Help...Do I reopen an account?

[Anonymous]

I have a credit card account with Citi that says "Account closed by credit grantor" on my credit report.  Citi is now calling us wanting to reopen the account.  They say this will help our score.  True?  Thanks for any help on this issue.

[Anonymous]

Does it have a balance?

[Tuscani]

I would assuming the account has no baddies. Curious, which card is it?

Just an FYI... FICO does not weight negatively against closed accounts with the notation, "Closed by Credit Grantor."

However, on a manual review, the credit underwriter is likely to "suspect" that you did something wrong, which, obviously, does not have to be the case.

[Anonymous]

I actually have 5 accounts that have been "Closed by Credit Grantor".  Some my fault, some I'm not sure why.  I understand that FICO does not look at this negatively, but would it help at all to try to reopen these accounts?  Or would the additional open accounts ultimately hurt the score?

Thanks for responding.

[Anonymous]

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rannnj wrote:

I actually have 5 accounts that have been "Closed by Credit Grantor".  Some my fault, some I'm not sure why.  I understand that FICO does not look at this negatively, but would it help at all to try to reopen these accounts?  Or would the additional open accounts ultimately hurt the score?

Thanks for responding.

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My take is that it will help your score if the account was originally opened a long time ago. This way, you can reacquire that long history into your credit reports, which indeed is good for your score.

IMO. (somebody correct me if i am wrong here pls)

[Anonymous]

My take is that it will help your score if the account was originally opened a long time ago. This way, you can reacquire that long history into your credit reports, which indeed is good for your score.

IMO. (somebody correct me if i am wrong here pls)

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Irvin - I think you are correct. Reopening an old account - if it's in good standing - will definitley help.