Closed credit accounts 3-4 weeks from closing

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beanball

beanball

Joined: 30 Jun 2009
beanball's page
Posts: 1



52 Magic Points

Subject: Closed credit accounts 3-4 weeks from closing
 
Posted on Tue Jun 30, 2009 7:21 pm  

My credit card company closed 2 of my cards due to inactivity. I discovered that another one (from another bank) closed my account in January for the same reason. Should I call them to reopen the accounts or should I just leave it alone at this late stage? One card I've had since 2001. The others since 1993 (my oldest account).

I don't have much credit card debt (practically zero) and I have a lot of available credit. My credit score last I checked was really high, but I don't really understand the formulas for FICO score. Will this hurt me? Will it hurt worse to reopen them?

Thanks for your help.
scott

scott

Joined: 28 Jun 2006
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Posts: 462



10934 Magic Points

 
Posted on Wed Jul 01, 2009 7:06 am  

Hi beanball,

Closing your old accounts will shorten the length of your credit history, and thus adversely affect your FICO score. You should request your creditors to reopen the closed accounts. You can give the card issuer a written assurance that you will use the credit cards, at least twice a month. To know more about the factors affecting your score, you can read the article here on FICO Score.
_________________
SCOTT

Use your credit account responsibly and enjoy a debt free life.

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