If you default on one credit card, will your other cards be closed automatically?
Credit Score
I have four credit cards. If I stop paying on one of them, can the other cards be closed automatically?
Tags: automatically, Card, Cards, closed, Credit, default, Mortgages
no
No. Each card is a separate account.
Boy, you’re really looking for ways to scam the system aren’t you. At least three questions now about how you can scam credit card companies out of money. Well if you become delinquent on another card, the other cards can jack up your rates due to your worse credit score, they can lower your credit limit making you pay up anything over and they can bump your minimum payments. If you spent as much time and energy looking for another job as you have devising scams against the credit card companies you might not need to scam them.
No, that line of credit will be closed if it goes to collections and your Fico score will drop 2-300 points.
Why would you default on a CC ?
You have financial obligations and the merchants should be paid for the goods and services you enjoyed.
Mine didn’t as long as I paid them, but it will definitely mess up your credit rating and they may even take you to court don’t forget about that! You will come out better if you try to renegotiate the amount you pay and try and pay at least something, cause in this economy creditors are more than likely to accept a lower monthly payment than none at all, so stop being scared and call them and see.
Currently banks are watching your credit reports. If you default on one, the others will likely raise your interest rate, reduce your credit limit, and/or close your account. Nothing is guaranteed.