A strange situation...

[Anonymous]

I have a rather odd situation I'd appreciate comments on. I have slowly, and painfully, pulled my credit scores up to 781. The weakest area is hits taken when applying for new credit. I have a Dillard's card I rarely use, preferring the Visa instead. This weekend the store offered 40 percent off if a Dillard's card was used. Since I was spending $600, it seemed like a good idea. When the clerk attempted to use my card it was discovered the card had been closed due to inactivity. She reapplied and I received instant approval. Will this be considered a new account since its basically replacing an old one that had been cancelled? The credit simulator indicated my score could drop to 771. Now I'm not too sure that a 10 point drop in my credit score was worth the $250 saved! Any thoughts?

[Guava]

IMO, it will be a new account

[Anonymous]

Yikes ... That's all I need is another ding on my credit score.

[Anonymous]

It might be worth the $250 savings. I'm pretty sure your credit score will bounce back. Would it be possiblle to call to see if they can back date the card?

[Anonymous]

Don't mean to be thick headed here, but I should ask Dillard's to show the card approved on the date it was opened originally? That sure would help!

[Guava]

I've only heard of AMEX doing backdating, though it doesn't hurt to ask

[Jazzzy]

The 10 point drop is definitely worth it (unless you are applying for something where a 770+ score is a huge problem as related to a 780+ score)...but I doubt that's the case. Keep your credit score in perspective. If it shows as a new account, that...in the end...will give you another positive trade line that will benefit you in the future. Often the short-term ding is worth the long-term benefit.

Last time I got a new card my score went up...not down.

[Anonymous]

Thanks for the advice. I will definitely ask for a backdated account but if Dillard's won't do it, I won't sweat it. The line of credit was only $1500.00 so maybe it won't hurt me too badly.

[RobertEG]

It is likely that they did a new inquiry to ensure that your current credit was not in the tank before they approved renewal of use of the card.

However, that is only a small ding limited to one year.

New account numbers are given all the time without altering the original date opened.  Lost and stolen cards come to mind.

I would argue with them if they updated the date opened, even if they gave it a new acct no.

They loose nothing by maintaining the original open date, and you maintain your AAoA.

Most likely, they dont understand AAoA.  I would give them a call after the account posts, and ask for reset of the date opened if they altered it.

[Anonymous]

I'm sorry, I don't understand half of what is said or how this whole complicated process of credit scoring works. I re-opened the account last week and it's already hit my credit account and my score dropped TWENTY points. I have paid off all but one of my credit cards, that was months ago, and I still show having several cards with balances. Yet I replace a closed card and it shows up in less than a week. Unbelievable. I truly want to scream. Actually, at this point I'm tempted to just bury whatever money I have under a tree in the backyard and give up on credit entirely!