I don't understand why CC Fraud effected my FICO

QCS123 · ‎03-19-2018

I don't understand why/how fraud charges should effect my FICO score. Discover closed the account - zero points lost. They opened the NEW account and reported the new account to the CB 16 days later - 5 pts lost....is there anyway around this? Seems like I shouldn't have any loss due to Fraud....

trusty · ‎03-19-2018

@QCS123wrote:
I don't understand why/how fraud charges should effect my FICO score. Discover closed the account - zero points lost. They opened the NEW account and reported the new account to the CB 16 days later - 5 pts lost....is there anyway around this? Seems like I shouldn't have any loss due to Fraud....

Perhaps they forgot to backdate the new account? Perhaps they won't; which would be unfortunate, yet remains a possibility. Sometimes there are unintended consequences of a few simultaneous goings on.

Anonymous · ‎03-20-2018

Assuming that this is an older account. Having the second tradeline could boost your AAoA. That would be a benefit. I've had this happen with Synchrony card and welcomed the new tradeline since they backdated it with old opening date. Ask them to update new tradeline with old open date if this is the case.

It could also be a worse issue if this entire Discover account is new all together. Then you will have an AAoA drop which sucks. In that case maybe ask Discover if they will remove the old tradeline from you report so you are not getting hit twice and also update the new tradeline to reflect old open date and payment history.

QCS123 · ‎03-20-2018

Its a new account (Jan.). I can't pull a new report til the end of the month, so just relying on the myfico alerts right now (which could be part of the issue). First alert stated account removed from report, second alert said new account added, 16 days apart. I wont be abe to check the actual dates or notations for a few weeks. All the other alerts were just for payments.

Anonymous · ‎03-20-2018

@QCS123wrote:
Its a new account (Jan.). I can't pull a new report til the end of the month, so just relying on the myfico alerts right now (which could be part of the issue). First alert stated account removed from report, second alert said new account added, 16 days apart. I wont be abe to check the actual dates or notations for a few weeks. All the other alerts were just for payments.

There are many cost-free and ultra-low-cost ways to pull reports. It should never happen that you need to pull reports but can't.

Credit Karma will give you your TU and EQ reports as often as every 7 days. WalletHub will give you your TU report daily. Creditscore.com will give you your EX report once per month along with a FICO 8 score. All of those solutions are free.

Credit Check Total will give you all three reports for a buck.

QCS123 · ‎03-20-2018

True, I didn't think about those. I thought Credit Karma wasn't accurate?

QCS123 · ‎03-20-2018

Ok I just pulled Wallet Hub, WTH? Who is accurate? My FICO says my TU is 689 and Wallet Hub says 677, that is a pretty big difference. Wallet Hub also doesn't show Discover as a CC at all....hmmmm? The balances on each card are not current either... I don't feel like it has accurate info at all, so that didn't help!

Anonymous · ‎03-20-2018

@QCS123I thought Credit Karma wasn't accurate?

CK scores are not FICO scores and their fluff charts and graphs can be misleading. Their reports though are accurate and quite useful.

Anonymous · ‎03-20-2018

@QCS123Ok I just pulled Wallet Hub, WTH? Who is accurate? My FICO says my TU is 689 and Wallet Hub says 677, that is a pretty big difference.

WH like CK uses the VantageScore model, not a FICO model. You can't compare a VantageScore to a FICO. A 12 point variance between your VS 3.0 TU score and TU FICO 08 score is actually pretty small. Some people reference as much as 100 points between their scores from these two different scoring models. FICO scores are what matters, so ignore the scores provided to you by WH and just use that service for the daily report.