I have an emergency credit card that I've had open since 1992. However I've had some fraud on it twice over the years. And most recent a few months ago they're telling me because the physical card was used they will not cover the $400 charge. It was during the pandemic, and I was not out shopping, and I had the card in my possession. Should I just pay the money and cancel the card? Not sure what to do and how it would affect my credit.
No you are not liable for fraudulent activity.
But you damage your own credit score when you close the account.
That closure stay on the credit reports for 7 seven years.
And even though YOU CLOSED IT NEW POTENTIAL CREDITORS WILL VIEW IT AS A NEGATIVE AND YOUR CREDIT WILL BE AFFECTED BECAUSE OF IT.
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