One of the biggest
mistakes first-time borrowers make is not knowing what lenders look at when
they assess your current financial commitments.
Many believe if they have
a credit card or two, it won’t make that much difference to their application,
as long as they haven't spent up big or missed their minimum monthly
repayments.
This is not the case
though, because the lender will actually consider the limits you have on your
credit cards, not just how much you owe.
This is because you could
go out and spend it all tomorrow, in which case you still need to be able to
afford your loan.
Get it right
One of the best ways you can avoid being turned down for a loan or getting less
than you need is by reducing your credit limits before applying, or cutting up
your cards entirely.
The other bonus of doing
so is that you'll be less likely to notch up too much unnecessary debt.
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Jason Gwerder
Wednesday, 7 September 2022
