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Re-Open Closed Credit Card Account- Will they run inquiry?
Posted on 12/27/17 at 11:42 am
Posted on 12/27/17 at 11:42 am
Long story short, I closed a few high limit cards years back when consolidating accounts after college.
Slightly wiser today and wishing I hadn't.
Is it possible to re-open an account without it negatively impacting my credit score as far as inquiries? If it increases my available credit by say 15k and reduces my ratio will it be a wash with the added inquiry?
I plan to buy a house in the next 6 months and would like to take any steps to increase the score. Card is with Capital One. Score fluctuates around 780.
Slightly wiser today and wishing I hadn't.
Is it possible to re-open an account without it negatively impacting my credit score as far as inquiries? If it increases my available credit by say 15k and reduces my ratio will it be a wash with the added inquiry?
I plan to buy a house in the next 6 months and would like to take any steps to increase the score. Card is with Capital One. Score fluctuates around 780.
1
Posted on 12/27/17 at 12:42 pm to Scooba
I would think they would do a new credit pull on you. Otherwise, how do they know if you are still a good risk?
I would think at 780 you are probably getting the best financing anyways. I could see an underwriter getting nervous if you had recently opened a new card. I'm not sure I would tkae the chance here... risk may outweight the reward.
Wait 6 months after you buy and then do this.
quote:
I plan to buy a house in the next 6 months and would like to take any steps to increase the score. Card is with Capital One. Score fluctuates around 780.
I would think at 780 you are probably getting the best financing anyways. I could see an underwriter getting nervous if you had recently opened a new card. I'm not sure I would tkae the chance here... risk may outweight the reward.
Wait 6 months after you buy and then do this.
Posted on 12/27/17 at 1:22 pm to LSUFanHouston
quote:
I would think at 780 you are probably getting the best financing anyways.
That's what I'm hoping but I haven't purchased a home before so I was going for the best possible.
quote:
Wait 6 months after you buy and then do this.
I doubt I'll be too concerned with credit score once the vehicle is paid off and the house is purchased.
quote:
risk may outweight the reward
Agreed
Thanks
Posted on 12/27/17 at 2:49 pm to Scooba
There's no "re-opening" a closed account. Not even a week later. Your only choice is to get a new CC, for which, yes - they will do a hard pull.
Posted on 12/27/17 at 2:57 pm to AmeriKop45
What he said. Once an account is closed it's closed for good.
Posted on 12/27/17 at 3:28 pm to AmeriKop45
quote:
There's no "re-opening" a closed account.
It has been closed for years and it still shows up online and through the app.
I thought I would get an answer easier through MT rather than try sit on the phone with acct services til new years. 
I appreciate the help.
Posted on 12/27/17 at 3:48 pm to Scooba
quote:
That's what I'm hoping but I haven't purchased a home before so I was going for the best possible.
Do you know any mortgage lenders or brokers? Go have a cup of coffee with one and just ask them what a 780 score looks like for rate/terms and if any score would get a better offer.
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