After DMP....

Silverna

Junior Member
Joined
Oct 11, 2005
Messages
65
Reaction score
0
So, I was on DMP from 2010 till 2017 where I've fully settled and closed all accounts but I also realized that being on DMP or having been on DMP makes it impossible for me to get any form of loan or credit card due to "HH" credit rating.

I'd like to find ways to improve my credit rating but not being able to get a loan to do so makes it a vicious cycle.

So I'd like to get some info on what should I do in this situation? will the records be erased after a few years or will it be permanent?
 

pororokia

Senior Member
Joined
Mar 2, 2017
Messages
585
Reaction score
3
So, I was on DMP from 2010 till 2017 where I've fully settled and closed all accounts but I also realized that being on DMP or having been on DMP makes it impossible for me to get any form of loan or credit card due to "HH" credit rating.

I'd like to find ways to improve my credit rating but not being able to get a loan to do so makes it a vicious cycle.

So I'd like to get some info on what should I do in this situation? will the records be erased after a few years or will it be permanent?

how many times u tried to apply for cc after u cleared dmp?
 

Silverna

Junior Member
Joined
Oct 11, 2005
Messages
65
Reaction score
0
Maybe you should try to get a secured credit card to slowly build up your credit rating. So long as you have been making full prompt payment, the rating should improve over time.

If you need a loan, did you consider this?
https://forums.hardwarezone.com.sg/...it-culture-fintech-personal-loan-6024814.html
Thats what I was thinking of as well, but I'm curious as to whether the DMP records will ever "disappear" or is it permanent, if its permanent, then I'm not sure if getting a secured card will do much help
 

seeklightsoon

Member
Joined
Jun 5, 2017
Messages
434
Reaction score
31
Thats what I was thinking of as well, but I'm curious as to whether the DMP records will ever "disappear" or is it permanent, if its permanent, then I'm not sure if getting a secured card will do much help

Once you have finished your DMP, the DMP indicator on your ** report will be changed to "No". The restructured loan accounts record should be there for 3 years as per any closed account. Thereafter, it should be dropped from your report, based on what I know.
 

Silverna

Junior Member
Joined
Oct 11, 2005
Messages
65
Reaction score
0
Once you have finished your DMP, the DMP indicator on your ** report will be changed to "No". The restructured loan accounts record should be there for 3 years as per any closed account. Thereafter, it should be dropped from your report, based on what I know.
Cool, nice to know that!

I'm looking at my Enhanced Consumer Credit Report but I do not see any "DMP" field
 

pororokia

Senior Member
Joined
Mar 2, 2017
Messages
585
Reaction score
3
i also tried applying, i applied a few times and mostly rejected.

i cleared my dmp in 2017 also.
 

seeklightsoon

Member
Joined
Jun 5, 2017
Messages
434
Reaction score
31
Cool, nice to know that!

I'm looking at my Enhanced Consumer Credit Report but I do not see any "DMP" field

You can refer to a sample report here:
https://www.creditbureau.com.sg/pdf/Enhanced-Consumer-Credit-Report-2019.pdf

On the page 1 of the right hand corner, there is an item that reads "Debt Management Programme". For your case, it should be "N". If it is "Y", you will have to contact CCS to inform them you have completed the DMP and get them to remove the record. They may need letters or statements from you (which are provided by the banks) to indicate that you have completed paying off the outstanding.
 

seeklightsoon

Member
Joined
Jun 5, 2017
Messages
434
Reaction score
31
i also tried applying, i applied a few times and mostly rejected.

i cleared my dmp in 2017 also.

Is it "mostly" or "all" rejected? If it is mostly, that means you have one or two cards approved. You should then use them and make full payment to improve your credit score. Thereafter, it should be easier for you to apply.
 

pororokia

Senior Member
Joined
Mar 2, 2017
Messages
585
Reaction score
3
Is it "mostly" or "all" rejected? If it is mostly, that means you have one or two cards approved. You should then use them and make full payment to improve your credit score. Thereafter, it should be easier for you to apply.

all rejected but i tried certain banks only. last 2 wks i decided to try a bank which my wife has a card from, every month the spending is quite abit and all cleared on time.

and surprisingly my card got approved.

maybe just shed some info, dunno whether that factor helps anot.
 

xersion

Master Member
Joined
Apr 24, 2008
Messages
4,259
Reaction score
1
Don't bother to apply.. Try again 5 years after u cleared dmp

Sent from Samsung SM-G965F using GAGT
 

Silverna

Junior Member
Joined
Oct 11, 2005
Messages
65
Reaction score
0
i also tried applying, i applied a few times and mostly rejected.

i cleared my dmp in 2017 also.
Did you apply with banks that you originally owed money to? as CCS advised me to try applying at banks that I did not originally owed money to.
 

Silverna

Junior Member
Joined
Oct 11, 2005
Messages
65
Reaction score
0
You can refer to a sample report here:
https://www.creditbureau.com.sg/pdf/Enhanced-Consumer-Credit-Report-2019.pdf

On the page 1 of the right hand corner, there is an item that reads "Debt Management Programme". For your case, it should be "N". If it is "Y", you will have to contact CCS to inform them you have completed the DMP and get them to remove the record. They may need letters or statements from you (which are provided by the banks) to indicate that you have completed paying off the outstanding.
It might have changed as my CBS report does not have that field.

I've also received an email in 2017 from CCS informing me that they will update CBS on my release from the DMP
 

pororokia

Senior Member
Joined
Mar 2, 2017
Messages
585
Reaction score
3
Did you apply with banks that you originally owed money to? as CCS advised me to try applying at banks that I did not originally owed money to.

yeap. last time i owed like 7 banks so it's totally hard to avoid and apply from those that i didn't owed from.
 

pororokia

Senior Member
Joined
Mar 2, 2017
Messages
585
Reaction score
3
may I know which bank and whether it was a bank that you originally owed money to in the DMP program

thanks!

trying to gather some info

replied. but like i shared earlier.. this time i tried to apply from a bank that my wife card was regularly used one, every month bill is fully paid on time.
 

pororokia

Senior Member
Joined
Mar 2, 2017
Messages
585
Reaction score
3
i received my card liao.

they gave me quite a low credit limit only, but ok la its a brand new beginning so any limit also okay. :D
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top