Question Details

Chris, Home Buyer in Royal Oak, MI

Credit crd co. closed acct due hacked database. Will my credit score suffer?

Asked by Chris, Royal Oak, MI Wed Oct 10, 2007

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I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
How is the closed account notated your your credit report? Call the credit card company and ask them to remove the trade line entirely. They should work with you on this since it was their responsibility to protect this information in the first place.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Wed Oct 10, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
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Hi Chris. That's a very good question. Closed accounts usually do have an adverse effect on your credit score. That's why we tell people to pay off the credit cards, but not close the accounts as open accounts count towards your available credit. I do not know if there will be a notation in the credit report that explains why the account was closed. You should check with a credit repair service that probably has come across this question before.
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Wed Oct 10, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
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