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Can I reopen closed accounts?

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mabgh
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Subject: Can I reopen closed accounts?
 
Posted on Wed Jun 24, 2009 9:17 am  

My score is in the 700's. But I have been turned down for credit card a number of times because my credit records lacks age. My oldest account is about 1 year old. I had paid and closed all my accounts and about 5 years ago. I had defaulted on many payments. Now I would want to know whether it is possible to reopen a closed account. I don't want to wait till my present cards get old enough to allow me get new credit. I also want to know what should be the length of the credit history.
scott

scott

Joined: 28 Jun 2006
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Posts: 446



10890 Magic Points

 
Posted on Wed Jun 24, 2009 9:39 am  

Hi mabgh,

You can request the credit card company to reopen the closed accounts. Even if the company agrees to reopen the old accounts, they will definitely review your current credit records. The credit card companies would want to see whether you have been using your credit accounts responsibly, after closing the accounts you had with them.

If you are successful in reopening the old accounts, you should check whether all your past payment status appears on your credit report. It will be best, if you are able to convince the card company to not report any default payments related to the accounts. Having the account listed on your credit report as "Open" with a remaining balance of $0, will have a positive impact on your credit score.
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SCOTT

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Posted on Wed Jun 24, 2009 10:04 am  

Hi mabgh,

If you are not able to reopen the closed account, there is another way to increase the length of your credit history. If you have a friend or a close relative who has an old account with very good payment records, you can just ask him to add you as an authorized user in the account. You neither have to know the account number, nor ever use the accounts, but the good payment details will show on your credit report. Isn't that great? Very Happy
rachael



Joined: 11 May 2009
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Posts: 233



6576 Magic Points

 
Posted on Wed Jun 24, 2009 10:18 am  

Hi mabgh,

Quote:
I also want to know what should be the length of the credit history.


I'll just try to explain this with an example. For instance 'A' and 'B' are two individuals having the same credit score. But A has a credit history that goes back to about 10 years. On the other hand B's credit history is only 5 years old. When both A and B apply for credit, A's credit application is approved, while B's application is turned down.

So, the summary of the whole matter is that the longer your credit history, the greater will be the chances of qualifying for a new line of credit. There is no exact length of the credit history, that is accepted as standard by the creditors/credit bureaus.
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credit-guru



Joined: 24 Jun 2009
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75 Magic Points

 
Posted on Wed Jun 24, 2009 9:59 pm  

Negotiate with the old creditor to reopen the account. You can create the terms. You can also do what is called piggybacking, by becoming an authorized user on someone else's account. That way, all of their credit history will appear on your credit report. Even if you close the account after 90days, the history will remain on there. This is your best bet. Whatever you do, just don't fall into the "seasoned trade lines" trap. New laws are cracking down on that method, and its putting people in a worst position than they began.
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los
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Subject: reopen accout
 
Posted on Sun Nov 08, 2009 3:22 am  

will creditor offer to reopen an acount after you paid off the debt.?
debranewell2008



Joined: 10 Oct 2009
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Posts: 591



108 Magic Points

 
Posted on Sun Nov 08, 2009 3:59 am  

Wow that is very helpful information. I have never heard of the piggybacking method before. So you never have access to the account they just add you as an authorized user of one account. So how does their whole credit history get reported if you are only on one account. I know when I bought my land I gave someone the cash and then they cosigned for me a loan for the same amount. I made the payments for 6 months and paid it off. Now on my credit report it is listed as a joint account. But the cosigners credit history didn't end up on my report. So can you tell me the difference in piggybacking and a cosigner? Why would one show their credit history and the other one doesn't?
FrICO
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Subject: "piggybacking"
 
