does one delinquet credit card effect your other cards you have?

Question

i have one credit card that is maxed and Im having a hard time paying the min payment. ive already consolodated the best I can....I have another card that has quite a bit of limit left and my payments are low. if I get behind on my payments on my first card, will they cancel my second card, even though its two different companies?

Answer 1

They may not cancel it, but the latest thing credit card companies are doing is pulling your credit history and checking up on you.

If they see you are maxed out on other cards, they may raise your rates because they will now see you as a higher risk.

It may not be fair, but unfortunately it's legal.

Answer 2

Some of the bigger credit card companies periodically check your credit report. If you have a drop in your credit score or any negatives, they increase your interest rate.

You need to stop charging on those cards. Sit down and make a strict budget. Eliminate all the unnecessary stuff -- like premium cable and internet, cell phone, new clothes, eating out, etc.

Think about getting a second job to increase your income. Then put every extra cent onto that maxed out card. The accruing interest will push it over the limit and cost you even more fees.

Answer 3

They might not cancel the credit card but they'll most likely hit you with the higher interest rates.
It's called universal default. Creditors watch your financial behavior and if they see high balances on your cards or missed or late payments they'll start raising your rates.
So, instead of 9-12% now you'll be getting 20-25%!
They also might lower your credit limit.

Answer 4

I am not sure. tthey might because if you screw up the card you screw up your credit rating and that affects everything. mind you since youy already have the card they won't be running any checks. i would try really hard to keep payments up on the card in any case. small payments are better than none. something to look at is to go to the bank and get a consolidation loan (line of credit which has a low %) and pay them both off. then cut one off. i learned from experience that one should never have more than one credit card no matter what the stores offer you.

Answer 5

Sometimes. There is a thing called "joint default" which some card companies use to jack your rate if another card is in default. So you need to make at least minimum payments on all of them, and pay down the entire balance as quickly as possible. The finance charges will eat your lunch --- and your dinner too.

Answer 6

No, a card on a separately issued account, even from the same company, will not be affected by you making late payments on another account. The only thing it may affect is you being able to get credit limit increases.

Answer 7

They won't cancel your second credit card if your payment history is good. But your delinquent card will have an effect on your credit score or if you plan on applying for another credit card.

Answer 8

There are cards that have a clause with in the agreement that allows them to run your credit periodically, say may be running it to check on increasing your credit limits, but if they negative credit, delinquency, and maxed out credit they may shut it down or reduce the limit. Check your card holder agreement. hope it helps!

Answer 9

Start looking for ways to curb credit spending and increasing your income?

If they cancel your card....it may be very hard to get it back again. Make the min payments....but note 1st para.

Answer 10

It can affect it - often they'll increase your interest rate a lot on another card even if it's a different company