How the times have changed to where it's not about who wears the pants in the family and instead about who carries the credit cards! Some husbands, however, feel very relieved on the thought of their lost or stolen credit card, since, of course, a stolen or lost credit card will mean much lesser expense than the expenses their wife does! The thing that actually bothers many of us is that how a lost credit card would hurt our credit score.
How do we handle a situation of lost or stolen credit card?
Let's suppose that you've reissued your credit card. Beyond any doubt, the new credit card will have a different number. The old card will be cancelled. Will the credit score also vanish along?
First things first, when you lose a credit card, or unfortunately get it hacked, you must flag the transactions as fraud. You get your account credited back in a couple of days. When the thief tends to use your credit card again, even the credit card company cancels the transaction and the credit card can no more be used fraudulently in future.
Further, you basically have two options. Remember that each card company may handle the replacement of credit cards differently.
How do we handle a situation of lost or stolen credit card?
Let's suppose that you've reissued your credit card. Beyond any doubt, the new credit card will have a different number. The old card will be cancelled. Will the credit score also vanish along?
First things first, when you lose a credit card, or unfortunately get it hacked, you must flag the transactions as fraud. You get your account credited back in a couple of days. When the thief tends to use your credit card again, even the credit card company cancels the transaction and the credit card can no more be used fraudulently in future.
Further, you basically have two options. Remember that each card company may handle the replacement of credit cards differently.
- You can change your account to a new number.
This way the original trade-line remains in your credit report. Your account's open date will be preserved and the payment history will remain under one account. - You can also cancel the current account and open a new account.
Let your original account show 'lost and stolen' with zero balance and still retain all your payment history. The entirely new account will use the same open date with an outstanding balance as your original one. This will lead you to two credit cards – one closed and another opened. So, you'll have one trade-line closed and the other is opened.
No comments:
Post a Comment