Why did the bank lower the credit limit on my card?

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Helmet Card users Credit You realize that your credit limit has dropped significantly. puzzle that It can cause discomfort and confusionWhy this change?

I asked for a lot of money

Pay your card on time to request a credit limit increase Source: Unsplash

Let’s remember that Credit institutions such as banks o Sofomes constantly analyzes the credit behavior of its customers. This means they can To consult Your credit bureau As long as you allow it.

Due to this situation, just in case Many credits requested In various financial institutions, the bank may choose to reduce your credit limit to prevent you from going into debt You end up scraping off all your plastic. Therefore, it is not recommended to apply for a lot of funding at the same time.

Debt restructuring request

When you have a credit card and Ask for one Restructuring Debt, It is very likely that the bank will reduce your creditworthiness So you can focus on paying Your debts. Although it is possible that over time they will reset your maximum card limit.

Emergencies or emergencies

Evaluate your debt capacity before extending your line of credit Source: Unsplash

The pandemic caused by Covid-19 was one of the main reasons behind the hundreds of credit card users they or they Limit Credit. This, as The action taken by the banks To reduce the risk of indebtedness.

In general, this reduction in credit lines concerns customers who Extensions required to comply with payment of your cards. Despite this procedure, Guide for detour Amended (IMOR) was 17.93%, with an average of 2.13%.

If you want more Advice for repaying your debts, Remember that you can follow the official channels of Owenk Owenk Where you will find the best content every day.

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