Open credit lines, but unused in 6 years...

[asherrem]

Hi all,

I just pulled my credit report today. I have 3 open/current accounts for store cards that I haven't used since 2000. I no longer even get renewal cards from the companies or anything like that.

My question is, seeing as how these three accounts show as open/current with a $0 balance, do I have any real need to apply for a secured card after discharge to help improve my credit? I don't want it to look like I have "too" much credit open out there, ya know?

Thanks

[StaciMM]

If they are still reporting as open/paid as agreed-they'll help. But not having a visa/mastercard will limit the amount of progress you can make.

[sobroke]

I had the same situation occur with me. I went to one of the places and charged $20 worth of stuff so that my account would remain active. Some places can look up your account info and put in a request for a new card. Some places must re-verify all your info (including the bk) I definitely don't think it will hurt your credit to do this.

[asherrem]

They all do say paid as agreed, no lates, etc. They're also the accounts that I've had the longest. I actually thought I had closed them all after I paid them off, so I was surprised to see they were still on there as reporting on time monthly payments and zero balances--yay for me.

Staci...can you explain to me HOW opening a secured card will enhance my credit rating? I'm worried about getting stuck in that rut with too many open credit lines, even if I don't use any of them (which I hope I would have enough sense to do, I haven't used a card in four years). Also, my husband has a student loan he's paying on-time monthly, and has never been late or missed a payment.

I ask because there are several cards I did file bankruptcy on, and are "they" going to look at it like "wow that lady has 10 cards in total, and 6 she filed bankruptcy on, she sucks".

Right now my score is completely in the toilet (as is my husband's), and I'd really like to get it to where we could purchase a house on good terms in roughly two years.

As an aside...I've read here that some people's scores actually go up after discharge. We should be discharged, if all goes well, by the second week of February. Once those cards show "bankruptcy, zero balance" can I expect my score to go up a smidge?

Thanks for all your help

[bkfiler]

you cant control to omuch of how all of this plays out.

if you close any of accounts the score goes down. but depending on otjher factors it might go up.

why not find out if any are still active and try to use them and make payments on them.

a secured card that reports to the credit reporting agencies is jsut as good as another credit card. all you are looking for is a reporting of payments toward a credit line.

[StaciMM]

All I know is that all of the score simulators recommended opening a visa/mastercard type account when I didn't have one, and it no longer says that now that I have one reporting.