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If I declare on one credit card "hardship" because their terms has changed like their interest had gone up. the only way to reserve the old interest rate is to declare hardship. Will my other credit cards get affected? Like, will my other credit cards that are open and I'm able to use will the bank close it? or put a lower limit on my account?

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Anonymous

Asked by Anonymous at 2:52 PM on Sep. 28, 2009 in Money & Work

Answers (2)
  • If any of your other credit cards has it in their terms that they check your credit record periodically, then perhaps there can be some influence, but it might not be drastic.
    I know from our personal experience, the hardship loans we have with 3 of our credit cards have had no negative effect on our other 3 credit cards that we have never been late with in making payments. One of the credit cards that we were on a hardship loan for has now told us that we have caught up with all the negative fees and are below the credit limit so they are reopening the card and cutting our interest rate in half. The monthly payments will still be manageable, which helps.
    As long as you work with your credit card companies before things get too far backed up then your credit shouldn't be too badly affected and you can build it right back up.
    Best wishes!
    PrydferthMenyw

    Answer by PrydferthMenyw at 2:58 PM on Sep. 28, 2009

  • Balance transfer switcheroo: Transferring a balance from an account with a high APR to another one with a lower interest rate could come at a high cost. Any payments you make are typically applied first to the lowest rate balance. So while the credit card company uses your payment to quickly pay off that 0 percent transfer balance, you are piling up interest on purchases, at say, 18 percent. Multiple balance transfers will hurt your credit score.


    Read the fine print.

    Anonymous

    Answer by Anonymous at 3:49 PM on Sep. 28, 2009

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