It's a major derog so your score will take a hit. It shouldn't affect your cards right off, but under a periodic review, your creditors may take adverse action against you such as closing the account, making your limit lower or they may do nothing at all.

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Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 649 EQ 658 FICO 5/13/2013
What's in my wallet? Cap1 PLAT AU $750; Cap1 Cash AU $1500; NFCU Siggy $10000; $500 WalMart SC
Goal Score: 700 across the board.
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My Journey