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dvroberts81
Posts: 200
Registered: ‎06-28-2008
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USAA Credit reporting

I have a credit card with USAA and I have recently recived an email from them saying "their security has been compromised" and that they are going to issue me a new card, ok, fine I think, until I checked my credit monitoring. What they did is the closed my 3 year old payment history and reported the replacement card as the new card.......so now my history has been slashed and it appears as if I have this new card for only a month now and my 3 year old history with the old card is now closed. On top of that my score dropped 30 points because of this. How in the heck do I fix this?
09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: USAA Credit reporting

Your score shouldn't have dropped 30 points from this, unless you have incredibly high scores. The history on the closed card is still counting and will continue to do so for 10 more years.

Did any balances change (on any accounts) from the older report to the newer one?

And btw, I really disagree with this practice when stolen cards are replaced. And nearly every bank does it. :smileysad:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
dvroberts81
Posts: 200
Registered: ‎06-28-2008
0

Re: USAA Credit reporting

well, here is the really screwed up part. They closed my old card with the balance owed and the new card was reporting with $0 balance and my available credit ratio has increased..........i know, weird. Is there anything that can be done about this so I can have them put it into one account on my credit report? or is this really just a standard practice that we all cant do nothing about?
09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
Established Contributor
Posts: 513
Registered: ‎04-03-2007
0

Re: USAA Credit reporting


dvroberts81 wrote: 
What they did is the closed my 3 year old payment history and reported the replacement card as the new card.......so now my history has been slashed and it appears as if I have this new card for only a month now and my 3 year old history with the old card is now closed. On top of that my score dropped 30 points because of this. How in the heck do I fix this?

Call the bank and ask for the original credit card account to be reopened with a new account number. You will still suffer a temporary score drop for the new tradeline because of it being a recently opened account and it also lowers your average age of accounts. If the bank wants to cancel the new tradeline after reinstating the old credit card, tell them you want the bogus account removed from your credit reports because you didn't apply for the card.

 

Be careful and be polite. The bank might be looking for a reason to simply cancel your card altogether.

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: USAA Credit reporting

My younger daughter's USAA MC was also compromised, and her accounts were a bit goobered up like yours for several days. She was trying to figure which account to pay on, and when the next statement would be due. She called up, and they worked it out over the phone.

In her case, they seemed to err on the side of having too much credit available, rather than not enough.

Probably worth a call. I doubt they're trying to dump you. This was part of the security compromise with the credit processor a few months ago --Heartland, I think? I'm surprised they didn't get my card, too.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
MojaveMoon
Posts: 536
Registered: ‎08-26-2008
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Re: USAA Credit reporting


dvroberts81 wrote:
I have a credit card with USAA and I have recently recived an email from them saying "their security has been compromised" and that they are going to issue me a new card, ok, fine I think, until I checked my credit monitoring. What they did is the closed my 3 year old payment history and reported the replacement card as the new card.......so now my history has been slashed and it appears as if I have this new card for only a month now and my 3 year old history with the old card is now closed. On top of that my score dropped 30 points because of this. How in the heck do I fix this?


Please don't misunderstand me as insulting you. I have heard of the practice of closing the account and reporting the new account number as a separate entry on a person's credit report; but I've always heard that the date when the account was opened is the date used for the new separate entry.

But you appear to be saying that USAA is using the wrong date for the date of account opening for this new separate entry; are you sure about that ?
Established Contributor
MojaveMoon
Posts: 536
Registered: ‎08-26-2008
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Re: USAA Credit reporting


haulingthescoreup wrote:
This was part of the security compromise with the credit processor a few months ago --Heartland, I think? I'm surprised they didn't get my card, too.


I read that there was another recent data breach (in addition to the Hearland one) that may have been with a different company:
http://consumerist.com/5159047/another-month-another-massive-credit-card-data-breach

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