If your credit card expires, will it affect your credit cards from other banks?

Recently, I have discovered that many friends have a vague concept of overdue credit cards. One young friend even asked me that he had multiple credit cards. If one of them expired, would it have any impact on the credit cards of other banks?

Before answering his question, I first asked him if he knew about the credit reporting system. He said he knew, but he thought that every bank has a proprietary credit reporting system. After listening to his answer, I was completely confused. It seems that many new card friends still don't know this basic common sense for many card friends.

The credit reporting system was originally used by banks to evaluate personal credit. With the development of banking business, the credit reporting system has become more complete and has become an indicator to evaluate whether a person's social credit behavior meets various credit standards. Moreover, the credit reporting system is evaluated by the central bank and is used by all banks, including some small online loans.

Once you have a bad credit record, such as overdue loans, overdue credit cards, etc., the credit system will record it. All banks will check your personal credit record before you apply for various types of credit. This means that as long as any one of them is overdue, all credit will be affected.

Being overdue will have a huge impact on your credit report, so don’t ignore it. The impact lasts for a long time, usually 5 years. Even if you are still registered after being overdue, there will still be a record. Therefore, it is particularly important to plan your consumption plan reasonably, avoid overdue payments, and protect your credit report!

As for whether overdue payments will affect other cards, generally not, unless your credit cards from other banks often have minimum repayments.

The adverse effects of an overdue credit card are as follows: If the credit card is not repaid on time, a high penalty will be incurred, usually 5% of the minimum unpaid portion. High interest will accrue, and interest is compounded. Even if the amount owed is large, the interest rate will still be high. Being overdue will stain your credit record, making it impossible to get another bank loan, such as a car loan or a house loan, for about two years after the debt is settled. If the amount overdue for more than three months exceeds RMB 50,000, and two effective collections have been made, you will not only be liable for interest and liquidated damages, but also criminal liability.

It is recommended that if you have no financial income, you should not apply for a credit card easily. Even if you do not use a credit card, you still have to bear the annual fee and other items. Don’t bear serious consequences or even affect your life just because you forget for a moment.

Finally, the weather has not been very good in the past few days. I wish everyone a safe trip and an increase in income