Lost/Stolen Cards - 2 year rule?

[JustMe77]

I used to have a Bank of America Alaska Airlines credit card, that at some point in 2008 or 2009 I reported as lost/stolen (and was issued a new card).

On 2 of my 3 credit reports (EX & TU), BoA lists the account twice (with the same open date, same account terms, slightly different account numbers). I understand that this is how they treat lost/stolen cards on credit reports (so it looks like a duplicate). EQ did the same thing a few years ago, but as of today, it's not. On TU & EX, the first card status is "credit card reported lost or stolen, closed" and the second card status is "account closed at credit grantor's request". On EQ, it's just showing the "account closed at credit grantor's request' (which is true).

Other forum members have posted about the 2-year rule with lost/stolen cards...something about the lost/stolen card being removed from the report after 2 years so you only see the duplicate info for a short while. Am I understanding that right? If that's the case, why is it still on my TU and EX? How does this affect FICO?

The reason I'm curious is because that account had late payments, and it's showing that I have 2 accounts with negative history when it was just 1 account with the missed payments. For example, my missed payment for 10/2008 is showing up like I missed a payment for 10/2008 on 2 accounts, not just 1.

Thanks in advance.

[llecs]

I had one lost card via Credit One and one stolen card via BofA. Both reported as "lost/stolen" and closed. The Credit One dropped inside the two years automatically. The BofA is still inside 2 years. IIRC, the full report from EX showed the drop off date coinciding with the 2 years.

Unfortunately the history does carry. You can try calling them to see if they'd remove the lates and/or remove the extra.

In terms of FICO scoring, everything carries over as well as the opened date, which could impact your length of history and AAoA.

[laz98]

I wish mine had stayed!  We had to report our card as compromised late last year, & BoA took no time in deleting the old account & replacing it with the new one.  I was hoping they would keep both on the reports, as I was hoping to get a bump in the AAoA.  But no such luck   I have never heard about this 2 year rule!

[Duke-of-Earl]

My experience:  I didn't lose my credit card, but BofA did.  "We have learned that some information may have been compromised at an undisclosed third-party location."  They closed the account and issued a new card pretty promptly, and then started reporting both to all three CRBs, as "lost or stolen card", and have been ever since.  I'd be pretty unhappy about getting the "account closed at credit grantor's request" indication you cited; implies you may have done something wrong.

All my account info did get carried over, fortunately no derogs there to copy though.  SInce it was already my oldest account (opened in 1975!), it had a big (spurious) impact on my AAoA, but I think my history was already too long for that to make much of a difference.

I never heard of a two-year limit, glad to learn about it from your post.  This will hit in two months, so I'll be watching for the L/S to disappear!

[JustMe77]

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@laz98 wrote:

I wish mine had stayed!  We had to report our card as compromised late last year, & BoA took no time in deleting the old account & replacing it with the new one.  I was hoping they would keep both on the reports, as I was hoping to get a bump in the AAoA.  But no such luck   I have never heard about this 2 year rule!

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If I didn't have the late payments on the account, I would actually want it to stay. It was my oldest account (opened in 2002) so having 2 old accounts instead of 1 would be nice. I feel bad enough having 120+ days late on my report, I don't want it on two accounts when it was just one  

[JustMe77]

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@Duke-of-Earl wrote:

 I'd be pretty unhappy about getting the "account closed at credit grantor's request" indication you cited; implies you may have done something wrong.

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It's correct, though. After the card was lost/stolen (and replaced) I was late making payments (120 days) and they closed the card (thankfully no chargeoff, and it's now paid off 100%). So, account #1 shows "lost/stolen" and account #2 (the replacement card) shows "closed at credit grantor's request". 

[Duke-of-Earl]

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@JustMe77 wrote:

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@Duke-of-Earl wrote:

 I'd be pretty unhappy about getting the "account closed at credit grantor's request" indication you cited; implies you may have done something wrong.

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It's correct, though. After the card was lost/stolen (and replaced) I was late making payments (120 days) and they closed the card (thankfully no chargeoff, and it's now paid off 100%). So, account #1 shows "lost/stolen" and account #2 (the replacement card) shows "closed at credit grantor's request". 

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Ah, missed that, sorry.  So if I understand correctly the "lost/stolen" card had no lates on it, and a different account number.  I'd think you could dispute any negative notations on that account, then.

Good luck.  If my l/s disappears in March, I'll post about it.