What to do if your lender increases your interest rate

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Lenders don’t just check your credit score when you apply for a new card or loan, or when you ask for an increase on your credit card or loan.

They also regularly review all of their customers to check whether their risk status has changed. If it has, then they might increase the interest rates they're charging. This essentially means that lenders think specific groups of their customers are riskier than they were before, so they want to charge more for those people.

Even if you’ve been a good customer and always paid on time, you could suddenly face a...

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