If you are one of those who always worries about having a good credit history paying your debts on time, but you have credit cards that you do not use, you should know that having unused 'plastic money' can also harm your debt capacity.
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How? To begin with, the debt reports - as indicated by the Superintendency of Banking, Insurance and AFP (SBS) - not only contain information about our payment behaviors, they also include all the products and services that we contract with the companies of the system financial, including credit cards that we do not use.
How? To begin with, the debt reports - as indicated by the Superintendency of Banking, Insurance and AFP (SBS) - not only contain information about our payment behaviors, they also include all the products and services that we contract with the companies of the system financial, including credit cards that we do not use.
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Therefore, in addition to containing the rating assigned by said entities, based on your payment behavior, these reports give an account of the debt capacity that we have for the acquisition of new financial products.
Therefore, in addition to containing the rating assigned by said entities, based on your payment behavior, these reports give an account of the debt capacity that we have for the acquisition of new financial products.
WHAT IS DEBT CAPACITY?
In this sense, if we consider that the debt capacity, as defined by BBVA, is "the maximum capital by which a person can borrow without jeopardizing their financial integrity" and that several specialists agree that the limit Debt capacity ranges between 35% and 40% of monthly net income . How do unused cards affect this debt capacity?https://openlibrary.org/people/fdiindia
Considering that, as a general rule, financial institutions review the debt reports of those who request any of the products they offer, having a credit card that you do not use does affect your debt capacity.
In your debt reports, such as the SBS, list all the credit lines and financial products that you have contracted, including the credit cards that you do not use (Image: SBS)
Considering that, as a general rule, financial institutions review the debt reports of those who request any of the products they offer, having a credit card that you do not use does affect your debt capacity.
In your debt reports, such as the SBS, list all the credit lines and financial products that you have contracted, including the credit cards that you do not use (Image: SBS)
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How? Taking into account that any company in the financial system will approve your application after evaluating your credit score and your debt capacity , the fact that the line of one or more credit cards that you do not use appears will reduce your debt capacity and is They probably won't give your request the green light.
How? Taking into account that any company in the financial system will approve your application after evaluating your credit score and your debt capacity , the fact that the line of one or more credit cards that you do not use appears will reduce your debt capacity and is They probably won't give your request the green light.
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And it is that your total indebtedness in the financial system includes –according to the SBS– the current credits and lines of financing in all its modalities (mortgage, consumption, vehicle, among others), so if your debt (including credit cards without use) is greater than your payment capacity, your credit risk will end up increasing and you will qualify as “over-indebted”.
And it is that your total indebtedness in the financial system includes –according to the SBS– the current credits and lines of financing in all its modalities (mortgage, consumption, vehicle, among others), so if your debt (including credit cards without use) is greater than your payment capacity, your credit risk will end up increasing and you will qualify as “over-indebted”.
HOW DO I IMPROVE MY PAYMENT ABILITY?
In simple terms and as the personal finance specialist, Jorge Carrillo, has repeated repeatedly, it is better to know how to differentiate between current debt and potential debt because it is precisely in potential debt that credit lines will end up influencing without use.https://favinks.com/profile/fdiindia/
In this sense, the UP teacher advises –in addition to eliminating the cards that are not used– “not to have more lines of credit than you need and not to have more than two or three credit cards” . And, if possible, it recommends accepting the credit card offered by the entity where you receive your salary because it is very likely that it will offer you better credit conditions.
In this sense, the UP teacher advises –in addition to eliminating the cards that are not used– “not to have more lines of credit than you need and not to have more than two or three credit cards” . And, if possible, it recommends accepting the credit card offered by the entity where you receive your salary because it is very likely that it will offer you better credit conditions.
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