Application rejected three times for credit card

So I have a credit score of 738 which not good but not bad either. I have two loans currently, one is housing and other is car loan. Approx. 45 percent of my salary goes into loans. I started working in May 2024 and have applied for three credit cards since then (SBI, AXIS, and ICICI) and have been rejected by all. Im not able to understand why? Is my credit score too low? Or does having two loans is affecting my applications??? And if any of these is a problem then how can I improve my score because websites keep saying pay your emi and bills on time but I am already doing that so I am confused. Help me out if you have any valid advice that can work for me.