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Fasfeed
Joined: 06 Feb 2008
Fasfeed's page
Posts: 87
3244 Magic Points
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Subject: Lost or stolen credit card???
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Fri Feb 08, 2008 1:24 am
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| How does closing an account due to lost or stolen credit card affect your credit score,and how do i dispute account for deletion if need be. |
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 141
Location: PA
1441 Magic Points
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Fri Feb 08, 2008 2:55 am
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Most credit card companies actually report to the credit bureaus that it is the same account when you close and reopen a credit card due to fraud. Although you are issued a new account number it is like nothing ever changed. As for disputing I noticed a forum thread for disputing your credit here. I have a very simple ebook for sale on my website about repairing your credit that I would be more than happy to give you a free copy of if your still having troubles.
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Scott McKay
FreeOnlineCreditGuide.com |
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August
Joined: 09 Jan 2008
August's page
Posts: 143
25 Magic Points
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Fri Feb 08, 2008 3:35 am
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Did you call it in to the company as stolen? If you did, then it should have been reported to the credit reporting agencies that way, you can always go to each credit reporting page and file the disputes electronically on each of them.
goodluck, hope you get this all straighten out. |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Fri Feb 08, 2008 5:48 am
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Closing a good account will damage your score.
In the event of a stolen card, you aren't liable for more than $50 (which many banks will also waive)...the account isn't usually closed, the old card is deactivated, and a new card is issued to you. You may need to file a police report attesting to the loss of the card and fraudulent charges, and provide it to the creditor.
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I don't dream since I quit sleeping |
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Fasfeed
Joined: 06 Feb 2008
Fasfeed's page
Posts: 87
3244 Magic Points
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Sat Feb 09, 2008 3:39 am
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| I did report card as stolen. Luckily it hadn't been used.Thanks for the great input and quick response!!! Account was closed and new card with different number issued. |
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debtstinker
Joined: 03 Nov 2007
debtstinker's page
Posts: 302
1 Magic Points
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Sat Feb 09, 2008 5:02 pm
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| Yeah I think people panic when their cards are stolen and instead of just asking for a deactivation they cancel their account. I remember I had a good experience when this happened with our credit card years ago. The representative I had did advise me that if i closed our account that it would affect our credit rating. rather, they immediately deactivatedt he card and sent me a new one in the mail. this is the most effective way to handle a lost/stolen card. fasfeed, glad you were able to deal with your situation!! |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Tue Feb 12, 2008 3:19 am
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You do have the option to deactivate, which then by the time they get it all figured out, you can then have a new card issued on the account and continue to use it under the same account. Ask the company to transfer you history over to the new account.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1402
34547 Magic Points
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Tue Feb 12, 2008 6:58 am
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I had lost my card around two years back and did not know about it until a week. I called up the company and they helped me out. I received very strong support from them. Infact they were the ones who asked me to deactivate rather than cancel it. The account I maintained showed good history thus they did not think it was prudent to cancel the card. I was new to the concept so It was great help for me. Now I am aware so its easier for me.
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Regards,
Laura. |
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mirage12
Joined: 24 Jul 2008
mirage12's page
Posts: 8
275 Magic Points
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Thu Sep 11, 2008 1:40 am
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| Closing a card affects two parts of the credit score calculation – the level of debt and the length of credit history. Understand then that doing this will lower your credit score especially when your credit card account still has a balance and when it has available credit while your other credit cards don’t. Additionally, you credit score will be badly affected when you close your oldest credit card and when you have no other credit cards or loans to use. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Thu Sep 11, 2008 9:01 am
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Hi Mirage
You are correct. Since 35% of your credit score depends upon your payment history, making timely payments on your credit card helps you to improve your credit score. Another thing which you said is the amounts owed, ie the total amount which is due to the creditors. This amount due constitutes 30% in your credit score and so you should not use more than 30% of the available credit limit on your credit card. Other factors such as length of credit history, new credit and types of credit in use constitutes 15%, 10% and 10% of your credit score. So closing a credit card account will lower your credit score due to reduction in points which comes through credit history (35%) and length of the credit history (15%). In other words 50% of your credit score is affected due to closing of an old account.
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All the Best 
Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Thu Sep 11, 2008 5:06 pm
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| Well thanks guys. I was considering on closing one of my accounts until I read this. It does happen to be my oldest but not a card that was really needed. I am now reconsidering because of teh damage it could do. Thanks again. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Sat Sep 13, 2008 12:38 am
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It is good to keep old accounts open fireyone, this will make your available credit more and in turn make your score higher.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Sat Sep 13, 2008 1:46 pm
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Yes I think once it is paid I will just freeze it or maybe just not carry it. When I worked at the store I had people always asking me to look up their account number when checking out. Being myself I would ask if tehy misplaces their card and would get a laugh out of the responc=se. "no I cut it up so I wouldn't use it anymore". So I would ask if they wanted the company to send another (since in fact they were still using it anyway). I would get "No If I always have to bother someone to look it up then I won't charge as much".
It is hard when they put those 50% off sells near Christmas. You always see the perfect gift trhen. This is where I would get in trouble. I very rarely visit the store now.And even though it is only ten min. away and I go past it a few times a week I still mail my payment to another state just to keep from goiing in. |
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