topic Does fraud transaction affect credit score negatively? in Understanding FICO® Scoring

Does fraud transaction affect credit score negatively?

haoniukun — Tue, 08 Jan 2013 06:37:33 GMT

Hi,

I found a fraud transaction on my credit card transaction list, so I called the credit card company.

The customer reprenstative closed the card and told me that they would issue me a new card.

I'm just curious if the new card will have any negative impact on my credit score.

I may need to apply for mortgage in the next couple of months.

I don't hope the problem will have any negative impact on my credit score.

If there is negative effect, how can I compensate to minimize the negative impact?

Thanks for any advice in advance.

Re: Does fraud transaction affect credit score negatively?

bettercreditguy1 — Tue, 08 Jan 2013 14:33:50 GMT

no, it does not effect your credit score and it does NOT show up as a new account either. After one or two months your prior history and start date from your old card will be merged to the new account.

Re: Does fraud transaction affect credit score negatively?

QAMngrGirl — Tue, 08 Jan 2013 14:43:33 GMT

bettercreditguy1 wrote:
no, it does not effect your credit score and it does NOT show up as a new account either. After one or two months your prior history and start date from your old card will be merged to the new account.

Does this depend on the company? Last year Bofa closed a bunch of accounts due to a "security breach" on their end and issued new cards. My old account was closed, reported lost/stolen & a new trade was opened. Same history of course, but both trades are on my credit reports.

Re: Does fraud transaction affect credit score negatively?

bettercreditguy1 — Tue, 08 Jan 2013 14:49:27 GMT

I can speak for Chase as I recently had the experience. My old account was there for one possibly two reporting months, then the old account vanished.

Re: Does fraud transaction affect credit score negatively?

QAMngrGirl — Tue, 08 Jan 2013 15:03:27 GMT

bettercreditguy1 wrote:
I can speak for Chase as I recently had the experience. My old account was there for one possibly two reporting months, then the old account vanished.

Yeah, my BofA issued happened May'12, and both lines are still there =/

Re: Does fraud transaction affect credit score negatively?

haoniukun — Tue, 08 Jan 2013 17:31:07 GMT

Mine is discover.

I'll try to monitor my credit report so that I can keep the length of my credit history for the discover card.

Thanks for your replies.