Debt consolidation Plan

[lork44]

Hi all bros,

Just wondering if can you apply for dcp and reno loan at the same time?

This is slightly tricky.

If you apply for reno loan first and successful, this will increase your credit exposure and affects your credit rating when you tries to apply for DCP.

But if you apply for DCP first, and successful, then you might fall into situation where some banks might reject your reno loan.

 

[liondomo]

Hi.

Refinance is just like applying for the DCP but I think the only “trouble” I got was to get my current outstanding because Maybank pre-calculated the whole sum ( inclu. Interest ) for the DCP period to show it on my CBS reportt.

So in the end I have to keep calling Maybank and write to them for them to give me a DCP outstanding balance to refer (DCP early settlement fee + DCP remaining principal loan amount - Accrued Interest.)

Yup there was an early redemption and BOC cover it balance on the statement you submit from the current DCP Bank.

Thanks bro, i hv just submitted all docs to HSBC and see if i could get a refinance at a lower rate.

cheers!

 

[Resolution208]

Hi bro and sis,

Applied Citi DCP on 20/02 , submitted all doc on 26/02 , CSO called and said 28/02 will call me whether appr or reject. Didn’t receive Any call on 28/02 but log in my Citi ibanking saw new account created. Is it means approved?

And I read most of the post here about getting interest waived and annual fee waived. How do I go about it? Is it once the fund from Citi pay the other banks den I call each bank and request for interest fee wavier and annual fee wavier?
Cause I read i could save almost 1k getting all these waived. Really want to save as much as possible.

 

[Jojodespo]

Hi bro!

Congrats! Seems like you have a very high chance you got approved thus the new account created, you can call your CSO tomorrow to check if it’s approved.

Usually give it about 1-2 weeks for the bank to pay out all your other banks. Then you can start calling the banks to ask for interest fee waivers and any late fees you incurred.

Yes I saved about 1k when I got all my interest waived. They will only waive credit cards tho. Personal loans, cashlines. Won’t have any form of waivers. Don’t forget to ask for annual fee waivers if you did not, will save you about $80-$200 dollars or card if done correctly.

Cheers and feel free to PM me if you need more help!

All the best!

Hi bro and sis,

Applied Citi DCP on 20/02 , submitted all doc on 26/02 , CSO called and said 28/02 will call me whether appr or reject. Didn’t receive Any call on 28/02 but log in my Citi ibanking saw new account created. Is it means approved?

And I read most of the post here about getting interest waived and annual fee waived. How do I go about it? Is it once the fund from Citi pay the other banks den I call each bank and request for interest fee wavier and annual fee wavier?
Cause I read i could save almost 1k getting all these waived. Really want to save as much as possible.

 

[Resolution208]

Hi bro!

Congrats! Seems like you have a very high chance you got approved thus the new account created, you can call your CSO tomorrow to check if it’s approved.

Usually give it about 1-2 weeks for the bank to pay out all your other banks. Then you can start calling the banks to ask for interest fee waivers and any late fees you incurred.

Yes I saved about 1k when I got all my interest waived. They will only waive credit cards tho. Personal loans, cashlines. Won’t have any form of waivers. Don’t forget to ask for annual fee waivers if you did not, will save you about $80-$200 dollars or card if done correctly.

Cheers and feel free to PM me if you need more help!

All the best!

Thanks for the info! Will I be able to ask for interest wavier and annual fee wavier with the participating DCP bank (Citi)?currently holding Citi reward and cash back CCs.

 

[Jojodespo]

Yes bro, definitely

Thanks for the info! Will I be able to ask for interest wavier and annual fee wavier with the participating DCP bank (Citi)?currently holding Citi reward and cash back CCs.

 

[Resolution208]

Yes bro, definitely

Called Citi whole morning still no people pick up. Sure damn busy.

 

[Jojodespo]

In a month, my CBS went from GG to BB. On DCP since jan 2018.

 

[ch33rix86]

Hi guys I just submitted my application to MBB. BOC just called me today and told me to apply with them. Is it ok to submit two different applications or wait for outcome from MBB then apply for BOC.

 

[GreenAvocado]

Just got off the phone with the Citibank officer
She told me not to give up applying to get approval.

The reason why the cbs report takes awhile to show improvemnet is because it is lagging by 2months.

So bros/sis who have been trying to improve their ranking, you have to be consistant with prompt payments for 2-3 months to reflect on your cbs reports

 

[SalmonSushi]

Hi guys I just submitted my application to MBB. BOC just called me today and told me to apply with them. Is it ok to submit two different applications or wait for outcome from MBB then apply for BOC.

It’s perfectly fine to apply for 2 different DCP application with 2 different banks. Eventually, there will only be 1 approval if 2 applications were to be approved at the same time as they have a centralised system.

 

[fkm1180]

Apply credit facility after DMP

anyone have experience successfully apply for credit card after DMP?

i fully paid up all my debt thr DMP since 1 year ago. I tried to apply for credit card but seem like unable to get approve.

Anyone can advise?

 

[SalmonSushi]

anyone have experience successfully apply for credit card after DMP?

i fully paid up all my debt thr DMP since 1 year ago. I tried to apply for credit card but seem like unable to get approve.

Anyone can advise?

I’m not under DMP but from my understanding certain bank classified this as ‘inability to make repayment’. Hence, the extreme low chances in approval for unsecured facilities. (credit card, personal loan, etc)

I would suggest you to apply again once DMP is off your credit bureau and if I’m not wrong, it will remain in your credit bureau for 3 or 5 years from the point of time you cleared the DMP.

 

[tausalito]

Hi bro,

I have just received call the day before yesterday from SCB that my DCP application is approved. As I also understand that you are under SCB, can check with you how long SCB takes to open the account when you received the approval.

In a month, my CBS went from GG to BB. On DCP since jan 2018.

 

[Youandme8888]

Hi guys I just submitted my application to MBB. BOC just called me today and told me to apply with them. Is it ok to submit two different applications or wait for outcome from MBB then apply for BOC.

What's your credit rating and score?

 

[Jojodespo]

Congrats bro! Mine took about 2 weeks from approval, but that’s cos I got my approval status from my CSO unofficially. Easiest way to check is if your credit cards are blocked, then it’ll be about 1 week from there.

Hi bro,

I have just received call the day before yesterday from SCB that my DCP application is approved. As I also understand that you are under SCB, can check with you how long SCB takes to open the account when you received the approval.

 

[tausalito]

Thanks bro. As I am converting from RAS to DCP, do not know whether the extra 5% is able to cover the early termination penalty fees for the RAS account. All my credits cards have already been suspended since the start of RAS scheme.

Congrats bro! Mine took about 2 weeks from approval, but that’s cos I got my approval status from my CSO unofficially. Easiest way to check is if your credit cards are blocked, then it’ll be about 1 week from there.

 

[ch33rix86]

What's your credit rating and score?

EE score is 1800

 

[liondomo]

Hi bros/sis,

Anyone knows which banks allow refianancing of DCP? Hope can makes things easier for everyone here with more info.

To my knowledge HSBC and BOC can cos personally my DCP with Maybank and had submitted my docs to HSBC. Called SCB and CSO told me they do not.

Hope bros with more info kindly input.

Thanks.

 

[airtroopers]

Any bro with Hz rating