Reasons for CC application rejected other than credit rating?

[elvintay07]

It's probably due to the same reason why your credit rating is BB instead of AA and the bank just being overly risk averse.

Actually depends la. If you got $1m secure loan, most ppl will be BB already. Also BB has a range one. You BB towards CC or BB towards AA? Haha! That is also different

 

[elvintay07]

Funny TS, ownself say rating is BB and ownself determine is not the reason, really cannot catch the logic. really is ownself approve ownself

Unless ur rating is AAA, higher income with a big chunk of saving with the bank then u ask.

Your one is amercian standard? Singapore got no AAA one lei.

 

[Singrish]

Do you clear your credit card bills on time? Some ppl intentionally pay the minimum sum & drag out their payment when they can afford to pay the bill at one go.

They have lots of reasons but frankly none are logical to me. Just clear your CC bill one shot. If you can’t then you are already spending beyond your means which is never a good thing.

 

[elvintay07]

Do you clear your credit card bills on time? Some ppl intentionally pay the minimum sum & drag out their payment when they can afford to pay the bill at one go.

They have lots of reasons but frankly none are logical to me. Just clear your CC bill one shot. If you can’t then you are already spending beyond your means which is never a good thing.

Actually banks love ppl who pays min sum. They hate ppl who pay everything and ppl who don’t spend a lot. It is the risk assessment thing. They want you to be in as much debt as possible yet cannot default.

 

[Ark Law]

I regularly fluctuate between HH and BB, no problem getting new cards approved all the time. 0 defaults.

CBS report is only one data point.

Bank see you keep cancelling and re-applying annually for sign up bonus? Reject.

Bank see past record you keep getting fee waiver but low spending? Reject.

Bank don't like your spending pattern? Reject.

Bank don't like your face? Reject.

CBS record may be timeframed, but bank records are indefinite.

applications are based on CBS Report, and some banks are more stringent than others. you might also have cancelled OCBC cards in past they take into consideration. don't attempt to retry again within 6 months, as they will all be rejected within this 6 mths.

just go apply other banks.

 

[sohguanh]

Bank don't like your face? Reject.

Wow they based on your IC photo ugly reject?!?! Usually we apply online via myinfo so only have our IC photo?

 

[elvintay07]

I regularly fluctuate between HH and BB, no problem getting new cards approved all the time. 0 defaults.

CBS report is only one data point.

Bank see you keep cancelling and re-applying annually for sign up bonus? Reject.

Bank see past record you keep getting fee waiver but low spending? Reject.

Bank don't like your spending pattern? Reject.

Bank don't like your face? Reject.

CBS record may be timeframed, but bank records are indefinite.

Do they share bank records? Like HSBC with OCBC?

 

[reddevil0728]

Do they share bank records? Like HSBC with OCBC?

Depends on what did you sign up for in any agreement you agreed to

 

[foo9883]

Hi TS, if you applied through Myinfo and got rejected, try apply using another option - manual fill in.

This happened to me as well, got rejected OCBC cc application twice without reason, called CSO, advised to apply using manual method instead of Myinfo method, got accepted after 2 days waiting.

thanks, will give it a shot.
i realized myinfo doesn't pull out my CPF contributions accurately, everything is $0.
maybe thats why? OCBC thinks i have no income

 

[katenash]

Try applying for Maybank. Once a bank accepts you, other banks will follow. And Maybank has low threshold for accepting cc application.

 

[reddevil0728]

thanks, will give it a shot.
i realized myinfo doesn't pull out my CPF contributions accurately, everything is $0.
maybe thats why? OCBC thinks i have no income

CPF contributions not meaningful if you already earning more than 6k

Try applying for Maybank. Once a bank accepts you, other banks will follow. And Maybank has low threshold for accepting cc application.

TS already got cc.

 

[JuniorLion]

Nothing is sure, even if your income is 1 mil. Your credit rating is far from perfect. Work on getting it back to AA first and try again.

 

[civicguy]

I regularly fluctuate between HH and BB, no problem getting new cards approved all the time. 0 defaults.

how come u will fluctuate between HH and BB

 

[Ark Law]

how come u will fluctuate between HH and BB

1) Card applications
2) Credit spending patterns

 

[civicguy]

1) Card applications
2) Credit spending patterns

thank you. I noticed my credit ratings dropped a lot when I applied for multi credit cards too (due to my love for free gifts and miles). and I took a balance transfer too.

better stop. dropped from AA to DD. SCARY

 

[reddevil0728]

thank you. I noticed my credit ratings dropped a lot when I applied for multi credit cards too (due to my love for free gifts and miles). and I took a balance transfer too.

better stop. dropped from AA to DD. SCARY

there's "intangible cost" to all those free stuff. hence not really "free"

 

[foo9883]

Nothing is sure, even if your income is 1 mil. Your credit rating is far from perfect. Work on getting it back to AA first and try again.

BB not enough? need AA?

 

[reddevil0728]

BB not enough? need AA?

even AA is also not a certainty

 

[JuniorLion]

even AA is also not a certainty

Correct.