If my credit score drops, what if anything will happen to my credit cards?

Question

Like many people I am going through hard times, I lost my job nearly a year ago and have not been able to make pay even close to what I was making. I find myself falling behind on my mortgage and was wondering if the credit card companies will cancel my cards or anything like that. Also I do NOT carry a balance on any of my cards and have never been late even once on them. I charge most of my other expenses ie insurance food etc on my cards because I get a small percentage back and like I said I always pay it off. I just can't pay 1300$ for my mortgage anymore.

Answer 1

The card companies are less likely to approve a credit limit increase, and may in fact LOWER your credit limit...often without going out of their way to inform you of this.  It sounds like neither of these problems are likely to affect you however, since you charge little and don't carry a balance.

Answer 2

Nothing to your current cards, the companies will not cancel the cards, as they do not get updated creti information.  It may be hard for you  to get new cards, and also the current companies may not increase the limits on your cards.