After DMP....

Silverna

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I managed to get a successful application with OCBC that I did not owe money to previously and received a 3X credit limit despite my credit rating being HH

This info might be helpful to others as it seems that applying a card after DMP works best at banks that you did not previously owe money to.
 

pororokia

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i just tried applied a cc from a bank that i didnt owe money from, got instantly rejected. :s13:
 

littlenini

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dont mind share which bank is it, that got it approved? i would like to try applying also
 

pororokia

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i just checked my credit ratings, its GG .

GG isit v bad? first time in my life i checked my credit ratings.
 

TheRCD

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Really not sure how the banks decide on who to extend cc to. only god-knows. I earn 180k p.a, applied for a 5k limit cc with UOB, got rejected. Even tried to use FD to secure a card, also rejected. who knows really. Never owned a cc and never owed banks money before also :s13:
 

wetdreamx

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It happens... try different banks then.
 

wenguang

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Secured CC really helps, i tried with secured cc from DBS by pledging FD. credit score improved after a few month, home loan also able to be approved.
 

TheRCD

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Just to add on, I just opened a savings account + FD for secured card with SCB. Good point to note for others considering secured cc, if the bank rejects your Secured cc, they refund the FD immediately. So don’t need to wait 30 days. But that’s just UOB, not sure if the rest will do the same. Now waiting for SCB to notify me if approved or not.

They got a pretty good promo now for FD anyways. 40,000 deposit for 3 months and you get $1000 (2.5%). If you leave inside for 10 months, they give you 10%. Waiting for their card approval now, but I just signed up and deposited that amount for the interest :D
 

paurusu

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Just to add on, I just opened a savings account + FD for secured card with SCB. Good point to note for others considering secured cc, if the bank rejects your Secured cc, they refund the FD immediately. So don’t need to wait 30 days. But that’s just UOB, not sure if the rest will do the same. Now waiting for SCB to notify me if approved or not.

They got a pretty good promo now for FD anyways. 40,000 deposit for 3 months and you get $1000 (2.5%). If you leave inside for 10 months, they give you 10%. Waiting for their card approval now, but I just signed up and deposited that amount for the interest :D

Huh what ? What kind of bank gives out 10% FD ?
where is the product page ? i will apply now .
 

TheRCD

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Huh what ? What kind of bank gives out 10% FD ?
where is the product page ? i will apply now .
I walked into SCB at Marine Parade and opened a Bonus Saver Account + FD for the secured card. I did deposit 10k into the FD for secured card, 40k into another FD for the 2.5% interest. And another 20k into the Bonus Saver as a initial deposit. That's all. The catch is - max deposit is 40k, and term is 3months or 10months then it's over. 3 months - 2.5%, 10months - 10%.

They told me the promo is only for Nov. I reckon they only started on 1 Nov.
 

seeklightsoon

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I walked into SCB at Marine Parade and opened a Bonus Saver Account + FD for the secured card. I did deposit 10k into the FD for secured card, 40k into another FD for the 2.5% interest. And another 20k into the Bonus Saver as a initial deposit. That's all. The catch is - max deposit is 40k, and term is 3months or 10months then it's over. 3 months - 2.5%, 10months - 10%.

They told me the promo is only for Nov. I reckon they only started on 1 Nov.

Hi

Can I check how long does the approval process takes for the SCB secured card to be approved? Also, what is the process like? I went to the NEX mall and the guy is clueless about secured card, asked me to apply online and I gave up! There is no application form online to apply for SCB Secured Credit Card. Thanks!
 

TheRCD

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Hi

Can I check how long does the approval process takes for the SCB secured card to be approved? Also, what is the process like? I went to the NEX mall and the guy is clueless about secured card, asked me to apply online and I gave up! There is no application form online to apply for SCB Secured Credit Card. Thanks!
The outlet staff should know what it is. He's probably really new or a part-timer.

