Debt consolidation Plan

[Youandme8888]

Another way you can improve your rating is to not only pay on time, but pay slightly more than the minimum.

Give you some tips.

If you’re going to apply for Maybank, make sure your Maybank profile is damn strong. E.g no late payments, pay slightly more than minimum all the time, don’t use credit card or credit line until it’s reaching max.

Another way is to work on paying off 1 of the lowest card you have e.g if you got a card that has $500 outstanding, pay it off in full and cancel that card. Then in your DCP application, show the statement balance at $0. Banks also will know that even tho your rating is Low, you made an effort to close off a card.

I really am quite puzzled why your rating is 1500+ when you pay on time. Perhaps a few months ago you received Call’s from the banks to settle your overdue payments.

Another reason is probably because you reach overlimit for a lot of credit cards. That will add to credit exposure and delinquency presence.

Did you recently try to apply may credit cards or take loans? Too many enquiries is a result of new applications of credit facilities. Do note that “reviews” by the bank don’t add to the “too many enquiries” risk factor. Only applications made to open new facilities will add to the risk factor.

I think this is because I was late in payment, actually I call up maybank, they suggested me to wait until next month then apply. But is maybank suggest rate high and how long will they take

 

[Jojodespo]

Yes late payments are usually the case. Do you see any B in your AAAAAA?

Who did you speak to in Maybank?

With you current rating, I would suggest you try in 2-3 months, not within a month. The risk here is that if your application is rejected, your credit score might drop further.. however maintaining a good payment cycle will improve your rating, but it doesn’t happen in just a month,

My take is if you can tahan another 2-3 months, go for it. Otherwise, you can still try Maybank next month. Hopefully your credit rating has went up by then.

Upon submission of documents, maybank takes approximately 2-3 days until you know the answer.

When they see your CBS, next day can call to check status.

I think this is because I was late in payment, actually I call up maybank, they suggested me to wait until next month then apply. But is maybank suggest rate high and how long will they take

 

[Jojodespo]

FYI, those who want to try applying for DCP, heads up is SCB is being more lenient now with their approvals due to a change in their internal policy.

As Long as your documents are all in order:
- BTI above 12x, SCB are ok if you submit only 3 monthly payslips, no need NOA or CPF. But your payslip cannot reflect your bonus amounts or your total YEAR income
- credit rating above GG, sorry guys HH will not be entertained
- your payment history with SCB bank is good (other banks not necessarily need to be as good as SCB)
- no overlimit amount on any SCB credit facilities

Approval is pretty much there. Even if application rejection first round, CSO will appeal second round automatically.

Those who need my CSO who approved me, drop me a PM, or if you’re newbie to forum, just quote this message and I’ll pm you instead.

Fighting

 

[reggaez]

Ah, thanks for the insights!!!

When I call them to return my balance and close the credit card accounts/cashlines, do I also try asking them to waive some interest fees?

**** I have ocbc 365 and easicredit with them... Guess it’s gonna be hard to get my credit balance back? Did you manage to eventually get it back? I have a savings account with them so maybe they’d just transfer to my savings?

lol i have OCBC 365, Cashflo and Easicredit with them. the excess balance altogether was $600+ for these 3 items. In the end , guess what, they only returned $158 to me after minus the interest.

if u have OCBC savings then they should be able to transfer the excess directly into the bank account, similar to DBS, where they directly transfer the excess balance into my POSB savings.

hope this helps.

 

[reggaez]

I think this is because I was late in payment, actually I call up maybank, they suggested me to wait until next month then apply. But is maybank suggest rate high and how long will they take

my 2 cents, do give UOB a try. just submit all the documents in their online portal. then they will give u a call within 1 working day.

i am also a HH , 1674. my total outstanding was 95K

 

[Jojodespo]

Wah they so niao ah? Haha.

I think my excess balance will be $600+ also... how come get back so little after minus interest? They didn’t waive the early termination fees?

What about other banks? I heard they more lenient in waiving off interest fees.

lol i have OCBC 365, Cashflo and Easicredit with them. the excess balance altogether was $600+ for these 3 items. In the end , guess what, they only returned $158 to me after minus the interest.

if u have OCBC savings then they should be able to transfer the excess directly into the bank account, similar to DBS, where they directly transfer the excess balance into my POSB savings.

hope this helps.

