Secured Credit Cards

[shy3r]

Dear all,

any idea if banks will approve secured credit card if putting less than $10k as fixed Deposit for collateral?

anyone has any experience?

i am looking to build my credit rating but most banks all rejected unsecured credit card application due to my past credit history. I am now debt free.

hope to hear great experience information.

thank you

 

[BBCWatcher]

I haven't found any cards issued in Singapore that fit your description.

If you haven't tried already, see if you can get a S$500 limit credit card. CIMB's AWSM is a good choice since it's annual fee free for life, but Diners Club has a new Ace (S$500 limit) Cashback credit card that's also pretty good.

 

[shy3r]

I haven't found any cards issued in Singapore that fit your description.

If you haven't tried already, see if you can get a S$500 limit credit card. CIMB's AWSM is a good choice since it's annual fee free for life, but Diners Club has a new Ace (S$500 limit) Cashback credit card that's also pretty good.

Yup, tried but rejected.

 

[natnaes]

Dear all,

any idea if banks will approve secured credit card if putting less than $10k as fixed Deposit for collateral?

anyone has any experience?

i am looking to build my credit rating but most banks all rejected unsecured credit card application due to my past credit history. I am now debt free.

hope to hear great experience information.

thank you

10k is the minimum for a secured card. Maybe you should walk-in to a bank and ask, as few people use secured cards there might be very limited information available online.

 

[CrashWire]

any idea if banks will approve secured credit card if putting less than $10k as fixed Deposit for collateral?

$10k is an MAS regulation: https://sso.agc.gov.sg/SL/BA1970-S729-2013

 

[BBCWatcher]

I guess you’ll just have to wait until you’ve got S$10,000 for a fixed deposit.

 

[shy3r]

Hmm, okay, thanks everyone

 

[Singrish]

Yup, tried but rejected.

There are a few other banks offering $500 limit cards. No harm trying everyone. Doesn’t cost a cent & if you’re lucky one might approve.

Worse case scenario if really all reject & you don’t have $10K for secured, then use a prepaid credit card. Not sure of that helps build up your credit rating at all but at least you have a card to use.

 

[shy3r]

There are a few other banks offering $500 limit cards. No harm trying everyone. Doesn’t cost a cent & if you’re lucky one might approve.

Worse case scenario if really all reject & you don’t have $10K for secured, then use a prepaid credit card. Not sure of that helps build up your credit rating at all but at least you have a card to use.

Yup. diners and CImB has rejected my $500 application. Even with collateral.

 

[natnaes]

There are a few other banks offering $500 limit cards. No harm trying everyone. Doesn’t cost a cent & if you’re lucky one might approve.

Worse case scenario if really all reject & you don’t have $10K for secured, then use a prepaid credit card. Not sure of that helps build up your credit rating at all but at least you have a card to use.

Actually, there is harm trying every one. The more applications you go for, the more it brings down your credit rating. If there is low chance you will get accepted, stop applying and let your credit standing "rest". Work on things with real chance of getting approved such as getting a secured card instead of continue trying unsecured.

Prepaid cards do not build credit.

Yup. diners and CImB has rejected my $500 application. Even with collateral.

If even secured card applications are getting rejected, you may try to appeal via walk-in and see if it was a computer that had you rejected and perhaps a human might change things. If not, try again next year.

If you've been rejected by a few banks, no point going to other banks as a new GX account with 2-3 credit pulls within such a short span of time will likely have gone to HH.

 

[shy3r]

Actually, there is harm trying every one. The more applications you go for, the more it brings down your credit rating. If there is low chance you will get accepted, stop applying and let your credit standing "rest". Work on things with real chance of getting approved such as getting a secured card instead of continue trying unsecured.

Prepaid cards do not build credit.



If even secured card applications are getting rejected, you may try to appeal via walk-in and see if it was a computer that had you rejected and perhaps a human might change things. If not, try again next year.

If you've been rejected by a few banks, no point going to other banks as a new GX account with 2-3 credit pulls within such a short span of time will likely have gone to HH.

Ya, i only apply 4 institutes and never try others. Hopefully it didnt go down to HH…

 

[CrashWire]

Ya, i only apply 4 institutes and never try others. Hopefully it didnt go down to HH…

You can get a free report with every credit application.

Get your report here and let us know your score: https://www.creditbureau.com.sg/buy-my-credit-report.html

 

[BBCWatcher]

Four credit card applications within a short period of time is a lot, by the way. But what's done is done.

 

[zaraguy37]

I open a fix deposit and put $10k in Maybank to open a Secured Credit Card for just $3k credit and got REJECTED. My Credit Report score is GX. Any other advice here?

 

[zaraguy37]

I open a fix deposit and put $10k in Maybank to open a Secured Credit Card for just $3k credit and got REJECTED. My Credit Report score is GX. Any other advice here? I

Actually, there is harm trying every one. The more applications you go for, the more it brings down your credit rating. If there is low chance you will get accepted, stop applying and let your credit standing "rest". Work on things with real chance of getting approved such as getting a secured card instead of continue trying unsecured.

Prepaid cards do not build credit.



If even secured card applications are getting rejected, you may try to appeal via walk-in and see if it was a computer that had you rejected and perhaps a human might change things. If not, try again next year.

If you've been rejected by a few banks, no point going to other banks as a new GX account with 2-3 credit pulls within such a short span of time will likely have gone to HH.

With 10K fixed deposit also wont get approval by Maybank. I give up already.

 

[cassowary18]

I open a fix deposit and put $10k in Maybank to open a Secured Credit Card for just $3k credit and got REJECTED. My Credit Report score is GX. Any other advice here?

Try other banks then?

 

[shy3r]

I open a fix deposit and put $10k in Maybank to open a Secured Credit Card for just $3k credit and got REJECTED. My Credit Report score is GX. Any other advice here?

Have u check your own credit report?
GX doesnt mean your report is clean.
If you have banks details in your default column, or your DMP, Bankrupt records still there, you wont get secured card as well.

 

[shy3r]

I open a fix deposit and put $10k in Maybank to open a Secured Credit Card for just $3k credit and got REJECTED. My Credit Report score is GX. Any other advice here? I

With 10K fixed deposit also wont get approval by Maybank. I give up already.

When I have GX, Maybank rejected my unsecured credit card application. However, another finance institute approved me.

 

[zaraguy37]

When I have GX, Maybank rejected my unsecured credit card application. However, another finance institute approved me.

Can you advise me which finance institute? At least there is hope for others here to build up our credit score

 

[zaraguy37]

Have u check your own credit report?
GX doesnt mean your report is clean.
If you have banks details in your default column, or your DMP, Bankrupt records still there, you wont get secured card as well.

There are no bankrupt report have check as well my credit report from **.