I have a revolving account that was delinquent a little under 2 years ago (when I was still a college student) and was sent an offer by the creditor that stated if I closed the account they would cut my interest rate significantly. I jumped on the chance, obviously, because it was going to save me a ton of money. Having graduated and found a great job I have now paid it off completely. I decided to take a look at the account more closely in my credit report and saw that it was reported as closed by the creditor. I remember for a fact that I had to write and sign a letter to the creditor requesting that the account be closed and that I had the option of leaving it open. So, in fact, it was my choice to close the account and not the creditor's. Shouldn't this have been marked closed by consumer? If it were to be changed would it have any affect on my score or perception of creditability? Also, would it be to my advantage to reopen this account now that it is paid off? I have no interest in using the account (it's a student card from MBNA/BofA and I've come to hate their guts), but it is my oldest revolving account by far. I currently have only one open revolving account with a measly a $500 limit. All my payments on all accounts have been paid timely for nearly two years including a consolidated student loan, the aforementioned closed account and the card with the $500 limit. My scores are currently in the 680-695 range, I have a low monthly debt obligation at less than $200 and a debt to income ratio of less than 5%. My goal is to get all three scores over 700 so that I can get accepted for a Citi Platinum Select card with 0% financing and a decent limit and ditch the useless Cap One card that I have. If reopening this account could push me over the edge I suppose it would be worth it.
Message Edited by ssenesac on 03-23-2007 01:31 PM
