Re-Opening Old Accounts

Anonymous · ‎08-11-2008

Does anyone know whether if I re-open an old account with a zero balance that I closed myself, will the CCC's inquiry be hard or soft? If hard, how many points will I loss? My thinking is that if I re-open this CC with is about 7 yrs old, it will help my aging and utilization.

Also, I have already re-opened one CC that I closed with a balance due that I was paying off. Someone had told me that I should re-open the CC because it would help my FICO score. After I re-opened the CC, the CCC lowered my limit and now it appears that I am over the limit but I'm not being charged OTL fees. Is this CC hurting my FICO under these circumstances? I will soon be able to pay the balance down but only to about 50% of the new limit.

Thank you in advance for your input.

RobertEG · ‎08-11-2008

Whether their pull will be hard of soft is up to them. If you can contact them in advance and get their agreement to only code their pull as soft, then it wont hit you.

i have gone through re-establishing old accounts, and the only advice I can offer is, be careful. One just set up a new account number, and did not transfer old account history, and the other did a great job of restoring to me 17 years of credit hiistory.

Just get an agreement from them that they will transfer the old account history over to the new account.

Anonymous · ‎08-11-2008

I had my Kohl's card reopened after it was closed for about 4 years. It was a hard pull but the card says I've been a member since 1999. It hasn't reported yet so I don't know which bureau it'll report to (TU was the only one before) or what history will show, but the statement just cut so I expect it soon.

Message Edited by Kareninaz on 08-11-2008 10:51 PM

Anonymous · ‎08-12-2008

If you can get them to re-open it complete with history, it's worth a hard pull. A hard pull only costs most consumers 2-5 points, and that only for a few months. The account, on the other hand, provides benefits permanently.

Anonymous · ‎08-12-2008

NewWorldMan, any thoughts on trying to reopen "closed" accounts with lates within the last 22 months? My BofA CC wasn't renewed when it expired, and has X2 30-day (Oct and Nov 2006). I tried 4-5 months ago and the CSR told me they couldn't help me.

Thanks

Message Edited by Chazman on 08-12-2008 08:56 AM

johnpalley · ‎08-12-2008

RobertEG , when you say get an agreement from them are you talkin about them mailing you paperwork or them just agreeing on the phone?

Anonymous · ‎08-12-2008

Thanks everyone for your replies. I'm going to go for it but I will do my homework first and ask question.

TheNewWorldMan -- I followed your link to your web site and some of the links there do not work. Maybe it's my computer. Anyway I wasn't able to get to the link that explained scoring. I really would like to know how many points are added or subtract for particular actions. If you know of a source for this information, please share.

Thanks again.