 

[Jojodespo]

I don’t actually suggest that he apply to UOB because I was told they don’t entertain 1650 and below. No point to waste an application and then make another enquiry into the cbs which would maybe make the rating lower.

Unless it’s just to call up UOB, I can provide him a number for the CSO that handled my case.

Maybank seems like The Best Bet for him for now unless his rating improve.

my 2 cents, do give UOB a try. just submit all the documents in their online portal. then they will give u a call within 1 working day.

i am also a HH , 1674. my total outstanding was 95K

 

[hwaa]

Lost 450 in turfclub again , want to die.

sibei bo liao sia u.

u are the only one here that keep trying to gamble and gamble and gamble and gamble.

if gamble can win, no one will be in this deep shiat.

 

[Jojodespo]

Ya people here looking for help with DCP or at least trying to talk something related to DCP..

Your posts are always about you going gamble here there win lose money all that..

We don’t need to know what you do with your money. If need be, maybe you should create a new thread on good/bad gambling places so this DCP thread will maintain its topic..

And also.. please stop gambling, it’s what landed you into this situation as well... make use of you DMP wisely, don’t mess it up more by losing more..

Lost 450 in turfclub again , want to die.

 

[SibehHL]

Ya people here looking for help with DCP or at least trying to talk something related to DCP..

Your posts are always about you going gamble here there win lose money all that..

We don’t need to know what you do with your money. If need be, maybe you should create a new thread on good/bad gambling places so this DCP thread will maintain its topic..

And also.. please stop gambling, it’s what landed you into this situation as well... make use of you DMP wisely, don’t mess it up more by losing more..

Perhaps you should let him be.

His posts does serve as a stark reminder to some; why gambling is NOT encouraged as a means to get rich.

 

[Jojodespo]

Good point. Looking at it in a different way does make a difference.. thanks for offering a differentiated approach!

Perhaps you should let me be.

His posts does serve as a stark reminder to some; why gambling is NOT encouraged as a means to get rich.

 

[regrettothemax]

Bro may i know what was your lowest credit rating and how long you took to improve to FF? @jojodespo

 

[sgman88]

Perhaps you should let him be.

His posts does serve as a stark reminder to some; why gambling is NOT encouraged as a means to get rich.

Gambling can make one rich but not everyone can make it. If someone is in dcp|dmp, best advice is to totally stop gambling, not even 4D or Toto. Imo, I think those who took more than 5years repayment, it is better to plan to repay within 5years after you have become stable in your financial. Debt cannot be compare to vehicle instalments. Once still in debt, it is very difficult to have savings. Esp when you finished your debt, you will find that you already older many years. Nowadays doesn't mean u can stay in one job n get salary till retire. I pity some who needs to pay alimony for life and still in debt, no way they can plan for their retirement.

 

[Jojodespo]

Hi bro,

My lowest rating was HH-1691 in July 2017.

When I checked in Oct 2017, it became FF-1768, but I didn’t apply banks yet as I just got rejected and haven’t waited 3 months yet.

When checked in Dec, rating still same @ FF-1768.

Took me about 3 months to improve my rating from HH to FF.

After SCB checked my CBS on 27th Dec, my rating dropped to GG tho.. but I approved alr.

Bro may i know what was your lowest credit rating and how long you took to improve to FF? @jojodespo

 

[regrettothemax]

Hi bro,

My lowest rating was HH-1691 in July 2017.

When I checked in Oct 2017, it became FF-1768, but I didn’t apply banks yet as I just got rejected and haven’t waited 3 months yet.

When checked in Dec, rating still same @ FF-1768.

Took me about 3 months to improve my rating from HH to FF.

After SCB checked my CBS on 27th Dec, my rating dropped to GG tho.. but I approved alr.

Thanks for replying.. my rating is now 1640. Quite bad. You cannot apply DCP every month? Some CSO told me to try next month. Do remember how much rating you improved per month and did you only make the minimum payments?

 

[regrettothemax]

Bro, just to check. Is your cbs still reflecting a HH, or a HZ?

Also, your payment history, are they reflecting BBBB?

And lastly, do you have any outstandings on your Cbs?

If you’re having difficult settling minimum payments, I’d suggest that you quickly register for The ccs talk session to find out what choices you have. You mostly likely will qualify as long as you have a stable income, no guarantee.

