2006-08-31 14:37:04 · 12 answers · asked by robertmerchant78 1 in Business & Finance ➔ Credit
Not unless they're all from the same company, but if you're in debt with any of them it could hurt you. If it's financially possible for you to pay them down, you should really try. Especially if they are requiring you to. Credit isn't something that should be taken for granted or messed with. I've had my experiences with it.
2006-08-31 15:03:46 · answer #1 · answered by T 1 · 0⤊ 0⤋
No your cards will not be cancelled.. Here is a better idea for you to save some money, Look into doing a balace transfer from one card to another if you have the available credit limit. The company that you send the balance to will send out a electronic check to the other card company which in turns pays it off.. However make sure you are transferring the balance at the lowest apr like a 0% to maybe a 6.9% and the apr will be for the life of the balance transfer
2006-08-31 23:27:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You did it to yourself so why should they not cancel you. Actually you may be able to keep some. The credit companies do trade information and they do report to the burro so don't be surprised if they keep after you for years to come. They are debts you made and you should pay them. It would be best to get rid of all the cards if you can't use them wisely.
.....as the expression goes, you play you pay. BRAT
2006-08-31 23:12:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, the credit card fairy will cancel them all. No genius, only the ones on which you are not making at least the minimum payments. Are you really this stupid to have asked such an inane question? Rhetorical.
2006-08-31 22:11:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Need to elaborate. You're credit cards would be cancelled if you didn't pay on specific ones. However, it will decrease your chances in the future of obtaining credit, which sucks when you try to purchase a house.
2006-08-31 21:49:14 · answer #5 · answered by Chupacabras 2 · 0⤊ 1⤋
No..but it will totally trash your credit.. they will first increase your interest rate to 30-60% on the balance owed.. then it will sit there and accumulate.. than if you don't pay it, it will go into collections.. where they will try to get you to pay it.. meanwhile each month your credit will go down and down and down in points.. then if you haven't paid it they usually send it to a law firm and sometimes even put a judgement with the courts on you!! PAY YOUR BILLS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Even if it is 5 bucks.. they can't do anything to you!
2006-09-01 13:58:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Nope. But why do you have 7 credit cards? Are we looking at bankruptcy court in the near future?? Egads. It sounds like you need some money management information. Please find some good budgeting sites on the internet...Good Luck
2006-08-31 21:50:49 · answer #7 · answered by Barbara 5 · 0⤊ 0⤋
if you don't make at least the minimum payment for a couple of months they will. as long as you make the min. payment on all your credit cards you should be fine.
2006-08-31 21:50:59 · answer #8 · answered by bella_4624_19 4 · 0⤊ 0⤋
No but your APR will go sky high on the cards you do use. Plus they may lower your credit line.
2006-08-31 21:50:48 · answer #9 · answered by Brad B 2 · 0⤊ 1⤋
NO, but prepare to see your minimum payment out of whack, the ineterested of defualt will go up in smoke
2006-09-01 01:28:25 · answer #10 · answered by Hoa N 6 · 0⤊ 0⤋