Can’t people with excessive debt get large credit cards?

For people with excessive debt, it is actually easy to understand. Banks mainly do not want to take too high risks. After all,min pay banks are profit-making institutions and are not engaged in charity. They will definitely not engage in loss-making transactions.

Debt ratio = (minimum monthly credit card payment + monthly loan payment) / your monthly income.ofw quick cash loan online If you apply for a credit card with a debt ratio of >70%, the bank will have a high chance of rejecting you and worry that you will not be able to repay the debt.

Therefore, the first thing cardholders have to do is to reduce their debt. Let’s take a look at how he did it.

If we have too many credit cards, the bank will think that we are more likely to be in debt in the future, and our card application will be easily rejected.debt consolidation Cancellation of credit cards that are infrequently used and have low limits can help us reduce our burden.

In addition, if some of the cards you have are dual-currency or multi-currency cards, they will also occupy your credit, because one currency also represents a credit card. Therefore, if our debt ratio is too high, these three Credit cards are the first thing we should get rid of. With proper installment, you will find that your debt will be reduced a bit. Although installments require a handling fee, a small amount of sacrifice is inevitable if we can improve our success rate in applying for a card.

After this series of operations, the debt will be almost "repaired", and we need to pay attention to our card application strategy.

The first is to apply for one application within a period of time. Regardless of whether it is approved or not, we can only apply for one application within this period of time. This is because some banks will reject Lao Tie's application for a credit card because his credit report has been queried multiple times within six months.

Therefore, applying for only one application within a period of time will help avoid this risk.

Secondly, it is repayment in advance. The early repayment here refers to paying the credit card bill in advance one month before applying for the card. Then the information about Laotie's debt will disappear, and our success rate of applying for the card will also be greatly increased!

Also, if you fail to apply for a card, you should wait at least three months before applying again.

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