Credit Report Grade HH how Sia

Henabi

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since your HH grade is very recent, what you can do is to just focus on using one credit card to improve your rating

previously i shared a method in another cc thread about improving your credit rating, which you can consider doing.

1) buy something which is between 30-50 bucks and charge it to one card.
2) wait for the transaction to be posted
3) abt 3-4 work days later, check the credit card transaction via your banking app or ibanking.
4) Once you see that this transaction has been posted, go to the nearest SAM or AXS machine and settle the full amount immediately
5) Wait one work day for the bank to reflect that they have received the payment.
6) Once received, repeat Step 1 to Step 5. Do this for a few weeks

by doing this, you are slowly clocking positive rating
 

dahnoob

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The question was applying many credit card from same bank will affect credit score or not.

For DBS, add on cards are not considered a new enquiry and is not shown on credit report. if you apply through ibanking, they get approved instantly and mailed to you in 3 days.
 

hyperbole

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i have 'immature credit history - marginally increases risk' on my report. how long then the credit history considered 'mature'?
 

ftft58

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HH rating is very bad, worse than the Cs and Ds. as far as i know, its due to problem with repayment. no payment, late payment, never pay in full, and the bank exiting you etc etc. nothing to do with you applying alot of facilities...
 

doody_

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For HH Grade (13 May 2016, 13 cards registration from 31 Mar to 12 May):

Bureau Score
Key Contributing Factors associated with this Rating
- Not Enough Clean History Marginally Increases Risk
- Credit Exposure Moderately Increases Risk
- Too Many Enquiries Marginally Increases Risk
- Delinquency Presence Greatly Increases Risk

Adverse
- No adverse information could be found on the subject.


For EE Grade (13 April 2016, 7 cards registration, 31 Mar to 12 April)

Key Contributing Factors associated with this Rating
- Not Enough Clean History Marginally Increases Risk
- Delinquency Presence Greatly Increases Risk
- Too Many Enquiries Marginally Increases Risk
- Immature Credit History Marginally Increases Risk

Adverse
- No adverse information could be found on the subject.

--------------------------------------------------------------------------------

This one counted (-2.07)? I oso doubt this one...

Aggregate Outstanding Balances
February 2016 Unsecured CC CIMB 0.00 0.00 -2.07 0.00
Unsecured CC DINERS CLUB 0.00 0.00 0.00 0.00
Total 0.00 0.00 -2.07 0.00

So, I go pay AXS for 2.07 (no CIMB bank account) in April, AXS say must pay min $5, so now CIMB bank owe me -2.93 :)p), still hv nt updated in report leh.

---------------------------------------------------------------

So (13 - 7) cards = 6 cards
EE - HH ~= 4 bands
6/4 = 1.5. so apply 1.5 (aka 2 cards) will drop 1 band from EE grades.

So, est if I did not apply 7 cards, my grade should up 7 / 1.5 ~= 4 bands up. Assuming it is harder to drop from grades above EE, lets make it 3 band.

So my initial grade shld be ard BB or CC.

Dunno hw long will bounce back leh.

It's clearly stated in your credit report that delinquency presence is greatly increasing the risk. Going by your nick, you're 1988, you barely started work, you're applying for a whole bunch of credit cards from different banks (greatly increasing your available credit limit), and worst of all, you already owe the bank money. It's no wonder your credit rating has plummeted...

If you look at the credit report, once payment is missed you get a N (iirc) for full payment made and a Y (iirc) for balance carried forward. It might be only $2 but a missed payment is a missed payment no matter the amount. Add on the crazy card applications and it could easily look like someone desperately trying to live off credit cards...

The other 3 contributing factors barely affect the score (my hypothesis). I used to have immature history + too many enquiries and still got AA rating.
 

dlrowehtleah

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Want to ask. If apply many cards under same bank same credit limit will affect or not? Example applied both DBS Altitude Amex and Visa together. Counted as two and will drop one grade?

it is not the application that affects your grade but the fact that too many enquires made, by banks for example, that impacts your grading.
 

TnT1

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Aggregate Outstanding Balances
Unsecured Balances Non-Interest Bearing
DBS 2,404.00
UOB 14.79
HSBC 524.40

i don't understand this part ? i pay in full but this part appear on my report ?

