How does Lost or Stolen Credit Cards Hurt Your Credit Score?

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.

• 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.

Do not worry. This eventually leads us to the good news - as long as you preserve your original account's open date as well as the credit limit, the replacement of the account shall only be a piece of cake. This will not hurt your credit score and you can easily have a credit check Australia after that.

Credit Repair Services in Melbourne, Australia. Do They Really Fix Your Bad Credit?

One in every ten Australian individual struggle with their compromised credit ratings. Reasons could be any, whether it is because of payments missed in past or number of debts, bad credit rating is always a huddle to overcome that eventually makes the credit repair process a daunting task.

To have a poor credit score does not mean that you’re a person with bad intention, instead, it shows that it’s time to take the first step to fix bad credit in Melbourne Australia.

So, what’s Credit Repair?

To explain the term in its simplest way, we can say that credit repair is actually a process clubbed with strategies and techniques to improvise the ratings and wipe out the errors present on the credit file.
Credit repair is done with the help of credit repair specialists; the experts who assess and perform credit rating check in Melbourne on your behalf and work together to lower the number of negative marks present on your credit file.

When you have missed some payments on your credit card, personal loan or a mortgage, your credit file is most likely to show all those negative marks from the past. These negatives are always visible, which means if you apply for any loan or new credit card you may be denied by the lender, even if you restored your credit history.

Thus, credit repair services help people with bad credit to wipe off these negatives and make you credit ready to get approved in the future. The experts work with your creditors to remove negative marks and reduce the number of clerical errors present on a credit file.

Credit Repair Services

Even though fixing a bad credit seems a great option, there are some credit repair companies that spoiled the reputation of the services. More often, such companies charge excessive fees to repair the credit, some of them will influence you to borrow new loans or credit cards in order to pay off number of debts, without taking care of the negative marks in your credit file. Thus, to make certain that you are working with a reliable company, steer away from those who failed to provide results for their clients.

For genuine credit repair services in Melbourne, there are a few companies like Loans Direct that boasts a time-honoured reputation with their clients and delivered results that shows competency in removing negative marks efficiently. If you need help in your individual situation, talk to the credit repair specialists at Loans Direct.

Checking Your Credit Records Can Help You Save Money

Not realising how vital a credit report may be, the lion's share of Australians have never checked it. Not recognizing the marks on your credit file, the consequences could prompt in paying higher rate of interest on credit cards and loans. Moreover, it can even block the possibilities of low cost loans or mortgages from top lenders across the Australia.

On the other hand, individuals who frequently perform Credit Rating Check in Australia and are well aware of their credit ratings and score have more potential to get approved and qualify for lower rates that helps in saving good amount of money on loans. Thus, an individual’s credit ratings are imperative in saving money over the long run.

While in Australia, when you apply for a credit card, personal loan or a home loan, the bank will not going to be merciful on the negative marks or gross errors present on your credit file. Rather, your loan application may be declined and may result in an added negative mark to your credit report. In order to stay away from these concerns, the right thing is to know if these negative marks or errors exist before applying for a loan or mortgage.

Checking your credit records helps to know your standing in terms of your credit ratings as well as important aspects and findings in order to repair your credit ratings. If you find any less than satisfactory information in your credit report, it is important to know that there are ways through which those can be fixed and the right step is to first talk to a credit repair specialist at Loans Direct and request your free credit report to help you fix bad credit in Australia. Although it may take some time, but it’s worth to spend.

Additionally, pay your debt on time, merge high rate debts and multiple smaller ones under a fixed repayment loan and initiate communication with the companies that mistakenly placed information in your credit report to request for the reversal.