A couple of years ago I had 2 unauthorized charges from the same company on my First USA credit card. I called First USA and told them they weren't mine, they took care of the problem, but when I told them I wanted to close the account (for other various reasons), she wanted to know why and I told her so I wouldn't get any more unauthorized charges on the card. She told me that even if the account was closed somebody would still be able to make charges on it. I did still have a balance on it. Was she telling me the truth? Now that I think about it, it doesn't make much sense and it sounds like they will say anything to keep the account open. I am forever regretting not closing that account.
When you close an account, most card companies will actually leave it open for a period of time just in case you change your mind. If you have unauthorized charges on an account, you should report the card "lost" or "stolen" - then they do not have any choice, they have to stop all charges on that account. Usually they then issue you another card with a new number, but your account retains it's history - like issue date, etc..
Breeze, I'm not sure that is such a good idea. If you do that you will have a Lost/Stolen card on your Credit Bureau profiles and it stays there for 7yrs. Another creditor could view this as irresponsible even though it does not affect your fico score. It also leaves you vulnerable to having duplicate info on your files (same account reported as lost/stolen and then again as closed/current) which could be especially bad if there were ever any negatives on that account as those, too, would be duplicated. I think the best way to go in closing an account is to do it in writing, certified return receipt, and request a confirmation letter be mailed to you. Follow up if you do not receive the confirmation letter in two weeks. Mist
Mist, I have 3 cards showing "lost or stolen" on my reports. They were in online merchant's databases that got hacked, and when I was notified, I called my card company. I know there are people who say this hurts you, I really don't think it has. If I had just closed the account, I may or may not have gotten another card, would have had an inquiry for sure, and would have lost the "history" of the account and started over. However, if someone just wants to close an account, I agree, in writing is the bast way. I closed my CapOne $200 toy card over the phone - it took them 4 or 5 months to actually do it, and another 2 months to report it closed. I disputed it and exp and TU changed it, equifax said that they verified that it was open, LOL, so I called Cap One's credit report department - whatever they call it, and they had it changed for me. Equifax is on drugs.
