If he misses a single payment, you could
see your credit scores lose 100 points or more overnight.
Not exact matches
It is easy to
see why this option is so acceptable to lenders, whose fears when reading low
credit scores on loan applications is that their investment will be
lost.
It's also important to note here that lenders are beginning to
see a difference in low
credit score applicants between those who have
lost their jobs versus those who behaved irresponsibly with their
credit.
And one individual in particular
saw his mortgage rate increase, naturally because his
credit score fell, and he ended up
losing his house.
Help your
score rebound after card issuer closes account — Ways to recover your
score after
losing an open
credit line... (
See Closed card)
6 surprising things that won't hurt your
credit score — Losing your job, paying your taxes late or being locked up in prison won't hurt your credit score, as long as you keep paying on those bills... (See Credit score
credit score —
Losing your job, paying your taxes late or being locked up in prison won't hurt your
credit score, as long as you keep paying on those bills... (See Credit score
credit score, as long as you keep paying on those bills... (
See Credit score
Credit score myths)
See related:
Credit card video: The basics of debt settlement, How debt settlement works, how it affects credit scores, Do you lose your miles if you cancel your rewards
Credit card video: The basics of debt settlement, How debt settlement works, how it affects
credit scores, Do you lose your miles if you cancel your rewards
credit scores, Do you
lose your miles if you cancel your rewards card?
If a large portion of your available
credit was tied up on your Amex Blue Cash then you could indeed
see a hit to your
score from
losing that card.
(For related reading,
see: Does a
Lost or Stolen
Credit Card Hurt Your
Credit Score?)