Credit cards closures?

[notcloudy]

Hey everyone, honestly I'm fed up with WG, and am probably going to foreclose soon. I saw it listed as a possible consequence on the TS website and was curious. Has anyone defaulted/foreclosed their TS and had their credit card account closed or their limit reduced? I'm more worried about it closing then anything.
I see people ask these a lot: I do currently still owe the mortgage, and it is in Florida. Thank you in advance

 

[dioxide45]

Was the credit card used to buy the timeshare? All or part? If so. That balance won’t go away upon foreclosure.

If you are just asking if foreclosure wil impact other cards, it can. They could increase your interest rate if they reevaluate your credit score.

 

[Snazzylass]

Credit card companies reduce limits all the time, and independently of say, a foreclosure showing up on your report. There's not much you can do about it...except increase your income (which is the part of the original driver for the limit calculation), and decrease your outstanding balance.

This is really a separate issue from your T/S situation. It's possible that your credit card would be closed if you are over your limit - continuously and for an extended period of time.

 

[notcloudy]

Was the credit card used to buy the timeshare? All or part? If so. That balance won’t go away upon foreclosure.

If you are just asking if foreclosure wil impact other cards, it can. They could increase your interest rate if they reevaluate your credit score.

No, my card has nothing to do with my timeshare. I only ask because I worked hard to get my credit right which increased my limit. I using below the recommended debt ratio and cycle it. I know forclosing with affect my credit just don't want my long term account to close

 

[notcloudy]

Credit card companies reduce limits all the time, and independently of say, a foreclosure showing up on your report. There's not much you can do about it...except increase your income (which is the part of the original driver for the limit calculation), and decrease your outstanding balance.

This is really a separate issue from your T/S situation. It's possible that your credit card would be closed if you are over your limit - continuously and for an extended period of time.

Understandable, I'm below my limit and my income debt ratio, I was just wondering because I didn't want my long term card to be closed

 

[davidvel]

Understandable, I'm below my limit and my income debt ratio, I was just wondering because I didn't want my long term card to be closed

No one can predict what will happen in your particular situation.

 

[weems637]

You can always be the "test case"......