I first started to build my credit 10 years ago (1999). I did a lot of "rate jumping" from card to card to card back then. Anyway, I didn't know better at the time and I would just CLOSE the account that I had transferred FROM and be content with the new card at the low rate. So here's my question: If I'm applying for a mortgage or a car loan now in 2009, is having a 10 year history that includes closed cards the same as having a ten year history with those same cards still open? In other words, does a banker say, "oh, she's got ten years worth of credit experience." Or does s/he only look as far back as my oldest OPEN account? Let me try to rephrase again :-D Is there any real or perceived benefit as far as my creditworthiness if I were to re-open the 10 year old Victoria's Secret Card and Chase Card, etc? I'm not talking about getting these companies to issue new cards--I know that would negatively impact my score--I'm talking about re-issuing the same account numbered card that I had 10 years ago.
I'm also interested in this, as I currently have a Cap One card with an annual fee. I've had it for about two years (got it when my credit was in the toilet, low 500s) and I'm pretty sure I now qualify for no-fee cards. I'm wondering if I should zero out the fee balance (just paid my renewal, good for another 11 months) and open a new, no-fee card while keeping the Cap One card open. The 11-month crossover would be enough to make the "new" card "not as new anymore", right?
Closed accounts still count towards fico. You will have trouble reopening a closed tradeline. Most require a new app, a new hard pull, and will be issued with a new opening date which may hurt fico. The only exception to this rule is Amex cards which will issue you a new card with the opened date backdated to your original "member since" date.
I've had Citi reissue an old card and keep the history, as well as BoA. So it's obvious you don't understand all of this as well as you think you do. Closed tradelines will not count nearly as much as open accounts. If you can reopen an old account and get them to keep the history, you will be better off. Sparq, I don't know if Cap One does this or not, but some banks will change your account to another type and keep all the history. You might want to call them and see if they'll convert your card. If they do, try to negotiate to get some of the fee back if you move to a no-fee card.
chuckles It's obvious you missed the word "most" in my post. There are always anomalies. For the most part no issuer will reopen a closed account and allow you to retain your history and original open date. To say that is possible is correct, to say it is likely is wrong. Begging goes a long way sometimes. Amex is somewhat of an anomalie because of their unique "member since" rules which lets you open a new account with a backdated opening date which corresponds with the date you very first opened a card with them. WRONG Closed accounts count just as much to fico as open as far as age is concerned. Closed accounts do not count at all towards your utilization or mix of credit. But don't listen to me, I obviously don't understand all of this.
Fair Isaac calculates age by virtue of your oldest "open" account by and large. This is common knowledge.
No, it is common knowledge that your average age of accounts and length of time on record(oldest account on record), as computed by FICO to help calculate your score, includes both open and closed acounts.
Wow, why would anybody care if your closed tradelines stay on for 10 years if they don't count towards age? I could post the link from fico but it may be more convincing if you do the math on your own credit reports. All accounts, except for credit agent collection accounts and public records count towards your age. Open or closed makes no difference. Haven't you ever read posts from people advising that you may not want to dispute an old tradeline that has a 30 day late because you may get the entire line deleted and lower your score instead of raise it. Losing the age is the reason for this, nothing else.
Stop arguing. I'm more confused than when I started--thanks guys. ;-) I guess either way it makes sense to open up old accounts 1) so they establish a long history without eventually dropping off the report (all my closed accounts give a drop-off date) 2) they may POSSIBLY contribute to my score. 1) Assuming I decide to re-open some, are they possible to re-open without actually re-applying and having a "hard pull" (who made up that term)? Obviously I want to re-open the same account, same history, same account number, same open date. 2) The oldest closed cards were store cards with low limits when I was just starting to get credit. Based on the fact that now I have $30k available on a number of high-limit major cards will opening these old but low-limit store cards have any measured effect. 3) Here is a list of my oldest closed accounts by original open date. Assuming that I could open all of them if I wanted, which would do the most for my score? They were all paid on time-never late. Macys opened 12/95 limit 500 Mandees opened 4/98 limit 393 Cap1 opened 7/99 limit ? Citi opened 10/99 limit 500 WFNBB opened 10/99 limit 900 Pier 1 opened 3/01 limit 500 4) Should I just try the Macy's so that my oldest open account goes back 14 years instead of just 8 as it does now (a NYCO card with a $300 limit). 5) Should I also try to reopen the cap1 so that I have 10 year major card history. My current oldest major card is a Discover with a $10k limit that goes back 7 years.
Yuck this is the example i was trying to state what you've done is want to keep this going with your agenda,Now you upset a newbie and there's no excuse since you where warned earlier.let's stick with helping people and not saying my crap pile is bigger so i must be smarter then the person with the small pile.Silly girl i apologize for what happen. 1.Try Macy's 2.Citi 3.Pier 1 for now see what happens talk to them and see if they will do a soft pull.You don't want 3 hits in a short time.
My agenda is getting the correct info out there. I'm not the one guessing about how fico works and making false statements. Look it up yourself if you still have doubts. I don't argue with people that are right.
If you would notice i haven't posted about fico i don't give a damn about fico or beacon or fako.My concern was helping the newbie out.If you would read her last post all you did was confuse her.What she said was to quit arguing which you don't understand.Now i'm going to take my pills and smooth out.just leave me alone.
There should be no arguing at all on this board. We know answers are not always black or white, but disagreements can be stated and discussed in a civil way. Those who are warned and continue to interact combatively with others will be banned. Apologies to any newbies who were affected. We try to keep Creditnet a safe place for anyone to come for help and hope you'll continue to come back for your credit-related questions.
And another troll bites the dust . . . wonder what screename they'll pop up with next. To the OP, yes, try to re-open the accounts. Sorry, I never answered the question initially. Rest assured, history is measured by and large by your oldest open account.
Thanks to all. Didn't mean to get someone kicked off by complaining about the bickering. :-( I'll try Macy's since it's my first and oldest. As for Pier 1, it's issued by Chase and I have an open chase now with a $6500 limit. And as for Citi, I have a Citi that I opened a few years back--only $1000. So I don't think I'd have too much luck convincing them to re-open old accounts when I have newer accounts that are active. Should I try anyway?
You have every right to complain,and the boss is right you can argue in a civil manner or pm each other.I was thinking if they do a hard pull it might not be worth it.However i do love Pier 1 lol
I have several accounts with both Citi and Chase. They might even reopen some old ones and then combine everything into the oldest account.
OP: Actually, it isn't your fault that they were banned. Apex Credit Services, LLC, and myself personally, have trolls that follow us around from time to time. This board bans them when it is apparent they are lashing out at us for whatever reason. It happens all the time . . . just read Rip Off Report. The internet is full of crazy people.
And it was obvious why he was here when his first post was against piggybacking and how it wouldn't work anymore.
