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Posted in Credit Cards
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Question By
Momma522

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Why did my credit score go down because my credit card was closed due to fraudulent charges?
My credit union, Democracy Federal Credit Union, closed my credit card due to fraudulent activity and to prevent any further unauthorized charges.

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Top Contributor
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It is how it works unfortunately. Even if an account is closed due to fraud, it will still ding your credit. I am hoping that changes will be made regarding this as the consumer does not need to be a victim twice. It is not right and is not fair. I will say that your FICO scores probably did not fall as bad as the ones here as they still factor in closed accounts to average age of accounts, but you were surely penalized with FICO too for the account being closed. You could write your congress people, contact the media to tell your story and do what you can to get things changed to prevent this from happening to you or others in the future, but not much you can do to remedy your situation, unless you can convince the lender to keep the original account information with the new account with the exception of the account numbers. So contacting your lender and addressing all of this may help. Go to the top of the company if you have to.

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