EE grading
Too Many Enquiries Marginally Increases Risk
Immature Credit History Marginally Increases Risk
Credit Exposure Moderately Increases Risk
 

xersion

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Aggregate Outstanding Balances
Unsecured Balances Non-Interest Bearing
DBS 2,404.00
UOB 14.79
HSBC 524.40

i don't understand this part ? i pay in full but this part appear on my report ?

EE grading
Too Many Enquiries Marginally Increases Risk
Immature Credit History Marginally Increases Risk
Credit Exposure Moderately Increases Risk
U have use the amount of credits... It's non interest meaning u had paid in full...

Sent from Xiaomi MI 4I using GAGT
 

ftft58

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Aggregate Outstanding Balances
Unsecured Balances Non-Interest Bearing
DBS 2,404.00
UOB 14.79
HSBC 524.40

i don't understand this part ? i pay in full but this part appear on my report ?

EE grading
Too Many Enquiries Marginally Increases Risk
Immature Credit History Marginally Increases Risk
Credit Exposure Moderately Increases Risk

non interest is okay, if you have interest-free instalment, it will appear here.

its interest bearing that is not good, meaning you have outstanding balance thats generating interest.
 

doody_

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always paid in full, but my grading from CC drop to EE :s11:

driving me nuts:s22::s22:

We won't know how the calculation is done. Paying in full when you are rated CC might not be enough to bring your rating up. Like school grades, once you get a poor grade like E you will need many many A grades in order to pull it up again... whereas a consistent scoring B fellow has an easy time.

I have immature credit history, previously also had too many enquiries, yet still AA rating every time I check :)
 

Dividends Moderator

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The question was applying many credit card from same bank will affect credit score or not.

No, applying for many credit cards may not affect your credit ratings at all. This applies to other bank facilities as well. Credit score is affected by; repayment deadlines, existing borrowing records, internal audits & liaising with governmental agencies and other factors.

One way to retreat from such hassles is to improve your current impression. Since OP is wary of the negativity, why not secure credit repair services such as paying off debts, clearing due loans, negotiating for lower interest rates etc.

Some repercussions from bad image: cannot secure new loans, every other financial institution will have records and even up to failing to find jobs especially in executive positions. :eek:
 

TnT1

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We won't know how the calculation is done. Paying in full when you are rated CC might not be enough to bring your rating up. Like school grades, once you get a poor grade like E you will need many many A grades in order to pull it up again... whereas a consistent scoring B fellow has an easy time.

I have immature credit history, previously also had too many enquiries, yet still AA rating every time I check :)

its not that only when my grade drop than I start paying in full, the day I received my cards, I always pay in full and on time.:eek:
 

Lagu88

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since your HH grade is very recent, what you can do is to just focus on using one credit card to improve your rating

previously i shared a method in another cc thread about improving your credit rating, which you can consider doing.

1) buy something which is between 30-50 bucks and charge it to one card.
2) wait for the transaction to be posted
3) abt 3-4 work days later, check the credit card transaction via your banking app or ibanking.
4) Once you see that this transaction has been posted, go to the nearest SAM or AXS machine and settle the full amount immediately
5) Wait one work day for the bank to reflect that they have received the payment.
6) Once received, repeat Step 1 to Step 5. Do this for a few weeks

by doing this, you are slowly clocking positive rating


thx... will try that, but already used existing cards liao, all is below 1k, less than 10% usage.

Dunno this method, me is ji tao throw in 1k thru axs to pay. Still waiting for the report to update fully. Clock the first 'A' for payment of AMEX card. The other cancelled 500 limit cards all not updated yet.
 

doody_

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its not that only when my grade drop than I start paying in full, the day I received my cards, I always pay in full and on time.:eek:

Well there must be something that caused the drop in grade for you... I have had my share of crazy CC signup moments (those SCB days were the best) and even missed a payment or two, but I still have AA grade until now :)

Anyway there's nothing much you can do now, continue repaying your cards on time and it should go back up slowly...
 

TnT1

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Well there must be something that caused the drop in grade for you... I have had my share of crazy CC signup moments (those SCB days were the best) and even missed a payment or two, but I still have AA grade until now :)

Anyway there's nothing much you can do now, continue repaying your cards on time and it should go back up slowly...

I guess the drop from CC to EE is mainly due to Credit Exposure and Too Many Enquiries

Key Contributing Factors associated with this Rating
Too Many Enquiries Marginally Increases Risk:s22:
Immature Credit History Marginally Increases Risk
Credit Exposure Moderately Increases Risk:s22:
 
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