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Question
I have 5 credit cards with balances. 2 of them I have just recieved notice that the interest rates are going up. I have the option to opt out,but was wondering if that will affect my other 3 cards because they are all under a fixed rate promotion of 0%till paid, 2.9% till paid, and 3.9% till paid. If I opt out will the other cards come back and take my promotions away? Thanks for answering my question
Hi Nicole:
It depends on the agreement for your fixed rate promotions. If you have a guaranteed promotion, it likely cannot.
More likely, there are probably provisions that allow the creditors to back out of the promo rates. For example, it's almost guaranteed that if you miss a payment or two, they will revoke the promo rates. Soooo... does your agreement state that if your credit portfolio changes they can revoke the promo rates? What COULD happen is that you likely have to close the ones you are opting out of. This can potentially negatively impact your credit score. The other cards usually do "soft pulls" on your credit and if they see a lower score or changing credit criteria, they may revoke the promo rates.
It really depends on the credit card agreement you have. I suggest either re-reading the terms or contacting the creditors directly. I cannot officially answer because it depends on the terms of those agreements.
Thanks,
Regan
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA - University of Minnesota
Past/Present Clients
(private)
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