Change the Number! Don’t cancel the card.

Posted by Sue on Sep 22, 2010  

I  just saw a new twist to a long time recommendation:  As has always been true, you should have a paper copy of your license and  all credit  cards  etc. (back and front)  stored in a safe place  – not with your wallet!   Here’s the new part:   If your wallet does disappear – immediately call your credit card companies to report what has happened  but  don’t  cancel the cards!  Instead, request an “account number change”   as cancelling your account   can hurt your credit score, especially if you have an outstanding balance.  A new number  will mean that you have to make sure any automatic payments are  changed to the new account number but it won’t affect your credit rating.

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