If I cant pay my min on 1 of my cards and it ends up on my credit report, will that effect my other card?

Question

will they cancel me? Im sure it will raise my apr, but if you screw up on one card will they take both away?

Answer 1

You'll become a victim of ....UNIVERSAL DEFAULT....if your other credit cards find out you were late on another card, they CAN and WILL bump your interest rate on their own card as high as possible (up to 28%)......it's part of the terms of any credit card.....you can't risk screwing up w/ one creditor and expect the other creditors not to notice....they run arbitrary/random credit checks on their account holders and......

any reason under the sun to increase your interest rate....they will jump at.

Answer 2

Sure can! They won't take it away, but will raise your APR through the roof. About six - eight months ago I got notices from all my card companies that said if I had a late payment on another card, they would raise my rates even though the late payment was not on their card.

Thay are all weasels and vultures, and as of three months ago I started paying off my cards, and stopped using them. I am using my savings to eliminate my debt, but it's gonna take a while. I suggest you start to do the same.

Answer 3

You should consider consolidating the two cards. You can usually get a good apr on a balance consoldiation. If you can't do that, no, they cannot take away your other card. Each card is its own separate obligation, but your apr will go up due to credit risk.

Answer 4

Many credit card companies have a new clause that if you are late on any of your credit cards they raise your rate. Try to make your minimum payment, or the interest rate on some or all of your credit cards can go up to as much as 30%. This could make it harder for you to make payments, thus racking up more fines. Borrow, beg or call your credit card company up and see if you can set your due date back a week or two. Most companies will work with you, but you have to call them and tell them what is going on. Good Luck.

Answer 5

It effects because it effect your credit score/rating and that could change things for the other card when they run a check like companies do every now and then.

Answer 6

IF they find out then YES, because you now become a risk for them..just a matter of time that you will have a problem on the other card.. Get a second job to catch up...!

Answer 7

DON'T MISS YOUR MINIMUM PAYMENTS! YES IT CAN EFFECT BOTH CARDS. PAY OFF THAT DEBT ! READ The Richest Man in Babylon
Author(s): Clason, George S.
http://www.ecampus.com/newbk_searchresult.asp?qsearch=title%3A%28the+richest+man+in+Babylon%29

Answer 8

This will not necessarily effect your other current cards, but it may effect any future attempts at applying for credit.

Answer 9

It can. it depends on the fine print of the card agreement. Check the agreements for each card.

Answer 10

Not necessarily, however I suggest you call the card and see if you can't make some arrangements, try to work with them. They want tyou to get back on track.