4 credit cards

[Soul77]

I believe this activity also reducing credit score:

I have one UOB CC with G status on the top row. They can't waive my annual fee, so I just close the account. they left this G for one month, then E the next month. So, I'm suspecting UOB closed my account without waiving the annual fee. then only the following month they waive it and close it.
Maybe can appeal for this G status but it happened last year. So I just leave it.. At most it improve couple points only.. I have nothing with UOB now..

G - Voluntary closure with outstanding / surrender of security with outstanding balance
E - Closed with no outstanding status

 

[Perisher]

Should question why Credit score match credit limit instead of credit used.

It's a more accurate depiction of credibility than punishing people for having credit cards they ain't actually drawing credit from...

 

[fr33d0m]

Yes, the reason is stated: "Credit Exposure Moderately Increases Risk"


Total unsecured credit limit of 28 my gross monthly salary.

28 times of your gross monthly salary? That should be the reason.

I thought MAS recently lower the max to 18 or below?

 

[fr33d0m]

Should question why Credit score match credit limit instead of credit used.

It's a more accurate depiction of credibility than punishing people for having credit cards they ain't actually drawing credit from...

It is called credit exposure.

That you did not use it today does not mean you won't use it tomorrow.

If you never need it, why is it there?

 

[Soul77]

28 times of your gross monthly salary? That should be the reason.

I thought MAS recently lower the max to 18 or below?

Yes. that's why I've closed many of the accounts. see if this year rating increase. 1 bank normally give you around 4-5 of your gross monthly salary. I have 6 banks.

 

[fr33d0m]

Yes. that's why I've closed many of the accounts. see if this year rating increase. 1 bank normally give you around 4-5 of your gross monthly salary. I have 6 banks.

you can specify the credit limit when applying the credit card to manage your total credit limit.

If you don't manage it, you may face difficulty in applying new credit card from banks if the bank manages risk very prudently.

 

[Soul77]

you can specify the credit limit when applying the credit card to manage your total credit limit.

If you don't manage it, you may face difficulty in applying new credit card from banks if the bank manages risk very prudently.

Ya. That's why i'm trying to improve the credit rating. Maybe, next steps is to submit forms to reduce the limit of the existing cards..

 

[Soul77]

I thought MAS recently lower the max to 18 or below?

http://www.mas.gov.sg/news-and-publ...e-in-borrowing-limit-on-unsecured-credit.aspx

I think this applies only for outstanding interest bearing balance, which for me is 0.

 

[Perisher]

It is called credit exposure.

That you did not use it today does not mean you won't use it tomorrow.

If you never need it, why is it there?

Never need it, just need the cc to gian the $$ for signing up. After that cancel lor.
And the using it part is exactly what I meant, affect credit rating only upon using the credit, not before.

 

[fr33d0m]

Never need it, just need the cc to gian the $$ for signing up. After that cancel lor.
And the using it part is exactly what I meant, affect credit rating only upon using the credit, not before.

Simple question, does a person with 10,000 limit and the same person with 100,000 limit both without outstanding balance has the same risk to you?

 

[Perisher]

Simple question, does a person with 10,000 limit and the same person with 100,000 limit both without outstanding balance has the same risk to you?

Hmm... I see 2 side to the risk.
One is bank control their own risk exposure, the other is the risk a person pose to a bank. Bank control their risk exposure by the limit they grant to a person, while the person control his own risk by the amount he borrow.

I see where you are coming from.

 

[Savage1]

Total unsecured credit limit of 28 my gross monthly salary.

Same for me.

 

[existence92]

Hmms. I heard that if u cancel 1 cc, it will affect your credit score.

Mainly i signed the citibank card so to help the credit card agent earn commission, not interested in owning so many cards.

To me one ocbc 360+ standard chartered unlimited gd enough. + max 1 posb everyday for its flexibility as posb widely available.

Dun really like to have so many cos i have a bad habit, if i store all my money in 1 place, tend to become spendthrift. Also, not easy for me to track my spending if i spread it over several ccs.

Personal habitual problem, prefer the lesser the better.

 

[datalock]

Hmms. I heard that if u cancel 1 cc, it will affect your credit score.

Mainly i signed the citibank card so to help the credit card agent earn commission, not interested in owning so many cards.

To me one ocbc 360+ standard chartered unlimited gd enough. + max 1 posb everyday for its flexibility as posb widely available.

Dun really like to have so many cos i have a bad habit, if i store all my money in 1 place, tend to become spendthrift. Also, not easy for me to track my spending if i spread it over several ccs.

Personal habitual problem, prefer the lesser the better.

I recently cancelled Amex and applied Citibank. Credit score still AA.

 

[laurent_rio]

I recently cancelled Amex and applied Citibank. Credit score still AA.

cancel about 20 cards in thelast 2 years,rating still AA