Debt consolidation Plan

[Frankish88]

Not sure about DBS, no one here ever approved with DBS LOL. What’s the interest like?

Below 9% i think. My rating was CC. now scared to check report lol. Skali went down hh i heart attack.

 

[Jojodespo]

Usually with DCP it gets better. But since you’re on a DCP, why would you wanna check your CBS? Unless it’s for a car loan..? Then I’d suggest you don’t need to buy a report until the bank either accepts or rejects your car loan, then claim a free one. I made bad calls earlier where I kept buying my reports.

Below 9% i think. My rating was CC. now scared to check report lol. Skali went down hh i heart attack.

 

[roger595]

Application uses gross salary. My gross is 4607 without allowance.

In your case, I’d suggest you just use 3 months of your pay slip to apply for DCP instead of using your NOA or CPF... with your NOA, your BTI already 10, which is instant rejection as it’s < 12 BTI.

For your recent card application, was it approved or rejected? Also, a rating of BB is very good already, you can apply to all banks..

I would strongly suggest you get onto DCP now while you’re still in early stage of debt.. you’re not too bad considering your BTI is about 14.5 and many banks would still be keen to take you.

I would also suggest you apply to these banks as the interest rate is lower and success rate is higher..

1. MBB
2. HSBC
3. CITIBANK
4. BOC
5. UOB

In that order. Try not to apply all at one time, it’s a risk you take because they’d usually ask if you had applied elsewhere before or currently.

Hope it helps.. and all the best... PM if you have more questions, I’m quite active here.

Thanks bro

My pay slip is just a simple print out signed by finance. Didn't they ask for NOA or CPF?

I'm on the stanchart tiger card which will be or already is discontinued. So applied through SC bank letter sent to me. Rejected. Probably since I'm already at/near limit of all my credit facilities.

Almost got caught on a cash flow issue same period last year so very careful nowadays with payment and CBS rating.

 

[Frankish88]

Usually with DCP it gets better. But since you’re on a DCP, why would you wanna check your CBS? Unless it’s for a car loan..? Then I’d suggest you don’t need to buy a report until the bank either accepts or rejects your car loan, then claim a free one. I made bad calls earlier where I kept buying my reports.

I claimed my free one after my dcp loan approved. So u mean if i keep buying cbs reports it will impact my rating? Coz we both kpo la wanna see our ratings then apply for car loan

 

[Frankish88]

Thanks bro

My pay slip is just a simple print out signed by finance. Didn't they ask for NOA or CPF?

I'm on the stanchart tiger card which will be or already is discontinued. So applied through SC bank letter sent to me. Rejected. Probably since I'm already at/near limit of all my credit facilities.

Almost got caught on a cash flow issue same period last year so very careful nowadays with payment and CBS rating.

Actually from experience, scb is quite lenient for DCP. I think my wife need to almost max her cc last time even withdraw some of her loan to hit the 12 months salary. But dbs still rejected.only scb approved. But for myself, i had a quite smooth process with dbs.

 

[Jojodespo]

Yes if you keep purchasing your cbs reports, it will affect your ratings. You’ll see something that says “too many enquiries” on your report and that’ll put a dent in your ratings.

I claimed my free one after my dcp loan approved. So u mean if i keep buying cbs reports it will impact my rating? Coz we both kpo la wanna see our ratings then apply for car loan

 

[Jojodespo]

Try to call the banks and negotiate with them before they get the legal letters out. Once legal letters are out, it’s very difficult to negotiate with the banks as the law firms will be the one taking your case.

You should at least try pay the minimums up to date.

hi i want to check default banks for 2 months , legal letters will come, still can hold ? cos i getting bonus 4k next month , can pay off alot of bad debts, only this month tight.

 

[Jojodespo]

Maybe I should try DBS too...

Yeah different risk manager different appetite.

Actually from experience, scb is quite lenient for DCP. I think my wife need to almost max her cc last time even withdraw some of her loan to hit the 12 months salary. But dbs still rejected.only scb approved. But for myself, i had a quite smooth process with dbs.

 

[Jojodespo]

If I’m not wrong, it also updates after each enquiry. I’m not gonna get my free report unless my DCP bank wants me to.

i think cbs report only updates at the end of every month, no point keep buying the same thing.

