Will reactivating an old account help my credit score?

TheCreditGuyTV Podcast

Content provided by Dave Sullivan. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Dave Sullivan or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

8+ y ago 3:15

MP4•Episode home

Tiny Credit Tip. Will reactivating an old account help my credit score?

I really do love it here in the tiny house. This week I will show you the bathroom and the bedroom today in episode number four.

I had a question come through on facebook about a borrower that a mortgage lender was working with, and the borrower had no revolvingaccounts except for one that had gone dormant.

The loan officer’s question was, “If the borrower reactivated an old account, would the borrower see a boost in their credit score?” and of course it will. Especially, if the borrower only has one revolving account. Revolving accounts are very important to a credit score, If the borrower has one revolving account reactivated and it has seven years of good payment history, the borrowers credit score will improve because of the benefit from all of that good history on the account.

97 episodes

#Business #Creditcollection #Creditrepair #Creditreport #Mortgagecreditreport #Mortgagecreditscore #Video #Careers #Dave Sullivan #Podcasting Education #Creditscores