So my Transunion score dropped 20 points from 818 to 798 after I reported my credit card lost..

[Anonymous]

I last month I was a victim of a fishing scheme dealing with Paypa where the hackers actually hacked Paypal and sent payment confirmation etc from Paypal. I caught it and to be save I closed all of my accounts at BB&T and opened new accounts including my Credit Card. I get an alert today that my Transuion score had dropped 20 points due to the card being reported lost or stolen. What a  RACKET.. I have locked all 3 of my credit accounts due to the Equifax hack however this is absurd..

[Ardecko]

The score drop seems plausible, but probably not for the reasons you state.. Before this happened:

When was the last time you had opened a card?

Did you get a new Inquiry on TU for this new card?

What did your average utilization look like before and after this event?

On the outside chance, look at the details of the account(s) you closed on your TU report. Does it say anything about fraud/dispute/<bad things here>?

[Anonymous]

No new card its been over 3 years since the last one opened. My UTI is 2% and there is no reason for it to drop just for that. Credit is a RIP OFF

[DollyLama]

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AMX  I closed all of my accounts at BB&T and opened new accounts including my Credit Card. I get an alert today that my Transuion score had dropped 20 points 

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I believe Ardecko was referring to this statement you made. If you close your account, any balance on it will be 100% utilization on that card alone (ding). Then asked when opened new accounts including credit card, did the financial institution do a hard pull inquiry on these new accounts.(ding)

[marty56]

The CSRs who allowed you to close those accounts were wrong.  They just should have created new account numbers which would retain all the positive history.

In general you should never close a CC unless is is costing you money.  A 500 CL CC with 20 years of history is more valuable score wise than a 5000 CL 1 year old account.

My oldest account (Gas card) has the lowest CL.  Its 30 year old or so.

[Anonymous]

NO balance on the BB&T card and they did no credit check for the card. Thanks