Phucked up OCBC

[problem?]

3 years ago I signed up their Platinum card, they gave me $8,000 credit limit. I used the card to buy an aircon with 3 years installment.

Sep 2014, I applied Frank Credit Card, with all the supporting documents, I still have my $8,000 credit limit intact.

Dec 2014, I received a letter from OCBC saying they are going to reduce my credit limit to $1,200, they said that this is 2x of $600 monthly salary. (Refer to the link below for the scanned letter)

Jan 2015, I went down to their branch to appeal, I provided my CPF contribution. FYI my contribution is max/hitting $5,000 ceiling.
2 weeks later I received another letter saying that my appeal fail. I called, the manager asked me to re-appeal, but it is still subject to approval. I refused because I just appeal 2 weeks ago most likely they will reject again.

05 Feb 2015, my online payment did not go through, I called their hotline. CSO told me that my credit left is $0. ($1,2000 - $3xx (outstanding bill) - $7xx (total outstanding from aircon installment) = $0)

So in another word, I won't be able use the card at all as I will always hit $1,200 limit at the start of the month.

Notes
- My credit score is 2000 (AA). Best score one could have in Singapore.
- I did not find any credit report retrieval from OCBC, I don't know what is their basis to reduce my credit limit.
- I don't know where they get the info that my monthly income is only $600. In fact my salary is $7,xxx, they can easily find out from the monthly salary credited to my OCBC 360.
- For anybody to be eligible for a credit card, his annual income must be at least $30,000, meaning $2,500 per month. Since they approved my credit card application, my salary should be at least $2,500 right?
- My monthly installment is only $75, but they don't count $75, instead they count the total installment outstanding of $7xx?
- My credit limit with Citibank is $20,000.
- The CSO advised me to deposit money into the credit card account so that I can have more limit. Hello SCO, this is credit card, not debit card. Why should I top up first before I can use the card?


Scanned letter
www[dot]dropbox[dot]com/s/mffnb6ma8j1nmc9/IMG_20150206_112711_Edited.jpg?dl=0

 

[wilson_200]

If i were you, i will cancel all cards and bank accounts with ocbc. There is not only one bank in Singapore. I cancelled my Robinsons card and frank card as ocbc refuse to waive annual fee on my Robinson card.

 

[havetheveryfun]

did u send ur salary pay slip for them to check ?

 

[more3cm]

- My monthly installment is only $75, but they don't count $75, they count my total installment outstanding of $7xx?

That is the normal practice mah... In fact the bank has already paid in full for you to the merchant. So you owe them the full amt, not just the monthly instalment

 

[limster]

Dec 2014, I received a letter from OCBC saying they are going to reduce my credit limit to $1,200, they said that this is 2x of $600 monthly salary.

$600 monthly salary, MAS regulations is that you are not allowed to have credit card. So if OCBC thinks you have $600 monthly salary, why did they issue you credit cards in the first place

Please scan the letter and post here and maybe send to MAS or stomp.

 

[problem?]

That is the normal practice mah... In fact the bank has already paid in full for you to the merchant. So you owe them the full amt, not just the monthly instalment

Thanks for the information, I didn't know this is the practice

 

[problem?]

did u send ur salary pay slip for them to check ?

The thing is, the branch officer only ask for my CPF statement, not income statement. The manager who asked me to reappeal also told me that income statement is not required.

 

[problem?]

$600 monthly salary, MAS regulations is that you are not allowed to have credit card. So if OCBC thinks you have $600 monthly salary, why did they issue you credit cards in the first place

Please scan the letter and post here and maybe send to MAS or stomp.

Exactly, why did they issue the credit card to me in the first place?
I added the scanned letter in my first post.

 

[simon_84]

not really bothered with ocbc credit cards anymore since their restrictions are quite stringent even though i met the minimum criterion, they still reject my credit card application.
imagine i got a monthly basic of 2.6k plus and still get rejected just because i have no credit loans.
same goes for cimb as well.

posb and dbs gave me 1 card each but cap at 6k for both cards.

 

[limster]

Exactly, why did they issue the credit card to me in the first place?
I added the scanned letter in my first post.

Thanks. It is really weird that OCBC thinks you earn $600 a month and still wants to give you credit line and credit card, especially if its based on your CPF statement.

If payslip, my theory would be the photocopy is not clear, $6,000 become $600...

 

[neolaw]

Foreigner.

Earning less than 70k (before tax).

Credit score DD (1 point to CC).

They keep rejecting.

I think their credit card department reject 90% of the pile and actually work on 10%.

Then they say to management, "this month, we finished reviewing x thousand applications and approved y number of cards."

Then they enjoy bonus.

 

[Singleton]

not really bothered with ocbc credit cards anymore since their restrictions are quite stringent even though i met the minimum criterion, they still reject my credit card application.
imagine i go a monthly basic of 2.6k plus and still get rejected just because i have no credit loans.
same goes for cimb as well.

posb and dbs gave me 1 card each but cap at 6k for both cards.

That time i applied for the frank CC Card, it also reject me without giving me any reason. Somemore i got an Bonus + account already then i go to the OCBC IB ..shoot an email .demanding the manager to call me to explain why my card application kena reject... A few weeks later, I received the CC by post

 

[koreanlover]

The thing is, the branch officer only ask for my CPF statement, not income statement. The manager who asked me to reappeal also told me that income statement is not required.

If your CPF contribution is max, why they say your income is $600 per month?

 

[Flex11]

i think you should just head over to any branch with all supporting documents and reason it out with the manager and get him to resolve for you.

at least he know where to submit the docs and who to find

don't go through those customer service..

 

[problem?]

If your CPF contribution is max, why they say your income is $600 per month?

Yeah.. this is what I don't understand.

 

[problem?]

i think you should just head over to any branch with all supporting documents and reason it out with the manager and get him to resolve for you.

at least he know where to submit the docs and who to find

don't go through those customer service..

I went to their branch in January, filled and signed the appeal form attached with CPF contribution, but 2 weeks later I received the rejection letter, without any reason.

 

[foxer77]

why stay with the bank switch to other. they not the only one ? when a bank refuse to wavie off annual fee. i will straight away cancel the card. already cancel quite a few banks of CC last time round. recent year most banks would waive off .

 

[Keverus]

there are many factors to a cc application...

i know someone whose cpf contribution is max each month...got rejected. citizen as well.

ts, do u have any averse record with OCBC? maybe ur credit bureau rating is good, but u may be on internal watchlists...each bank have their own interal watchlist.s

 

[knightdreamer]

Hi,

Is your credit report latest? if not you may want to get. Does the report reflect all the credit card that you are holding? 2000point sound like you have not use any credit card

i am asking this because the report shown all the card that i am holding and my spending.

Any late payment? even for other banks?

could be MAS new regulation
Credit Card and Unsecured Credit Rules

Take note of your other banks credit limit.

 

[Zaalaa]

same here. gave up. im invited by uob for priv banking. but rejected by ocbc for not hitting 30k annual....

zzz