 

[sneggg]

i’m under dcp. car loan wasn’t approved

when not under dcp n owe 12x it was approved lol

 

[Jojodespo]

Wah.. Guess I need to take car loan in my wife’s name then... BTI now 13x, take car loan also hard. Don’t have upfront cash of 30% the car cost..

i’m under dcp. car loan wasn’t approved

when not under dcp n owe 12x it was approved lol

 

[sneggg]

Wah.. Guess I need to take car loan in my wife’s name then... BTI now 13x, take car loan also hard. Don’t have upfront cash of 30% the car cost..

car loan is considered secured loan normally will approve but i guess under dcp just stops you from getting loan if any kind

 

[Jojodespo]

Ah I see.. yeah I Guess gotta wait till after DCP is over... :/

car loan is considered secured loan normally will approve but i guess under dcp just stops you from getting loan if any kind

 

[Frankish88]

car loan is considered secured loan normally will approve but i guess under dcp just stops you from getting loan if any kind

Wah this is bad news then. But i read we can take loan if our existing dcp loan is under 8x salary? Not sure if it means secured or unsecured.

 

[fr3kaz0iD]

Hi, can I ask if I am under DRS, will my wife be able to apply a sub credit card for me?

My DRS left 5months only but I need to card for work due to alot of upcoming travels.

 

[Redrum88]

Hi, can I ask if I am under DRS, will my wife be able to apply a sub credit card for me?

My DRS left 5months only but I need to card for work due to alot of upcoming travels.

Should be ok. Becouse the the main applicant is ur wife name. But juz check with your oa to play safe.

 

[Jojodespo]

Btw anyone has a G on their cbs report? Anyone has any idea what a G is? It says voluntary closure with outstanding balance. Means I voluntarily closed the account without paying outstanding?? It’s not closed involuntarily by the banks. Is this a good or bad thing?

I remember I closed off a UOB card that I didn’t need, means this was the G....

But after I had the G, I still managed to take 2 loans from Maybank and HSBC.. so still considered safe right lol

 

[Jojodespo]

Bros, any idea what it means if my CSO says my case is pending registry update? Btw i applied with SCB. My limit is still the same.

 

[Jojodespo]

Guys, I called up my CSO and she explained to me that it is a bank process to ensure no other banks approved my DCP as 1 person can only have 1 DCP. As long as I don't have any pending DCP application with any other banks as of now...
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IT IS APPROVED!!!!!!!!!!!!!!! Approved date 3rd Jan 2018. Funds will be dispersed by next week. 5-7 working days...

OMG I have not been this happy in AGES!! (besides my wedding day)

THANKS TO EVERYONE HERE who's helped with my decision making. it's been a long long long arduous hard road for me since my first application in Aug 2017 until now....

Special shoutouts to carlingford, melbourne, leenleenleen!!!

 

[Jojodespo]

My approving bank is SCB, 7 years tenor at 1.1k monthly.

66k loan amount (including 5% buffer).

My credit score is FF-1768. I had maxed out all my cards/cashlines/loans etc. until citibank disabled my credit card.. UOB called me up to threaten to make me pay the full sum if i have another late payment.

Guys out there, hang in there. Even if your credit score is HH, maintain your minimum payments, and pay a little extra too.. e.g pay $10,$20 extra helps ALOT. Especially when your approving bank sees that you're making an effort to pay slightly more than minimum. Your credit score makes a huge difference between a HH and FF. Once you're FF and above, they don't really look at your credit score but more towards your payment history and risk.

For my case, I was pretty nervous because my approving bank called me to inform that i had an overlimit amount... apparently, once I cleared this amount, on the same day (today), my application was approved. My CSO told me my strong point was that I ALWAYS paid my minimums and slightly higher to this bank on the day my statement was out (I used recurring transfer for this bank *PHEW*). My weakest point was that I had a few cards with overlimits... including SCB.. @_@

Some important points to note (and i learnt from this journey)
1. Remember to submit ONLY the documents that will keep your BTI above 12x. If it goes anywhere below 12, application immediately rejected.
2. Always pay minimums up to date, don't have default, don't have outstandings. They can CHECK.
3. If you're applying DCP with a local bank, do note that they have access to a huge range of services that can check your payment history e.g telco, hospital bills, income/property tax, SP services etc. Foreign banks don't have these checks so they are stricter on the BTI as well as your payment history WITH the bank you're applying for.
4. This forum, never abandon this forum. Everyone's here to help, even those that were approved 6,8 months ago still come round here to help those in need... so always know that all of them (and now including myself), will be around to help everyone out. We all came from there, we know how it feels, and we want you to succeed and be debt free!