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will doing a loan mod allow cc companies to jack my rate
am trying to get a mortgage mod,basically making a ARM fixed with a lower rate, with no other changes in terms,never late on payment.Will a mod lower my credit score and let the cc companies take advantage and jack the rate I pay.
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joebob5586
9 months ago
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Usually not. Because of the CARD Act, universal default, the act of raising your rates based on actions on another credit line are outlawed. So assuming you keep your payments, your loan mod shouldn't have any impact on your credit card rates. Now I will say, the issuer could cancel your card or lower your limit as those things are not covered in the CARD Act.
hardeight 9 months ago