Credit

Applying for Credit

If my marital status changes, may a credit grantor force me to reapply for credit?

No, a credit grantor may not require you to reapply for credit just because you marry or divorce, or your spouse has died.

A credit grantor also may not close your account or change its terms for these reasons alone. There must be a change in how worthy of credit you are, such as a decrease in your income. For example, if your spouse dies or you get a divorce, and you had used your spouse's income to get credit, a credit grantor may have you reapply. The credit grantor must allow you to use the account while considering your new application.

>>What is the Truth in Lending Act?
>>How does knowing the Annual Percentage Rate help?
>>What other laws protect consumers?
>>When I apply for credit, may a credit grantor ask my age?
>>Does my gender or marital status affect whether I am worthy of credit?
>>May married people open credit accounts that are not also in their spouses' names?
>>If my marital status changes, may a credit grantor force me to reapply for credit?


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