Best Answer

Unfortunately, yes.

User Avatar

Wiki User

โˆ™ 2006-09-05 18:06:52
This answer is:
User Avatar
Study guides

The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

How do you know which transactions are awaiting your approval

See all cards
25 Reviews

Add your answer:

Earn +20 pts
Q: Is it legal for credit card companies to increase your rate if you have not been late or had any other penalties with any other credit card?
Write your answer...
Still have questions?
magnify glass
Related questions

Can bankruptcy discharge legal fines or penalties?

No, it does not discharge legal fines and/or penalties.

What is a common legal penalty for a DUI?

Usually for a first offense penalties include a fine, probation, or suspension of license. After that the penalties are pretty much the same, but increase with severity.

Is it legal for cable or phone companies to obtain a credit report and use it to decide whether to service a new customer?

Normally they do not do this, however it is legal. It is legal and customary for utility companies to pull credit in response to a request for service. Many utility companies also report delinquencies on the bureaus. PECO (Pennsylvania Electric Company) is a specific example). The use of credit reports and credit scores is widespread and is a motivating factor for consumers to educate themselves and manage debt wisely. Some other examples of when credit is pulled are; by insurance companies, for employment purposes, by rental companies and by banks for savings and checking accounts.

What are the legal penalties for Hashish?

Depends on where you live, but the penalties are similar to marijuana charges

Where can one find legal credit repair?

Lexington Law is a leading credit repair law firm. It offers you help to take action and repair your credit. To date, he has provided help to his clients to eliminate millions of collections, late payments, amortizations, liens, bankruptcies and more from their reports. If you need to save on legal services, go to the following link: // lw3b6 (remove the spaces and put it in the search engine). I hope I have been able to help you. Luck

Is it lawful for credit card companies to charge unfair high credit card rates?

There are legal limits to how much interest can be charged. Usury rates are different in each state, most credit card companies are smart enough not to break the law.

What is the legal penalty for cheating wife?

In most countries there are no legal penalties. There may be legal repercussions.

Can your existing credit card companies pull your credit?

Absolutely. You authorized additional pulls of your credit when you established the account. This is not only legal, but customary. Credit card issuers periodically check your credit to see how you are managing your financial obligations. If they notice late payments on other credit accounts, they can use clauses in your contract to raise your interest rate, even if you have never paid THEM late. They also perform an inquiry into your credit report in conjunction with an increase of your credit limit.

Is it legal and ethical for a business in Illinois to add a credit card convenience fee to a bill?

I don't know that it is legal or not, but most credit card companies will raise a stink about it! They don't want people to pay more for something because they use a credit card.

Will a credit card company collect on a debt when the person has no money to pay the debt?

Yes, the credit card company will just continue to send you the bill until such time that your balance reach an amount applicable for a legal proceeding. When you don't pay your bill, your balance will accumulate penalties and charges, which will increase your balances monthly. Therefore, it is best that you seek the assistance of a credit card debt help counselor.

Is it legal for credit card companies to threaten to call relatives in an attempt to collect on a past due balance?

Credit card companies may call relatives that were given as a reference on the car loan. It is not illegal to call them, it is illegal to harass them.

What are the legal penalties for possession of an illegal substance?

It depends on what the illegal substance is. Crystal Meth penalties are the highest for possession

People also asked