Pros and cons of reopening a closed revolving account

[Anonymous]

I was hoping someone could explain to me the pros and cons of reopening a revolving account that had previously been closed by the creditor. In my particular situation I have 2 revolving accounts on my credit file: 1 closed (7 years old, $6500 limit, closed by creditor) 1 open (2 years old, $500 limit) I'm throwing around the idea of reopening the closed account since it is by far the oldest account on my credit file, my available revolving credit is exceptionally small in proportion to my income and the account has now been fully paid off. I'm getting dinged on my scores currently due to a lack of revolving accounts and history and I thought this might help that situation. Then in the longer term once my scores rose above 700 (currently 680's) I would apply for a prime card and close the currently open account from Capital One. Any suggestions would be welcome. Also, would reopening the account remove the mark of 'closed by creditor'?

[Anonymous]

Morethan likely if you try to reopen with C1 they will tell you they can't and request you apply for a new card.  If they are willingto reopen it may open a totally different line of credit with a new card number.  Ask them how they do that should you decide to try.

[Anonymous]

Thanks for the help! I was able to go into the request and at least know what to look out for. Amazingly enough, though, they were willing to reopen the account with the same number but with a lower credit line. That was fine with me since I was going to request to have it lowered anyway given that I don't have any interest in actually using the card. In addition, my scores went above 700 and I finally got the prime Citi card I've been working towards for the past two years. For the first time I feel like creditors don't look at me like a deadbeat. Here's to a future filled with good credit Oh, and now I can call CapitalOne and tell them where to shove their card.

Message Edited by ssenesac on 03-30-2007 02:21 PM

[Anonymous]

Congratulations! I would like to do the same thing with some department-store cards I had back in the day, but the problem is they are co-accounts I had with my ex, so her name too is still on them.

[Anonymous]

Department store accounts are more likely to re-open (though of course you wouldn't want to do that if your ex was also on them).

I've heard of department stores re-opening cards inactive for years.