Debt consolidation Plan

[bozoka86]

Applied for DCP with DBS, on a 60k debt with 4.2k income before seeing this thread. Can I submit another application with SCB or MBB?

My rating is HX as I only service a few loans and let the rest lapse until the cow come home. I did good with SCB and MBB loans before this.

keep us update of outcome. i am decinding btw dbs and boc

 

[alvinblank]

keep us update of outcome. i am decinding btw dbs and boc

Base on the many replies before, DBS is the toughest to get.

 

[Jojodespo]

Don’t go for DBS or BOC. Try the other banks if you have not. Sorry I can’t keep track if you have or have not tried the other banks.. too many of you to track haha!!

But the easier more approving banks are..

SCB
MAYBANK
HSBC
UOB
CITI
BOC
OCBC
DBS

in that order.

keep us update of outcome. i am decinding btw dbs and boc

 

[Jojodespo]

Sorry bro, With HX, very tough to get approval from even the most lenient bank. Tho you can still try Maybank and HSBC. They may accept

Applied for DCP with DBS, on a 60k debt with 4.2k income before seeing this thread. Can I submit another application with SCB or MBB?

My rating is HX as I only service a few loans and let the rest lapse until the cow come home. I did good with SCB and MBB loans before this.

 

[alvinblank]

Sorry bro, With HX, very tough to get approval from even the most lenient bank. Tho you can still try Maybank and HSBC. They may accept

Should I just straight apply for Maybank again without waiting for DBS reply? Applied for DBS on 23 Jan, still waiting for approval.

 

[Jojodespo]

When did you last apply for Maybank? I think I read that you applied in November last year? If so, you can reapply after 6 months for higher chances.

For DBS, have yet already checked your CBS report? You can go back to the CBS site to check if you got a free report. If Free report there, means DBS checked alr. Means you’ll know your result very soon.

You can also do a random check to see if your credit cards work.

Should I just straight apply for Maybank again without waiting for DBS reply? Applied for DBS on 23 Jan, still waiting for approval.

 

[bozoka86]

any bro or sis here manage to secure cimb @ 2.77%?? i heard from boc staff only 1 manage to secure this rate..

 

[Manythanks]

Would like to update that MBB approved my DCP loan as I received notification from HSBC that the account will be suspended due to the approval =)

Happy!

Many thanks to all who have helped and advised =)

 

[rik84]

Would like to update that MBB approved my DCP loan as I received notification from HSBC that the account will be suspended due to the approval =)

Happy!

Many thanks to all who have helped and advised =)

COngrats ! Feel happy for you . Can I check how long it takes for the whole process

 

[Jojodespo]

Congrats bro!!!! I just paid my first installment today.

Would like to update that MBB approved my DCP loan as I received notification from HSBC that the account will be suspended due to the approval =)

Happy!

Many thanks to all who have helped and advised =)

 

[bozoka86]

anyone here manage to secure dbs dcp @4.58%p.a?

 

[Jojodespo]

DBS approval rate is Low. Going with them is at your own risk

anyone here manage to secure dbs dcp @4.58%p.a?

 

[bozoka86]

jojo. thanks for taking time to reply especailly at cny. you been a great support for us.. this is the first cny i feel so lost. so low mood and so depressed. jojo, cimb also low approval rate right?

 

[Jojodespo]

Yes bro, unfortunately that is correct. Never really seen any CIMB approvals.

No worries, always keen to help everyone here. Cny or not, life goes on..

So far, the highest approvals are Maybank, UOB, HSBC, SCB.

Accept HH ratings : Maybank, UOB, HSBC
Accept only GG and above : SCB (my approving bank, with my FF rating, and 3 failed applications with UOB, Maybank and HSBC, SCB took me in).

jojo. thanks for taking time to reply especailly at cny. you been a great support for us.. this is the first cny i feel so lost. so low mood and so depressed. jojo, cimb also low approval rate right?

 

[bozoka86]

Yes bro, unfortunately that is correct. Never really seen any CIMB approvals.

No worries, always keen to help everyone here. Cny or not, life goes on..

So far, the highest approvals are Maybank, UOB, HSBC, SCB.

Accept HH ratings : Maybank, UOB, HSBC
Accept only GG and above : SCB (my approving bank, with my FF rating, and 3 failed applications with UOB, Maybank and HSBC, SCB took me in).

i planning to opt for 10 years because my debt 110k. but sc interest of 10 years at 6.88% hold me back

 

[bozoka86]

anyone know how to calculate DTI?
me noa80k
debt110k
noa need deduct cpf contribution?
why some bank use cpf and some noa?

 

[Jojodespo]

Yup higher interest, but higher approval rate. Those with lower interest rate is abit harder to get approved as their taking on a risk to accept you, even when they accept HH ratings.

I’d suggest going for a bank that will approve you with higher chance than a bank that rejects you with Low interest.

i planning to opt for 10 years because my debt 110k. but sc interest of 10 years at 6.88% hold me back

 

[Jojodespo]

DTI would depend on how much your monthly installments will be depending on which DCP plan you get.

Then you take your monthly [debt / monthly salary] X 100 = ___% (your DTI)

E.g my DTI is 1075/4767 * 100% = 22.5%.

There’s no fixed method of which bank uses CPF or NOA. Sometimes if they use CPF, your BTI willend up below 12x as CPF factors in bonuses. Best way is to only use monthly payslip which does not show bonus.

anyone know how to calculate DTI?
me noa80k
debt110k
noa need deduct cpf contribution?
why some bank use cpf and some noa?

 

[sgman88]

i planning to opt for 10 years because my debt 110k. but sc interest of 10 years at 6.88% hold me back

Hi am stay home, scare go out see loving couples go "pray year". Scare they use their special kind of eyes looking at me, thinking such a handsome guy, y so lonely.

Anyway, found this webpage. Enjoy your reading.

https://www.valuepenguin.sg/best-debt-consolidation-loans

 

[bozoka86]

DTI would depend on how much your monthly installments will be depending on which DCP plan you get.

Then you take your monthly [debt /

E.g my DTI is 1075/4767 * 100% = 22.5%.

There’s no fixed method of which bank uses CPF or NOA. Sometimes if they use CPF, your BTI willend up below 12x as CPF factors in bonuses. Best way is to only use monthly payslip which does not show bonus.

i wan apply boc. but they use cpf calculate. my noa is 80k. if based on noa 80000/12=$6666. still got chance not to exceed boc 16.5 . but the officer say need use cpf because i work in sales where most of ny salary came from commission which he calculate about 5.6k per month based on cpf contribution for past 12 months