Credit score question.

[skittles_of_SDC 0]

I don't know if anyone around here knows the answer but it's worth a shot. Does it affect your credit score when a bank closes your account on you BUT gives you a new one right away in trying to thwart fraud?

I ask because I just looked at my credit report and the new card with the new number shows as a completely separate account from the old one that was closed on me because of one of those CC processor hackings awhile back.

All the stuff I can find online is about cards that were closed involuntarily due to inactivity. In that case it does go it down. The worst part about it is that it was my oldest card which I know makes a huge difference in credit score.

[TrophyHusband 0]

your worried about it way too much. i don't know if it will affect it, but if everything else on your report is good, it probably won't make much difference.

"Your scrotum is quite nice" - Skymama
www.kjandmegan.com

[likestojump 3]

I am assuming you mean a credit card as opposed to the checking/savings account.

The only thing it affects is the average length of your accounts. The longer your accounts have been around, the better it is for your credit score. Assuming you are just like every other American and have lots of credit accounts (which include credit cards, car loans, appliance store loans, etc), a single card being re-issued will have very minimal, if any affect on your score.

[justinb138 0]

It typically goes down when an account is closed (whether voluntarily or not) because your % credit utilization increases. If you close an account and reopen it with the same limit this shouldn't be an issue.

[NWFlyer 2]

Quote

The only thing it affects is the average length of your accounts.

Depending on how the bank sets it up the relationship between the old and new accounts, it might not even impact that. I've recently closed a couple of mileage reward cards because I was no longer flying the airlines regularly and didn't want to pay the annual fee for those perks. I switched both to non-fee, non-mileage cards and the "cardholder since" year stayed the same (the original year opened). BTW these were at two separate banks, so it seems to be standard practice.

"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

[Gawain 0]

I would depend on how the bank reports it to the bureaus, but I'd wager it would be a non-issue in this case.

Where it can screw you hard is if they were able to gather enough info to steal your identity and open a new account.

So I try and I scream and I beg and I sigh
Just to prove I'm alive, and it's alright
'Cause tonight there's a way I'll make light of my treacherous life
Make light!

[nanook 1]

The FICO dot com forums have a lot of information on how credit scores are affected by different situations. I would imagine the only hit, if any, would be an older credit account disappearing in place of a newer credit account. I don't think there is enough of a hit to even worry. That is, long enough the limits are the same.

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