Debt consolidation Plan

[deadlockb]

only worry is, does this DCP have any impact on my application for new car loans or Home loan within the next 5 years or later? ( i took 5 years loan).

Any idea, where does this DCP code shown on Credit bureau report?

 

[Vygotsky84]

only worry is, does this DCP have any impact on my application for new car loans or Home loan within the next 5 years or later? ( i took 5 years loan).

Any idea, where does this DCP code shown on Credit bureau report?

It might sound ironic but...

After approval of DCP you are actually in a better position - apart from the 1 x monthly income card, there's no way you can add on any unsecured credit;
The record will stay for 3 years just like any other card.

For secured loan should be fine since there's collateral anyway.

 

[multi]

only worry is, does this DCP have any impact on my application for new car loans or Home loan within the next 5 years or later? ( i took 5 years loan).

Any idea, where does this DCP code shown on Credit bureau report?

Yes it does if you loan from banks. For car loan, try to get loan from other financial institution that are not members of MAS. Like those in-house loan.

Sent from LGE LG-H990 using GAGT

 

[yogafire27]

Mine just got rejected. Applied before Chinese new year. Kept asking for documents after documents and rejected. Any suggestion? CC rating was HH.

 

[Carlingford]

Try another bank ? Which bank rejected you ?

Mine just got rejected. Applied before Chinese new year. Kept asking for documents after documents and rejected. Any suggestion? CC rating was HH.

 

[Carlingford]

How about giving them a ring ?

No leh ..... I m thinking of it daily

 

[sneggg]

I think right must bring the balances lower than try again few month later

 

[Iwanttobehappy]

Mine just got rejected. Applied before Chinese new year. Kept asking for documents after documents and rejected. Any suggestion? CC rating was HH.

Which bank ?

 

[Iwanttobehappy]

How about giving them a ring ?

I am thinking by next mon then I call again ..

 

[melbourne10]

ABS eligibility guideline:

Earn between S$20,000 and below S$120,000 per annum with Net Personal Asset of less than $2mil; and
Have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times of your monthly income

They need to clarify what 12 x monthly income means. Some banks include 13th month and all bonuses. This is > 12 months already...

 

[melbourne10]

For me, started process on 2 Feb. Collection of docs etc took a while, submitted on 16 Feb. This week received a phone call - not approved. My rating - FF. Was advised to try another bank or reapply after March 15. Also learnt along the way that CBS report reflects balance from 2 months ago. E.g. Jan17 shows Nov16, Feb17 shows Dec16.

Looking at the application again - the main issue (potentially): CBS report was retrieved in Jan17, showing outstanding as of Nov16, which was below the 12 months requirement. Tried to add transactions (including an additional loan from the FI I applied to) but maybe the end result is too "messy" for the liking of the approval team.

Trying HSBC next (they offered me a good EIR). The plus - I already have full docs prepared for the first bank so the submission will be faster. Fingers crossed...

 

[Carlingford]

It's based on your total income for the year. It's stated on the terms & conditions of the DCP application. Interpretation clause 1. Monthly income means twelfth of your annual income, not your monthly basic.

ABS eligibility guideline:

Earn between S$20,000 and below S$120,000 per annum with Net Personal Asset of less than $2mil; and
Have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times of your monthly income

They need to clarify what 12 x monthly income means. Some banks include 13th month and all bonuses. This is > 12 months already...

 

[Carlingford]

Which bank rejected you ??

For me, started process on 2 Feb. Collection of docs etc took a while, submitted on 16 Feb. This week received a phone call - not approved. My rating - FF. Was advised to try another bank or reapply after March 15. Also learnt along the way that CBS report reflects balance from 2 months ago. E.g. Jan17 shows Nov16, Feb17 shows Dec16.

Looking at the application again - the main issue (potentially): CBS report was retrieved in Jan17, showing outstanding as of Nov16, which was below the 12 months requirement. Tried to add transactions (including an additional loan from the FI I applied to) but maybe the end result is too "messy" for the liking of the approval team.

Trying HSBC next (they offered me a good EIR). The plus - I already have full docs prepared for the first bank so the submission will be faster. Fingers crossed...

 

[deadlockb]

For me, started process on 2 Feb. Collection of docs etc took a while, submitted on 16 Feb. This week received a phone call - not approved. My rating - FF. Was advised to try another bank or reapply after March 15. Also learnt along the way that CBS report reflects balance from 2 months ago. E.g. Jan17 shows Nov16, Feb17 shows Dec16.

Looking at the application again - the main issue (potentially): CBS report was retrieved in Jan17, showing outstanding as of Nov16, which was below the 12 months requirement. Tried to add transactions (including an additional loan from the FI I applied to) but maybe the end result is too "messy" for the liking of the approval team.

Trying HSBC next (they offered me a good EIR). The plus - I already have full docs prepared for the first bank so the submission will be faster. Fingers crossed...

if you have any balance not reflected on your statement, you can get a letter from the bank with full outstanding balance .I submitted the letters in that way.

 

[melbourne10]

It's based on your total income for the year. It's stated on the terms & conditions of the DCP application. Interpretation clause 1. Monthly income means twelfth of your annual income, not your monthly basic.

Oh right! I did not notice that. Thanks.

 

[melbourne10]

if you have any balance not reflected on your statement, you can get a letter from the bank with full outstanding balance .I submitted the letters in that way.

A bit too late. HSBC only offered me the promo EIR till 28/2. I only need 1 FI's letter but I doubt it will reach before then. Going to move ahead and submit the HSBC application, using the Feb17 statement first.

 

[melbourne10]

Which bank rejected you ??

Citi. Didn't share the exact reason but it was rejected somewhere between the processing / approval stage by "the regulator", whatever that means zzz

 

[Carlingford]

What.....Mind boggling

Citi. Didn't share the exact reason but it was rejected somewhere between the processing / approval stage by "the regulator", whatever that means zzz

 

[sneggg]

Dbs just called say at last stage of approval whatever that means lol

 

[melbourne10]

So irritating lol. -.-"