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Submitted by: Gerri

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Because your credit card was used fraudulently, you may have had no choice but to close the account. Usually though, this is not treated as a negative. Issuers will typically apply the same information from the old account to the new account in terms of balance, credit limit, payment history etc. In addition there is no negative impact from an inquiry. However, you probably will see some negative impact to your credit from the fact that you are on a hardship program. I am not sure exactly how it is reported, but if you get a copy of your credit report at AnnualCreditReport.com, you can let me know how the are reporting that account by using the comments link below. I am not sure that there's anything you can do at this point. It is unlikely you would be able to reopen the old account or erase the fact that you've been in a hardship repayment program. Focus right now I'm just getting out of debt, and you can worry about rebuilding your credit once your debt is paid off. As we explain in Reduce Debt Reduce Stress, getting out of debt may require a few scars, but it can be well worth it. You may also be pleasantly surprised to see your credit scores improve once your credit card balance is at zero.

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