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Continuation of Credit History with Lender


kaushik
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Hi there,

 

I have had a Discover credit card for more than 10 years. This account was closed out a couple of weeks ago due to inactivity. I contacted Discover asking if it could be re-instated and they said they could not but I was welcome to apply to a new account. The question I have is whether a new account that I open with Discover would continue my 10+ year credit history with Discover or would it be considered as if I have a completely brand new credit relationship with Discover? I'd like to preserve my length of credit with Discover as it is helping my credit score. Any advice is appreciated.

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Posted (edited)
4 hours ago, kaushik said:

Hi there,

 

I have had a Discover credit card for more than 10 years. This account was closed out a couple of weeks ago due to inactivity. I contacted Discover asking if it could be re-instated and they said they could not but I was welcome to apply to a new account. The question I have is whether a new account that I open with Discover would continue my 10+ year credit history with Discover or would it be considered as if I have a completely brand new credit relationship with Discover? I'd like to preserve my length of credit with Discover as it is helping my credit score. Any advice is appreciated.

Unfortunately, not. However, The Discover account should remain on your credit reports for around 10 years. Even closed a good account has a positive effect on credit scores. So take the opportunity to open some card you will actually use and benefit from.

 

BTW, I had a Discover card (originally from Sears) that was closed somewhere around 2000. I had it for about 20 years but never used it. They just kept renewing the card when it expired. When I learned about credit reports (2009) the Discover account didn't show up on them even though it was less than 10 years. So it might fall off sooner if completely unused. You should pull your reports and see. Through the end of the year you can get free credit reports from the CRAs every week because of Covid-19.

 

annualcreditreport.com

Edited by cashnocredit
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