cancel
Showing results for 
Search instead for 
Did you mean: 

Would reporting a lost/stolen CC close the current Tradeline and create a new one?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Contributor

Would reporting a lost/stolen CC close the current Tradeline and create a new one?

Reporting a fraudulent charge on a CC or reporting a lost/stolen card will usually result in a new card sent to you with a new card number. But would it also close the current tradeline for that card on your credit reports, and a new tradeline will be opened? If a new tradeline is opened, would it carry the payment history of the prior tradeline keeping the tradeline open date same as the prior one?

 

Not sure if it's lender specific or there is a common practice all lenders follow. If they open a new tradeline but don't let it carry the payment history, that can potentially negatively impact your credit score. On the other hand if the new tradeline carries the age and payment history of the prior one, you can potentially improve your credit profile by adding new tradlines with good payment history and improved AAoA.

 

 

Message 1 of 12
11 REPLIES 11
Highlighted
Valued Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?

it would not result in a new account on credit report. Your history is preserved and will continue.

ѠαԼԼεէ ✈⛽☕ թⲅoթ∈l ✈☕⸿sᖇ ✈☕⍟❡olδ ⍟Ⲙileⴑթ ┊ↇᏨ ⛽⍶⍶թƧ ⍟iէ
⛪ Ҩⵢ┊ēᗟ ☏८ſⴑ ┊⍶⍶թƧβiz ⛽८ſ ☕▲B⛪⸨ꜷ ᐰmzn ᐰ√ ⌚wſ -√ ☏⸿i⸿ ┊⸿iⴑ ⚕ᙪᙪթ⸩ Ձ൦Ձ❶ ✢८αsℏẉisē, թreᲠier, ᐰviα₶oⲅℝ
Message 2 of 12
Highlighted
Regular Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?


@M100 wrote:

On the other hand if the new tradeline carries the age and payment history of the prior one, you can potentially improve your credit profile by adding new tradlines with good payment history and improved AAoA.


Be careful, you seem to imply that if this were true you would falsely report cards as missing or stolen.

Currently rebuilding:
1/18 -
7/19 -

Message 3 of 12
Highlighted
Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?


@aircobra wrote:

@M100 wrote:

On the other hand if the new tradeline carries the age and payment history of the prior one, you can potentially improve your credit profile by adding new tradlines with good payment history and improved AAoA.


Be careful, you seem to imply that if this were true you would falsely report cards as missing or stolen.


Your assertion is base on? mind reading??

Message 4 of 12
Highlighted
Established Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?


@M100 wrote:

Reporting a fraudulent charge on a CC or reporting a lost/stolen card will usually result in a new card sent to you with a new card number. But would it also close the current tradeline for that card on your credit reports, and a new tradeline will be opened? If a new tradeline is opened, would it carry the payment history of the prior tradeline keeping the tradeline open date same as the prior one?

 

Not sure if it's lender specific or there is a common practice all lenders follow. If they open a new tradeline but don't let it carry the payment history, that can potentially negatively impact your credit score. On the other hand if the new tradeline carries the age and payment history of the prior one, you can potentially improve your credit profile by adding new tradlines with good payment history and improved AAoA.


You generally do NOT end up with two tradelines.  You get issued a new number with your prior account history.  The lost/stolen card does not show up as a closed account.  It is totally replaced by the new account.  Even if you get two tradelines reporting, the history is not duplicated.  You can't improve your credit profile by reporting a card lost/stolen. 

Message 5 of 12
Highlighted
Senior Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?


@FortifiedHM wrote:

it would not result in a new account on credit report. Your history is preserved and will continue.


Well, half & half. I misplaced my Walmart store card last year and reported it lost/stolen online and requested a new card. The old account is in my closed accounts with opening date, payment history & CL, while the new card is in my open accounts with original open date, payment history & CL.


Fico 08: 734/716/734 TU/EX/EQ
Message 6 of 12
Highlighted
Moderator

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?

As @DaveInAZ points out, it depends on the lender. Some lenders like SYNCB, USAA (IIRC), and a variety of CUs, for instance, will report the lost/stolen CC as closed and the replacement tradeline will carryover the history.

Lenders like Chase or Citi will simply 'overlay' the former tradeline with the new one, so it'll be reported and updated as a single entry on the CRs.
Message 7 of 12
Highlighted
Frequent Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?


@FinStar wrote:
As @DaveInAZ points out, it depends on the lender. Some lenders like SYNCB, USAA (IIRC), and a variety of CUs, for instance, will report the lost/stolen CC as closed and the replacement tradeline will carryover the history.

Lenders like Chase or Citi will simply 'overlay' the former tradeline with the new one, so it'll be reported and updated as a single entry on the CRs.

My experience has always been the latter, I've had my Amex replaced many times during the years and the only that changes is the account number. I've seen the same with Chase and probably others too.

Scores: Feb 20: EX FICO8 787, TU FICO8 808, EQ FICO 793, TU V3 810, EQ V3 810
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 8 of 12
Highlighted
Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?


@rbentley wrote:

@M100 wrote:

Reporting a fraudulent charge on a CC or reporting a lost/stolen card will usually result in a new card sent to you with a new card number. But would it also close the current tradeline for that card on your credit reports, and a new tradeline will be opened? If a new tradeline is opened, would it carry the payment history of the prior tradeline keeping the tradeline open date same as the prior one?

 

Not sure if it's lender specific or there is a common practice all lenders follow. If they open a new tradeline but don't let it carry the payment history, that can potentially negatively impact your credit score. On the other hand if the new tradeline carries the age and payment history of the prior one, you can potentially improve your credit profile by adding new tradlines with good payment history and improved AAoA.


You generally do NOT end up with two tradelines.  You get issued a new number with your prior account history.  The lost/stolen card does not show up as a closed account.  It is totally replaced by the new account.  Even if you get two tradelines reporting, the history is not duplicated.  You can't improve your credit profile by reporting a card lost/stolen. 


That's my point. In this case your credit score could be adversely impacted since the new tradeline will show up as a new account without any history. So either way reporting a lost/stolen card or even reporting a fraudulent charge can have consequence on your credit score. positive or negative or no impact depends on how the lender reports it.

Message 9 of 12
Highlighted
Frequent Contributor

Re: Would reporting a lost/stolen CC close the current Tradeline and create a new one?

If I understand you correctly, couldn't this be used to game one's AAoA? For example, if someone has a 10 year old SYNCB account reported stolen (and subsequently closed) and a new tradeline appears, would the FICO algorithm count both in their AAoA? 

 


@FinStar wrote:
As @DaveInAZ points out, it depends on the lender. Some lenders like SYNCB, USAA (IIRC), and a variety of CUs, for instance, will report the lost/stolen CC as closed and the replacement tradeline will carryover the history.

Lenders like Chase or Citi will simply 'overlay' the former tradeline with the new one, so it'll be reported and updated as a single entry on the CRs.

 


Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.