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Would re-opening a closed account potentially increase credit score?
I have a credit account that was closed due to inactivity after I had paid the existing balance to zero about two years ago (was one of a few older accounts). Normally I wouldn't mind, but at this point, all the calculators say that to increase my score any further, I need to open more accounts and/or increase my available credit (I have a 706 score atm). This particular account had a 4200 dollar limit (all my existing is only a few hundred dollars above half that >.<). Worth reopening? (the calculator here on CK says I would get an instant 3 point increase in overall credit score) any other words of advice or suggestions? :)
Asked by
mread41
1 year ago
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By the way, I neglected to mention that my credit utilization is currently about 15%, Debt utilization is only 1%. That one account alone would drop my credit utilization from 15% to about 5% (And I'm about a month away from paying what remaining credit I have out to zero if it takes even that long). 2 Open credit accounts atm, 4 closed (1 includes my last car loan which was paid on-time and paid off early about 4-5 years ago).
mread41 1 year ago
You can try calling the credit card company & ask if they would consider reopening your acct. Some will, some won't. If they do, that will give you all that history back. Opening new accounts won't immediately boost your score, as you will take a hit for the inquiry and the new acct will drop your average acct age, but those bounce back fairly quickly. It's always a good thing to keep your accounts active / open. As they age, you can call or go to your acct online & hit the "LUV" button asking for a credit line increase. These requests sometimes result in a hard inquiry, depending on the creditor. Sometimes those inq's are worth the small ding to the score when you get more available credit.
BungalowMo 1 year ago