Posted on Wed Mar 10, 2010 5:59 am  

Regarding this method of hopping on to someones account as an authorized user: My sister added me to her major credit card as an authorized user back in 2005, and she maintained a good credit history with that credit card. By the time I turned 18 I had already wonderful credit so applying for my first credit card I was instantly approved with a higher than "starting limit" than my other newly adult friends. On top of that I had the best interest rates. Okay, so a hasty teen goes on a couple shopping sprees and even maxes out her own sister's card, (as an authorized user). She loses her job can't pay it off, and I never had the money to pay it off to begin with. So this credit card ends up with the highest possible interest and here I am struggling to pay it off. IMPORTANT PART: recently when I have been calling to make payments (minimum hardly covering interest) the representative always says "as the authorized user you are not responsible for this debt". Also the credit card no longer shows on my Credit report (from all 3 bureaus). Pretty much... signing on as an authorized user onto credit cards will NOT do anything to your credit score. As an authorized user to a credit card only gives you permission to use the card. That is it. This is something that has developed recently (in the last year or so). My statement only applies to authorized users for credit cards. Cosigning is a different thing
arshad javeed syed
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Subject: i want to reopen my old credit card
 
Posted on Fri Apr 16, 2010 6:34 am  

i got tat my credit card which i lost some days back so i want to repen my card now
Aaron

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48565 Magic Points

Subject: reopening anew card
 
Posted on Fri Apr 16, 2010 9:22 am  

Hi Arshad,

Can you tell me whether or not the loss was reported to the credit card company? If it was, then to reopen the card, you need to talk to the card company. They will instruct you as to what you need to do to reopen the card account.

Thanks,

Aaron
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alex007
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Subject: charge off credit card
 
Posted on Fri Apr 23, 2010 2:29 am  

can you open a charge off credit card
Aaron

Aaron

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48565 Magic Points

Subject: reoprning charged off accounts
 
Posted on Sat Apr 24, 2010 10:30 am  

Hi Alex,

This depends on the credit card company. However, generally the creditors do reopen charged off credit card accounts. You can talk to your creditors about this.

Thanks,

Aaron
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CLAIRE
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Subject: REOPENING A CANCELLED CREDIT CARD ACCOUNT
 
Posted on Tue Aug 03, 2010 9:10 pm  

I HAVE A MASTERCAD AND THEY HAVE CLOSED MY ACCOUNT AND I HAVE BEEN PAYING IT OFF....WILL THEY REOPEN MY CREDIT CARD OR WHAT ARE THE PROCEDURES..BY THE WAY WHEN THE ACCOUNT IS CLOSED AND IM MAKING MY PMTS EACH MONTH WILL IT UP MY CREDIT SCORE?
Aaron

Aaron

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48565 Magic Points

Subject: reopening closed card account
 
Posted on Wed Aug 04, 2010 10:47 am  

Hi Claire,

I don't think you can make payments on a closed account. You are first required to talk to the bank about reopening the account, and set up a payment plan with them.

I think you should check your credit report, and the status of this account on the report. If you have the payment receipts, and if the creditor agrees to reopen this account, then you can request them to adjust the outstanding amount owed as per the payments you have already made. However, this will totally depend on the creditor.

Hope that I am clear.

Thanks,

Aaron
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mrs. d
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Subject: closed joint account
 
Posted on Thu Aug 05, 2010 12:29 am  

hello i hope someone can help. This is really bothering me tonight and i need advice. I was placed on my mothers joint account about 8 years ago, My new job insisted that i have a account so they could pay me by direct deposit. This account was used primarily by me for years, and then in the last 5 years only by me, and only with my direct deposits. My mother had another checking and savings, inwhich just her and my father were on. There werent any problems with this and i kept getting my direct deposit s in this account. I did establish a new checking with only my name, and a joint savings account with my son at the same bank, but because their were no problems i continued to keep my name on this account. My mother recently was diagnosed with dementia. I have a sister who helps her with some things, and here is my dilema. She closed the account that my mom and me had for years, the same account i get my direct deposits on, and the same account which had a balance of 361.00 in it, now has a zero balance. When i approached her she stated that she gave me a chance to close this account before, and i didn't. She doesnt have any legal rights, as far as i know, my mom never discussed closing this account with me before. Now i have two problems i wish to reopen this account before i get paid just two days from now. And how can i go about getting back my 361.00 , that is clearly mine, since my mom hasn't used this account in yers. And for the past year han't even visited the bank alone. The representative i spoke to on the phone suggest going into the bank that i established the account in with my mom, and explaining this. I will do that. Can anyone shed some light on this, and please tell me how come one person can close the account without permission fromthe other person, but if i wish to reopen the same account i need my moms permission to do so. Please Help

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