Sentences with phrase «universal default clause»

While new rules prohibit universal default clauses in your lending agreement, they do nothing to prevent banks from withholding special offers if your credit report shows late payments.

In 2007, Citibank voluntarily eliminated universal default clauses from its credit card agreements.

The Universal Default Clause states that a lender can raise APR's if you have been late on any payments to your accounts including those with other financial institutions.

These payments were in many cases much greater than the current interest rates applied to their existing balances and were also applied according to the Universal Default Clause.

Credit card agreements have a Universal Default clause; this allows them to raise your interest because you were late with another company or if they consider you a high credit risk without informing you!

The Universal Default Clause and how it impacts your credit score is important.

Remember, if you are married, you might have joint or authorized user accounts, so you have to remember to look at all of your cards to see if the universal default clause is impacting you.

According to Wikipedia, Citibank removed use of the universal default clause in 2007, but you will have to check with other credit card issuers to see their most up to date policy.

Don't apply for a credit card that has a universal default clause.

The Universal Default Clause This clause has much worse consequences for being late on your credit card payment.

Chase's Ink cards also have an array of protections and improvements, including fixed statement and payment due dates, no double - cycle billing and no universal default clauses.

Citi has a universal default clause for its business cards, which means it can use information from other accounts to raise rates at any time, for any reason.