Credit Union with delinquent account - should i reopen?

[Anonymous]

I have had a balance that has gone unpaid for years at my credit union and i spoke with them about reopening my account and they said they would reopen it after the balance was paid. My question is, is it worth it to reopen it? Will they ever give me a credit card again after such a long period of unpaid? With time will they offer me financial products again? Any help would be great. Thanks!

[llecs]

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@Anonymous wrote:

I have had a balance that has gone unpaid for years at my credit union and i spoke with them about reopening my account and they said they would reopen it after the balance was paid. My question is, is it worth it to reopen it? Will they ever give me a credit card again after such a long period of unpaid? With time will they offer me financial products again? Any help would be great. Thanks!

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I'd do it if they reopened the same account. Maybe the bad will get erased with the new. YMMV of course. Some might report a second TL. Some creditors have a long memory. Some have a short. Depends on the creditor.

[bettercreditguy1]

Why would they want to do business with you again if you do not desire to make your first transaction good? I plus 1 to Illecs. Pay them what is owed. It will take time to rebuild their trust in YOU.

[Anonymous]

I think I worded this wrong. I plan on paying them the full amount and reopening my account. But later down the road do you think they will ever lend to me again after establishing good years with them?

[llecs]

IMO, if you are able to get them to reopen the account, then you're already in good graces for future credit, provided your credit improves. I think it's great they agreed to do that. Most won't.

[Anonymous]

After you've paid back your outstanding debt with them, perhaps you can seek to regain their trust by seeking a secured loan product or card. Unsecured loans through them may not be extended to you based on your history. Additionally, you'll have to be patient in re-establishing your credability with them with the new "secured" credit, which doesn't always have to come in the form of revolving credit. IMO - Good luck!

[Anonymous]

I recently did the same with my credit union. I paid and old overdraft that was charged off, and re-opened the account. Then I set my direct deposit to go there and they re-established my overdraft credit line. Unfortunately, they opened a new credit line, and the charge-off is still being reported. I sent a GW letter today, and am hoping for the best. I had 5 years of good payments before the charge off, so my fingers are crossed.