Question about effect of card fraud on score

[Anonymous]

Hi- last week I went online to pay my Discover Card bill, and noticed a $350 pending approval on the account, transaction date the previous day. I hadn't used the card in a couple of weeks, nor had my wife. I called Discover, their security dept. said it was used at a Wal-Mart 3 states away, signed with my name! (The card was still in my wallet.) They said it was likely a counterfeit card made with my information. I was told I wouldn't be responsible for the charge, that they were shutting off the account and would sent me a new card with a different number in about a week, same limit & terms.

Will this affect my score? For example, will my 20+ year old account now be reported as a new account?

No matter what, I obviously had no choice but to shut it off, but I'm hoping it won't ding me. I checked all my other accounts, no problems. I suspect someone at Sam's Club or our local grocery, they're about the only places I use Discover.

Any thoughts?

Thanks- Vic

[Anonymous]

The new card will likely report with the same open date as the old card and should inherit all of its history.  The old account will be marked as "Card Lost or Stolen" and should drop off after two years.

This is assuming Discover reports it the way they are supposed to.

[smallfry]

Expect to get hit with a new account but you will keep the history of the "old" account. Another glitch in the scoring system.

[smallfry]

psychic my Penfed card was "cloned" last year and I had to close and was reissued another card. I kept the history but was dinged for another new account. I never saw that notation on any of my reports about stolen credit card. Interesting. Did they whack you for a new account?

[Anonymous]

I had a fraud problem last year.  This is how it's presented on your credit report:

[Anonymous]

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smallfry wrote:
psychic my Penfed card was "cloned" last year and I had to close and was reissued another card. I kept the history but was dinged for another new account. I never saw that notation on any of my reports about stolen credit card. Interesting. Did they whack you for a new account?

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I never was dinged for a new account.  BoA simply changed my account number.  The process went very smoothly. 

EDIT: I deleted my original screenshot post to erase some links.  I later posted a revision.  That's why some of these posts read a little out of sequence.

Message Edited by psychic on 05-27-2008 03:24 AM

[smallfry]

I'll be on the phone to Penfed this morning. They botched it up pretty good. TU never picked up the new account which was fine but EX and EQ still show the old card as open and I was hit for a new account. All the benefits of a new approval with none of the thrill.

Message Edited by smallfry on 05-27-2008 06:00 AM

[Anonymous]

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smallfry wrote:
I'll be on the phone to Penfed this morning. They botched it up pretty good. TU never picked up the new account which was fine but EX and EQ still show the old card as open and I was hit for a new account. All the benefits of a new approval with none of the thrill.

Message Edited by smallfry on 05-27-2008 06:00 AM

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Both EX and EQ note that my account is open, but the card is lost or stolen.  However, I was never penalized for the account number change. 

[smallfry]

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@Anonymous wrote:

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@smallfry wrote:
I'll be on the phone to Penfed this morning. They botched it up pretty good. TU never picked up the new account which was fine but EX and EQ still show the old card as open and I was hit for a new account. All the benefits of a new approval with none of the thrill.

Message Edited by smallfry on 05-27-2008 06:00 AM

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Both EX and EQ note that my account is open, but the card is lost or stolen. However, I was never penalized for the account number change.

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I know I got hit for a new account on EQ and EX. I did enough damage myself last year w/o getting hit through an entry error on the issuer's part. I would like to get the line deleted entirely. I wonder if that would help after the fact or if the damage scorewise was already done when a new account reported October of last year.

[Anonymous]

Thanks for your responses. Our new cards came today via DHL Express overnight! Guess over 20 years of flawless account history and lots of charges (paid in full) actually counts for something! I am waiting to see what's up next, FICO-wise. At this point, I'm pretty pleased with Discover. No B.S., no yanking me around, a surprisingly good experience. I say "surprisingly" because I'm a crusty old cynic, not because of anything Discover did or didn't do.

Thanks again- Vic