The overall process as such:
- Walk into outlet to request for a secured card (you can only do walk-ins)
- They'll open an FD account for you and provide you the account number within the same day for you to make the collateral deposit
- It won't show up in any regular CC applications because the secured card application is from a different approving department
- Generally takes between 7-14 days, but I got mine in about 1.5 weeks if I remembered correctly

I just got a DBS Amex as a secured cc about a month ago. That was even quicker. Took them about a week after I walked in the outlet.
 

seeklightsoon

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The outlet staff should know what it is. He's probably really new or a part-timer.

The overall process as such:
- Walk into outlet to request for a secured card (you can only do walk-ins)
- They'll open an FD account for you and provide you the account number within the same day for you to make the collateral deposit
- It won't show up in any regular CC applications because the secured card application is from a different approving department
- Generally takes between 7-14 days, but I got mine in about 1.5 weeks if I remembered correctly

I just got a DBS Amex as a secured cc about a month ago. That was even quicker. Took them about a week after I walked in the outlet.

Thanks! I will probably apply for DBS Secured Card. I went to apply for the HSBC Revolution Secured Card at Branch. There was no news after applying at the Branch. When I called the Call Center, they told me it has been declined and to-date, there is no letter informing me about the rejection after 1 month. Imagine, if I didn't call them, I would have still be waiting. Really lousy service. I went down to the Branch to withdraw the FD.
 

TheRCD

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Thanks! I will probably apply for DBS Secured Card. I went to apply for the HSBC Revolution Secured Card at Branch. There was no news after applying at the Branch. When I called the Call Center, they told me it has been declined and to-date, there is no letter informing me about the rejection after 1 month. Imagine, if I didn't call them, I would have still be waiting. Really lousy service. I went down to the Branch to withdraw the FD.
Point to note as well, you should check your credit on CBS as well as Experian (formally DP Group). Some banks screen both and if you have an issue on one of them, they might still reject. So best to check both and ask them to rectify if any issues. Could take few days to a week. Cheers
 

seeklightsoon

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Point to note as well, you should check your credit on CBS as well as Experian (formally DP Group). Some banks screen both and if you have an issue on one of them, they might still reject. So best to check both and ask them to rectify if any issues. Could take few days to a week. Cheers

Thanks. I tried to apply for the DBS Secured Card last week. I tried the automated phone banking service to check on the application status today and it just mentioned that application has been declined. There is no records when I tried to check online with DBS IB. Looks like it is not easy to get approval from them for secured card too from DBS.
 

shy3r

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I was on DMP with CCS... on my report, top right column indicare 9 defaults but $0 unsecured lending.
My current rating is GX.
Can I apply a credit card with the bank that I didn’t owe or default before?
Anyone can share any experience? I wanna start to build my credit rating as I intend to get a reno loan for my bto..
 

ryanrundgren87

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Hi, I too have been trying to apply for a credit card but to no avail. Earliest credit was back in 2011 which I defaulted but already cleared. Had a wits of summons issued to me due to a car accident back in 2017 but it has already concluded. Now in 2021 trying to apply for a cc still cannot get. Rating is GX.
I have 14 enquiries which date back to 2019. Is it not approved cause of too many enquiries or something else?
 

shy3r

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Hi, I too have been trying to apply for a credit card but to no avail. Earliest credit was back in 2011 which I defaulted but already cleared. Had a wits of summons issued to me due to a car accident back in 2017 but it has already concluded. Now in 2021 trying to apply for a cc still cannot get. Rating is GX.
I have 14 enquiries which date back to 2019. Is it not approved cause of too many enquiries or something else?
Do u still have outstanding? Why do u have 14 enquiries in 2019? U applied many credit facilities during that time? I supposed u meet the income eligibility. Have u check your Experian credit report instead of just CBS?
Top right corner, indicate how many defaults? How much outstanding? On repayment scheme? On default section, all banks indicated outstanding or partial settlement or full settlement?
GX is not a bad rating. It is just a rating that u do not have any credit facilities to gauge your repayment ability. In banks term, they may not want to risk even if you earn alot.

Like some replied, u may try the $500 cards to build your credit rating or save up $10k to get a secured credit card instead?

i, too, tried applying and so far all 4 institutes rejected my application despite appealing.

i am not sure why u need credit facilities now, but u can try the $500 from CIMB or Diners.
 
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