When can a card issuer look at my credit report?
A card issuer can look at your full credit report when you apply for a credit card. If you are a customer of the card issuer, it can look at your credit report at any time.
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Credit Cards
From late fees to lost cards, ask CFPB your questions about credit cards. Find a question by searching, or by browsing this complete list. Select topics on the side to narrow your results.
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Can a card issuer consider my sex or marital status when deciding whether to issue a credit card to me?
Card issuers cannot deny credit or offer less favorable terms on the basis of sex or marital status. Typically, card issuers may not even ask your sex on an application form, and the form has to disclose that you do ...
I received an offer for a credit card and it said that I was “prescreened.” What does this mean? Am I guaranteed to be approved if I apply?
Card issuers may use a credit reporting agency to make firm offers of credit to consumers whose credit histories meet the criteria asked for by the card issuer (for example, a minimum credit score). This does not mean the credit ...
What is a “daily periodic rate?”
A daily periodic interest rate is calculated by dividing the annual percentage rate (APR) by either 360 or 365, depending on the card issuer. The resulting daily periodic interest rate is then used to calculate interest by multiplying the rate ...
What is a grace period? How does it work?
With most credit cards, you can avoid paying interest on purchases if you pay your balance in full each month. The period between the end of a billing cycle and the date your payment is due is referred to as ...
My new credit card won't work. What should I do?
Most new credit cards are sent in a de-activated state to the mailing address you provided on your application. This is to prevent unauthorized use should the card be stolen before you receive it. Instructions on how to activate the ...
A box on my credit card bill says that I will pay off the balance in three years if I pay a certain amount. What does that mean? Do I have to pay that much? If I pay that much and make new purchases will I still owe nothing after three years?
Card issuers are required to let you know how long it will take you to pay off your current balance if you make no further charges and pay only the minimum amount due each month. They are also required to ...
I paid off my entire bill when it was due last month and still got charged interest. How can that be?
Different card issuers have different rules for determining when they charge interest. In general, once a card issuer begins to charge interest it will continue to do so until it receives your payment. This means that if you have been ...
My card issuer offered me the opportunity to transfer a balance at a zero percent interest rate for 12 months. I did a balance transfer and they charged me a 5 percent fee. Can they do that?
Yes, so long as the card issuer told you the fee they charge for making a balance transfer before the transfer. Card issuers are allowed to charge a fee on balance transfers, even if the balance transfer itself has a ...
If I ask my credit card company to reduce the interest rate on my balance while I am on active duty, can that hurt my credit rating?
No. Under the law a lender cannot make an adverse credit report based on a servicemember’s exercising his or her right to get a reduced interest rate under the Servicemembers Civil Relief Act.
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