The waiting time however, will be about 2 months until DMP approval which is why you should check for the earliest slot.

You can also concurrently apply for DCP with a few banks quickly, and also attend the DMP talk session stay strong bro, we’re here to help.

HH Bro. All As for payment history. Outstanding meaning? My total is about 126k. i was actually rejected alot of times since Oct till now. My CSO told me to improve my rating as it might be due to a big jump in the total outstanding. I've been also told by one of the CSO not to go for CCS as my Credit Rating sure will drop if i do so..

 

[Jojodespo]

Oh 1640 hmmm.. I’d suggest not trying to apply yet and try get your rating up.

Maybe buy your cbs in late feb or 1st March.

You can apply every month, but it will affect your rating when the banks do a check on your CBS every time you apply.

I remember I had 3 factors that contribute to my Low rating in July 2017.

Too many enquiries
Credit exposure
Delinquency presence

When I checked back in October 2017, delinquency presence was removed. I believe that’s because in March/April, I missed out a payment from UOB and got a lawyer letter sent chasing me to pay my minimum payment. But somehow, it was still considered as below 30 days past due so my grading still remained as AAA instead of BAA.

I was told that CBS will still take into consideration if you settle your minimum after the due date, but before 30 days.

That means that even if you still made payment 14 days after due date and got late charges, although it’s reflected as an A on your cbs cycle, they will still track it as late, thus adding to delinquency presence.

Thanks for replying.. my rating is now 1640. Quite bad. You cannot apply DCP every month? Some CSO told me to try next month. Do remember how much rating you improved per month and did you only make the minimum payments?

 

[Jojodespo]

Well bro, this has been an issue with a lot of us here.

Waiting for DCP = spending more money to pay more interest. More rejections = more dent in CBS rating = lower chance of approval for future application. After DCP and 3 years, fresh start, can apply for loans.

Going to DMP = still spending money to pay interest. Applying doesn’t mean confirmed approval. DMP means no unsecured credit for the rest of your life, including car loans, housing loans etc. Takes 2 months from start to approval.

——

Yes you should improve your rating as you can still improve as Long as you continue making minimums, slightly more than minimums, and stop using your credit cards. If you can, clear 1 card and make the balance $0.

CCS DMP would be your last resort where your rating will never bump up, either because you cannot fulfil minimum payments, or you already defaulted some.

Hope this helps!

HH Bro. All As for payment history. Outstanding meaning? My total is about 126k. i was actually rejected alot of times since Oct till now. My CSO told me to improve my rating as it might be due to a big jump in the total outstanding. I've been also told by one of the CSO not to go for CCS as my Credit Rating sure will drop if i do so..

 

[Jojodespo]

By the way, don’t keep applying and getting more rejects. Banks will see that as a risk. Cos you will seem very desperate to them. (Well obviously we all are desperate), but they will want to see if you can lay off applications for abit before applying. It shows that you have room for some payments.

HH Bro. All As for payment history. Outstanding meaning? My total is about 126k. i was actually rejected alot of times since Oct till now. My CSO told me to improve my rating as it might be due to a big jump in the total outstanding. I've been also told by one of the CSO not to go for CCS as my Credit Rating sure will drop if i do so..

 

[regrettothemax]

Oh 1640 hmmm.. I’d suggest not trying to apply yet and try get your rating up.

Maybe buy your cbs in late feb or 1st March.

You can apply every month, but it will affect your rating when the banks do a check on your CBS every time you apply.

I remember I had 3 factors that contribute to my Low rating in July 2017.

Too many enquiries
Credit exposure
Delinquency presence

When I checked back in October 2017, delinquency presence was removed. I believe that’s because in March/April, I missed out a payment from UOB and got a lawyer letter sent chasing me to pay my minimum payment. But somehow, it was still considered as below 30 days past due so my grading still remained as AAA instead of BAA.

I was told that CBS will still take into consideration if you settle your minimum after the due date, but before 30 days.

That means that even if you still made payment 14 days after due date and got late charges, although it’s reflected as an A on your cbs cycle, they will still track it as late, thus adding to delinquency presence.

Oh i didnt know about the CBS key factors varies, thought its fixed. Why late feb though, when CBS refreshes on every 1st of the month?