If you close the account you still owe the money. If the cards were truly stolen and you have filed a report with the police and have contacted your credit card companies and they have deemed that to be true then you will need to start contacting the three credit report agencies and let them know what is going on. You will need proof (in writing) of all this of course. This will take a little time and you will need to keep on top of this. Once this clears up your score will come back up.Not strictly true.

Your RECENT credit history is weighed more heavily than your credit history from a couple years back.

Though a chargeoff would hurt pretty bad.

Check these Lifehacker tips on what really goes on behind the credit scores…

http://lifehacker.com/tag/credit-report/

Get more information on consolidate credit

Tags | credit repair