Debt consolidation Plan

[brokeaf]

seems like boc's dcp processing time has gone up to 2 weeks. just called the hotline to check on the status, and was told the bank only pulled my data and submitted for processing on the 27th. i submitted on the 22nd.

fingers crossed for the best, and a general heads-up to all bros n sis here who are planning to try boc

 

[melbourne10]

Excess amount in credit cards also will issue cashier order?

Will call in today and ask. For CC I think you must close it first.

 

[multi]

Will call in today and ask. For CC I think you must close it first.

Make sure the balance is paid before canceling the card. Mine there are few not paid yet by HSBC when I call them to cancel. Diners card ask me not to cancel saying that when the DCP amount drop to certain figures, they will reinstate the facility to us again. But I told them NO...just cancel immediately. I think they just want to earn the annual fee while suspension.

Sent from LGE LG-H990 using GAGT

 

[rayden]

Hello! I have applied ocbc since 16 March and there's no reply therefore I applied Maybank yesterday and still pending for approval. My issue is that my annual basic is only 33000 but my NOA is 44000 and my outstanding is only 38000. My rating drops from EE to FF and I'm not sure about my chances ):

 

[melbourne10]

Make sure the balance is paid before canceling the card. Mine there are few not paid yet by HSBC when I call them to cancel. Diners card ask me not to cancel saying that when the DCP amount drop to certain figures, they will reinstate the facility to us again. But I told them NO...just cancel immediately. I think they just want to earn the annual fee while suspension.

Sent from LGE LG-H990 using GAGT

Yup. I usually ask if there are any more charges like finance charges, and ask for the final amount less any finance charges to be refunded. Just to avoid a situation where they refund the balance then add finance charges then I have to pay again. But the interest stops adding up the minute the balance is cleared la.

 

[melbourne10]

Make sure the balance is paid before canceling the card. Mine there are few not paid yet by HSBC when I call them to cancel. Diners card ask me not to cancel saying that when the DCP amount drop to certain figures, they will reinstate the facility to us again. But I told them NO...just cancel immediately. I think they just want to earn the annual fee while suspension.

Sent from LGE LG-H990 using GAGT

I cancelled my Diners card long ago, when they refused to waive the annual fee. Haha. It was the $500 card that I got from them when I was still in poly.

 

[melbourne10]

Hello! I have applied ocbc since 16 March and there's no reply therefore I applied Maybank yesterday and still pending for approval. My issue is that my annual basic is only 33000 but my NOA is 44000 and my outstanding is only 38000. My rating drops from EE to FF and I'm not sure about my chances ):

The difference is because of annual bonus or commission earned?

 

[rayden]

The difference is because of annual bonus or commission earned?

It's commission earned. Maybank requested for cpf and NOA which actually reflected a higher income as compared to annual basic

 

[goenitz33]

just had a good long chat with the maybank officer who is assisting on the approval.

some brief points to note.

DTI ratio is not the most important thing.

as expected more importantly they look at how affordable the payment is to your wages after taking into account the other commitment you have.

So basically the approval will also be more importantly on how much you are left with after paying all your commitment plus the loan.

he did not specify a % though 30% is about maximum recommended.

Short/Long tenor is actually based on your income also.

He did say higher income will be recommended to take shorter tenures and lower income will be recommended to take longer tenures.

Submitted my application with Maybank today and overall this is a great guy with good customer service.

 

[goenitz33]

Once DCP drops to about 8X, facilities will be restored.

seems to have got this information from the banks.

 

[Centralcoast]

Once DCP drops to about 8X, facilities will be restored.

seems to have got this information from the banks.

Might as well reapply when u are eligible

 

[goenitz33]

Might as well reapply when u are eligible

well it depends though, but i will close it though because inactivity is hard to get waiver usually

And i have already cleared out all my reward points

must remember to clear out before closing if not RIP

 

[Centralcoast]

well it depends though, but i will close it though because inactivity is hard to get waiver usually

And i have already cleared out all my reward points

must remember to clear out before closing if not RIP

I don't think they will waived annual fee for suspended accounts so better to cancel all cards and reapply when eligible again

 

[brokeaf]

just had a good long chat with the maybank officer who is assisting on the approval.

some brief points to note.

DTI ratio is not the most important thing.

as expected more importantly they look at how affordable the payment is to your wages after taking into account the other commitment you have.

So basically the approval will also be more importantly on how much you are left with after paying all your commitment plus the loan.

he did not specify a % though 30% is about maximum recommended.

Short/Long tenor is actually based on your income also.

He did say higher income will be recommended to take shorter tenures and lower income will be recommended to take longer tenures.

Submitted my application with Maybank today and overall this is a great guy with good customer service.

thanks bro for the info. i'm thinking of trying maybank too, in case boc falls through. did they mention roughly how long is the processing time?

 

[Carlingford]

Around 10 working days

thanks bro for the info. i'm thinking of trying maybank too, in case boc falls through. did they mention roughly how long is the processing time?

 

[goenitz33]

I don't think they will waived annual fee for suspended accounts so better to cancel all cards and reapply when eligible again

they will actually
but some banks cannot be waived like ANZ

i have checked with Citibank on this and they said even suspended can waive.

it is just mahuan.

if you miss out checking u have to pay, so yes cancel is always good.

 

[Centralcoast]

they will actually
but some banks cannot be waived like ANZ

i have checked with Citibank on this and they said even suspended can waive.

it is just mahuan.

if you miss out checking u have to pay, so yes cancel is always good.

But how do u claim back excess amount if you don't cancel the cards ? That's very tricky as u can't use the card also so let the excess amount sit there for a few yrs?

 

[goenitz33]

But how do u claim back excess amount if you don't cancel the cards ? That's very tricky as u can't use the card also so let the excess amount sit there for a few yrs?

well it depends on how much excess goes inside ?

but yes if u want to claim back every dollar, u have to close it i believe.

 

[goenitz33]

thanks bro for the info. i'm thinking of trying maybank too, in case boc falls through. did they mention roughly how long is the processing time?

well i went maybank first prior to BOC though.

 

[melbourne10]

Once DCP drops to about 8X, facilities will be restored.

seems to have got this information from the banks.

If you want to keep the cards so you can use them again after the DCP amount drops to below 8x, then don't cancel and leave them suspended.

No guarantee they will give you a new credit card again after you cancel as the DCP status stays on CBS for 3 years. Cuz approval for new CC has strict criteria.

Suspended accounts on the other hand can be unsuspended with fresh income documents (in theory). Also depending on how much u have left, 8x or 4x.