard it lowers your credit score. 

Should I have them reopen the account and do a hard pull?  (is it the same hard pull as opening a brand new credit card?  I don't need another credit card, but if it's the same hard pull then I might as well get something that has half decent rewards).  Or should I just leave this account closed?

Bonus question:  I have another Citi card that's not been used since mid Nov 2016 (i.e. it's set to close in mid Nov this year if I don't use it).  Should I try to use this card to keep it active or just let this account close too?


9 REPLIES 9
Brian_Earl_Spilner
Credit Mentor

Re: Should I re-open a closed account (Hard pull required)

I don't understand. If you don't need it, and aren't planning to use it, then why do you want to re-open it?

    
Message 2 of 10
iheartwings
Valued Contributor

Re: Should I re-open a closed account (Hard pull required)

Well, I would say it depends on why you wanted to keep the card in the first place. 

 

Sometimes you're just better off with closing cards you don't use. Then, you don't have to worry about remembering to spend a pack of gum once a year, etc.  

 

 

Since you're admittedly not using the card (and don't plan on it), I wouldn't give up a hard pull to reopen it.

 

If you're worried about your AAoA, the card will continue to report for up to 10 years. 

 

If you're worried about utilization, you might consider working to improve your limits on your current cards rather than letting cards sit in a SD and being forgotten. If you have another card that may be closed due to inactivity, consider seeing if that CL could be moved to your Citi card (ymmv, and not sure if it would require an HP). 

 

Message 3 of 10
Anonymous
Not applicable

Re: Should I re-open a closed account (Hard pull required)

Closed cards will continue to report and factor in average age of your accounts for up to ten years. The only ways closing accounts will negatively affect your score/profile are,

 

1. It's your oldest account by a few miles, but since the closed account will continue to report, the change in AoOA (age of oldest account) will not happen until it disappears from your report in 10 years when your other accounts would be 10 years older, the effect would be negligible at best.

 

2. If the lost credit line drastically increases your aggregate UTI, but this is a problem that is easily remedied by controlling your reported balance on other cards if need be.

 

IMO, if you don't need or use the card, leave it closed, that goes for the 2nd Citi card as well. That said, I personally prefer to have it reports as closed by consumer rather than lender when I decide a card is no longer useful to me.

Message 4 of 10
UpperNwGuy
Valued Contributor

Re: Should I re-open a closed account (Hard pull required)

Do not re-open a closed card that you don't plan to use.  As for the second card, I would call the bank and ask them to close it immediately.  That way your credit reports will show it as having been closed at your request.

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Message 5 of 10
AverageJoesCredit
Legendary Contributor

Re: Should I re-open a closed account (Hard pull required)

I think you answered your own post. Bad rewards and never use, why would you use a hp for that? You can app a whole new cardfor that. That other card ,if you dont want it closed, buy something stat because that will be your next victim.
Message 6 of 10
Anonymous
Not applicable

Re: Should I re-open a closed account (Hard pull required)

The only reason the OP was considering reopening the card was because he thought in some way that would positively impact his credit.  The answer is that it wouldn't positively impact his credit by reopening it (nor is leaving it closed going to hurt his credit) so I'm sure he's thrown away the idea.

Message 7 of 10
CreditInspired
Community Leader
Super Contributor

Re: Should I re-open a closed account (Hard pull required)

@Jason
I don't need this closed Citi credit card for anything (the points rewards it had was garbage, and I don't need the credit line for anything the cards I do use have more than enough credit line and better rewards). If I did re-activiate it, I'd just use the card to buy a pack of gum and forget about it for a year lol
———————
You’ve really answered your own question. You dont want, need, or use the card. I say bye, bye birdie.

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Message 8 of 10
CreditInspired
Community Leader
Super Contributor

Re: Should I re-open a closed account (Hard pull required)

@ajc Too funny. My response was almost the same.

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Message 9 of 10
Anonymous
Not applicable

Re: Should I re-open a closed account (Hard pull required)

I see no reason of taking an HP for a card you don't want/need.
Message 10 of 10
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