answersLogoWhite

0


Best Answer

No. Only those companies with with you have an outstanding balance and are not paying will close the accounts. However, seven credit cards is above the average number. You may want to think about closing several accounts and paying down the rest. * Maybe. If the issuer decides that the account holder is becoming a financial risk they do have options available such as lowering the account holder's credit limit, raising interest rates, closing the account, etc.

User Avatar

Wiki User

โˆ™ 2006-09-01 12:43:41
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

โžก๏ธ
See all cards
3.88
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
25 Reviews

Add your answer:

Earn +20 pts
Q: Will all seven of your credit cards be cancelled if you default on two or three of your balances?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can having to many credit cards with no credit balances reduce your credit score?

{| |- | Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. |}


Why do you have to have credit cards with balances on them to get a mortgage?

to show how repsonsible you are at paying your bills


What benefits are offered by the balance credit cards?

Balance credit cards are those that allow the holder to transfer balances (debt) from other credit cards to this one. Since these credit cards usually come with a promotion that includes several months of no interest payments, they can be used to consolidate and pay off other credit card balances. The balances must be paid during the promotional period for this to be of benefit. Managing and paying off debt this way, saves money and improves one's credit score. These are the benefits of balance credit cards.


What happens if i default into pay my credit card bill?

This could damage your credit score. It will be harder for you to get credit cards or loans in the future.


Will it affect your credit rating and score if you have 5 credit cards but use only one and neglect the other four cards?

== == Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. == == == ==


Is 755 a good credit score?

Yes, you probably pay your bills on time, have low balances on your cards and have long established credit


What happens if you never paying credit card debt?

You are likely to have your wages garnished. Your credit cards will be cancelled and liens may be placed on property.


If you have no late payments on your credit cards is it bad to completely pay off your balances?

Keep the balances paid off to avoid interest charges. They can eat you up.


How will your credit score be affected when the bankruptcy drops off?

That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history


What is the process of a transfer of balances between two credit cards?

When one transfers a balance between credit cards, it is the same idea as using one credit card to pay the bill on another credit card. One can do this electronically for some cards or use the checks that often come with the credit card statement.


Could you get a credit card with a 528 score?

probably not, because your consider high risk to the merchant/lender. you probably have some high balances, slow payments and too many active credit cards or/and new credit cards


What are some steps to build credit history in the shortest time?

To build credit history quickly, take out a new credit card and pay off the balance each month. Also, make sure you do not have any balances on major credit cards or store credit cards.

People also asked