1. Decline in credit rating: 10 Continuous overdue credit cards will lead to a significant decline in personal credit rating. Credit rating is an important indicator for banks and financial institutions to judge borrowers' repayment ability and credit risk. The decline of credit rating will make your loan application face greater risk of rejection.
2. Increase in loan interest rate: When considering whether to provide you with a mortgage, the bank will decide the loan interest rate according to your credit status. Credit card overdue for many times may lead to greater credit risk to you, thus raising the loan interest rate, which means you need to pay higher interest fees.
3. It is difficult to obtain mortgage approval: overdue credit cards will have many negative effects on your mortgage application. The bank will decide whether to provide you with a mortgage loan by evaluating your credit history. Credit card overdue 10 times in a row may make the bank think that there is something wrong with your repayment ability, and it may be difficult to obtain mortgage approval.
To sum up, the overdue 10 credit card will lead to a decline in personal credit rating and an increase in loan interest rate, making it difficult to obtain mortgage approval. Therefore, timely repayment is the key to maintain a good credit record and obtain favorable lending conditions.
Extended data:
Overdue credit card refers to the failure to repay the loan at the agreed time. Banks and financial institutions will submit overdue information to the credit information system to form personal credit records. Continuous overdue of credit cards 10 times will have a serious impact on personal credit rating. Personal credit rating is generally divided into four grades: excellent, good, medium and poor. The higher the rating, the better the credit and the more favorable the loan terms.
Note: The above information is for reference only, and the specific impact may vary according to local regulations and bank policies. It is recommended to consult specific banks or financial institutions to obtain accurate information.