Delete please remove

Delete

Check in with both Trans Union and Equifax for your credit report. It's not a huge amount so you might be OK if your credit was good to begin with.

I've had fraudulent charges appear on my credit card, and it hasn't appeared on my credit report. I think you're fine as long as it's not your own fault.

And even if it does show up I doubt it will affect your credit rating all that much.

When I got my mortgage I was told that quite often people are quite suprised at their credit ratings. They typically come in higher than you expect, and mine was that way as well.

I'm sure that one incident wouldn't have an affect on your rating. You'd have to have a bad credit history in the first place to really affect getting a mortgage.

You should be fine because the bank has paid off the $560. Nothing will affect your credit rating until you are 90 days past due.

Originally Posted by Rehan

I've had fraudulent charges appear on my credit card, and it hasn't appeared on my credit report. I think you're fine as long as it's not your own fault.

yup, it will just appear as accout closed - card stolen and will have a R1 rating because they will still keep reporting it as paid in full on time each month.

Originally Posted by Sam268

thanks.. does anyone if all credit card company eat up the charges if your card was stolen and used before you report it and fine out? I heard MBNA is the worst and make you liable for it sometimes

MBNA is probably covered by Mastercard's Zero Liability policy. Visa has a similar policy.

I guess it'll be in the fine print where the "fraudulent transactions" are defined... maybe some have a broader definition than others.

Originally Posted by rookie

You should be fine because the bank has paid off the $560. Nothing will affect your credit rating until you are 90 days past due.

Actually when this happens the bank does a chargeback on the $560 and the merchant ends up paying for this.

Originally Posted by Sam268

you mean the store that the goods were purchase from, they got to eat the charges at the end, not the visa company?

99% of the time, yep. The only recourse after that for the merchant is to sue you if they think you did commit a fraud.

if you don't use your credit card (CC)/Line of Credit (LOC) does your FICO change?

if you never carry a balance (i.e. pay off your balance upon due date) on your CC/LOC is your rating affected?

all Q's if yes==>"how"

Originally Posted by bubble.tea

if you don't use your credit card (CC)/Line of Credit (LOC) does your FICO change?

if you never carry a balance (i.e. pay off your balance upon due date) on your CC/LOC is your rating affected?

all Q's if yes==>"how"

When CC providers report your balance to Equifax/TUC, they take a snapshot of whatever your balance happens to be at the time. So if you're in the middle of a billing cycle and your balance is $3000 (which you'll pay off fully once you get your bill), they would report that $3000 as your balance. That's what happens with my VISA, and I would assume it's the same with a LOC.

I don't know how these things affect your FICO, though.

Originally Posted by Sam268

you mean the store that the goods were purchase from, they got to eat the charges at the end, not the visa company?

Yep (most of the time). I used to work at retail and it does happen. The store will simply got a chargeback from Visa and the retail business has to fight with it. (by providing proofs and etc..)

Originally Posted by GiantBear

Yep (most of the time). I used to work at retail and it does happen. The store will simply got a chargeback from Visa and the retail business has to fight with it. (by providing proofs and etc..)

I worked in retail for a while, and we had stolen card come through for a major purchase (didn't find out till after ). Everything checked out with the card (ok authorization, signature matched, ID check) so we put through the sale, but we were still kind of suspicious so we even wrote down their licence plate # too, which was stolen also. The CC company came in and we had no problems, the CC company had to take liability. Basically we were told that if the retailer does the authorization and checks the signature (and ID for major purchases) then the CC company is liable for the lost $$$.

Problem is that most retailers don't check signatures carefully and don't follow proper methods for accepting CCs, and that's why they end up picking up the tab.

Originally Posted by TheDude79

I worked in retail for a while, and we had stolen card come through for a major purchase (didn't find out till after ). Everything checked out with the card (ok authorization, signature matched, ID check) so we put through the sale, but we were still kind of suspicious so we even wrote down their licence plate # too, which was stolen also. The CC company came in and we had no problems, the CC company had to take liability. Basically we were told that if the retailer does the authorization and checks the signature (and ID for major purchases) then the CC company is liable for the lost $$$.

Problem is that most retailers don't check signatures carefully and don't follow proper methods for accepting CCs, and that's why they end up picking up the tab.

I remember when I was in retail. If the card was swiped thru the machine
and it was Authorized and you check signature - then CC is liable

but if the credit card #'s are entered to the machine (not Swiped) and even you check the signature - The store still be liable

Little off topic but since some merchants don't take a signature when the purchase is under $25, who is on the hook if your card is used fraudently? The credit card company, the merchant or the cardholder? I would assume the merchant.