Lost/Stolen credit cards - hows does cancellation effect scores?

[fused]

Actually, if a CC is lost/stolen and you receive a new card with a new number, a lot will depend on how the issuer handles the reporting. Some issuers have been known to report both the lost/stolen TL AND the new TL that replaced the lost/stolen TL. With this scenario, it might have a negative impact on your scores. AAoA and more accounts (or too many accounts) come to mind. In my case, CITI only replaced the stolen TL with a new TL (one TL reporting, not two). My open date, payment history and etc. never changed with that replacement TL. My scores didn't change.

[Macroman]

I've had a few cards stolen. I have not seen score impact but I have seen new and old accounts listed resulting in an increased number of accounts.

All of my cards have still reflected the original issue date as date opened I I think that longer term this may have helped my score because the cards stolen were mostly older accounts.

I only had one get unauthorized use and the guy involved was ultimately caught 2000 miles away.

[smallfry]

Lost/stolen cards hurt if the card in question is lower than your AAofA. The additional tradeline will remain on your report for around 18 months or so at least that has been my experience with EQ and EX. TU never did report the additional tradeline. 

[MidnightVoice]

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@fused wrote:

Actually, if a CC is lost/stolen and you receive a new card with a new number, a lot will depend on how the issuer handles the reporting. Some issuers have been known to report both the lost/stolen TL AND the new TL that replaced the lost/stolen TL. 

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This is what happened to me with Lowes.  So I ended up with two new accounts instead of one

[score_building]

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@MidnightVoice wrote:

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@fused wrote:

Actually, if a CC is lost/stolen and you receive a new card with a new number, a lot will depend on how the issuer handles the reporting. Some issuers have been known to report both the lost/stolen TL AND the new TL that replaced the lost/stolen TL. 

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This is what happened to me with Lowes.  So I ended up with two new accounts instead of one

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Nationwide just did this to me, it wasn't lost/stolen, they reissued the card at their discretion due to fraud.  That there is a FICO consequence for this action is a bit hard to grasp.

Can the closed one be disputed?

[ngerasimatos]

Im glad I asked this question, as its going to now come in handy. 

I have 2 accounts through HSBC, a Platinum card and a Best Buy Mastercard. I lost my Platinum card last night and when calling in to report it lost/stolen then CSR accidentally closed my Best Buy card instead (he was looking for my account via SSN and pulled up the wrong account)

After seeing the error he made, he closed the correct account, and now I am being issued two new cards, which means new account numbers. I asked him if the history and opening date would migrate to the new account and after conferring with a supervisor they said it will NOT.

I am not happy with this answer, I am losing my history on one of my oldest accounts, as well as possibly damaging my AAoA. 

Please tell me this is not the case!?

[smallfry]

Unfortunately this is the case.

[haulingthescoreup]

I would definitely keep asking for people higher-up to fix this. It can be done, even if those lower down the pecking order don't want to or think that it can't be done. Tell them that their employee's error is harming your credit by falsely showing that you have acquired new credit. Somebody somewhere in that bank knows how to make this report correctly.

As for the lost/ stolen card issue, the duplicate line generally reports for two years, and then it drops off. (I'm sure there are infinite variations on this, but this is what I've seen.) So the impact on AAoA would go away after two years.

For those who have lost a card and are sure that it's not going to be used by someone who finds it, you can call and ask for a new card to be issued, saying that the dog ate the old one, or the magnetic stripe pooped out, or whatever. The new card would have the same account number, so you wouldn't have the second tradeline reporting. You'd definitely have to be on the bold side to do this, and I don't know if it would jeopardize your rights to dispute fraudulent charges if they did eventually appear.

[ngerasimatos]

I am writing a letter and sending it in to express my extreme dissatisfaction. Hopefully that will ruffle a few feathers.