Pay Off Balance in Time
Although your credit card privileges lapse once your card is declined, you still have a chance to maintain your optimum score by paying off the balance regularly. Once your card get’s declined you will need to make repayment but not immediately. Federal laws allow the card issuer certain options. They can either double the minimum payment or give a five years pay off time to clear your balance repayment, whichever takes less time. However, you need to send the payments in time. This will ensure that your credit card scores will remain intact and not experience a sudden drop.
Lower the Interest Charged
Even if your card is declined and there is no transaction, an annual percentage of interest will be charged on the balance amount.
However, according to the CARD act, the issuer cannot hike your interest rate if you keep paying on a regular basis. A raise in interest rate is possible only when your payment is delayed by 60 or more days. You can always set up automatic bill payments by using online calculator to avoid increase in interest rates.
Know Why Your Card Got Declined
If your card issuer lifts you off the list because of the way you are using it, like low credit scores, high debts etc, then it is mandatory for them to inform the reason. But, this does not include giving an advanced notice to you regarding the cancellation. But, if the denial was based on low scores, they can provide you with a report stating the same. Other reasons for declining are underutilization of the card, where the issuer thinks it is becoming expensive to bear the costs.
Communicate with the Issuer
It might be so that the cancellation occurred due to some miscommunication or a mistake. Or, it could be that you are suffering from a financial crisis. You need to explain your situation to the issuer but there is no chance that he will consider a financial crisis and be lenient. However, if it was a mistake, they will immediately take the necessary steps to revert your card functioning.