Credit card application help

[Guest Helppop]

I applied for a credit card at a bank that starts with C with 4 letters and got rejected. I previously applied once couple months back for the same card and got rejected so they told me to try again 6 months later which I did. I even tried doing it by manually keying in my info without using singpass as they told me to do so after hearing my situation.

 

some background info: I’m currently 28 this year, single, self employed for the last 3 years and I was running my own small business, monthly income average at about slightly over 5 digit steadily. This is my first time applying for a credit card and I have never owned or used one in the past so my credit score is at a “NA”. The card I’m applying for only requires a min income of 30k yearly. And yes I’m Singaporean.

 

im quite frustrated so if anyone can help pls do, especially those who have experience or are working in the banking industry 😕

[Coolbriz]

3 minutes ago, Guest Helppop said:

I applied for a credit card at a bank that starts with C with 4 letters and got rejected. I previously applied once couple months back for the same card and got rejected so they told me to try again 6 months later which I did. I even tried doing it by manually keying in my info without using singpass as they told me to do so after hearing my situation.

 

some background info: I’m currently 28 this year, single, self employed for the last 3 years and I was running my own small business, monthly income average at about slightly over 5 digit steadily. This is my first time applying for a credit card and I have never owned or used one in the past so my credit score is at a “NA”. The card I’m applying for only requires a min income of 30k yearly. And yes I’m Singaporean.

 

im quite frustrated so if anyone can help pls do, especially those who have experience or are working in the banking industry 😕

Weird. The usual rejection cause for a credit card application is a bad credit bureau  record. Your monthly salary is not an issue here. Usually when you call the credit card company, they should be able to give you an explanation why your application was rejected. Even if it’s a system hiccup, they could help you process your application when it’s in order. They are desperate for people like you to use their cards. Did you have a serious dispute with the bank? 

[Guest David]

I can tell you the reason why - self employed. I am also a self-employed since two years ago and despite contributing to my CPF on a monthly basis, they still reject me. So I gave up after 3 attempts and went ahead to apply for other banks. I believe the reason why you are applying with them is because of the promotions that you saw in third-party websites.

 

 

[IkuTube]

Alternatively, you can pledge a one time fixed deposit of (minimum) $10K to apply for the card.   The process is straight forward.

 

Of course, application through this has its restrictions.  First, your credit limit is linked to the pledged FD - if it is $10K, limit is $10K.  Second, should you decide to terminate, it takes more than a month to return your capital. 

 

The interest is low but that should not deter you since the objective is to own a credit card.  You can instruct the bank to transfer the interest earned to your other accounts.

[Guest No credit]

Don't use credit card 

[Steve5380]

1 hour ago, Guest No credit said:

Don't use credit card 

 

One can spend the whole life without a credit card, paying everything with cash. 

 

But there are no advantages to this.  A credit card should not come with a cost, but eventually with benefits like "points".  Paying off the card within the allotted time at each statement prevents one from paying interests.  Being disciplined with the use of the card will build up credit, something useful if one needs to make a big purchase.

[Guest Helppppop]

6 hours ago, Coolbriz said:

Weird. The usual rejection cause for a credit card application is a bad credit bureau  record. Your monthly salary is not an issue here. Usually when you call the credit card company, they should be able to give you an explanation why your application was rejected. Even if it’s a system hiccup, they could help you process your application when it’s in order. They are desperate for people like you to use their cards. Did you have a serious dispute with the bank? 

No I don’t, this is actually my first time engaging this bank

5 hours ago, Guest David said:

I can tell you the reason why - self employed. I am also a self-employed since two years ago and despite contributing to my CPF on a monthly basis, they still reject me. So I gave up after 3 attempts and went ahead to apply for other banks. I believe the reason why you are applying with them is because of the promotions that you saw in third-party websites.

 

 

i see I see .... yes you are right, perhaps I should go for other banks

5 hours ago, IkuTube said:

Alternatively, you can pledge a one time fixed deposit of (minimum) $10K to apply for the card.   The process is straight forward.

 

Of course, application through this has its restrictions.  First, your credit limit is linked to the pledged FD - if it is $10K, limit is $10K.  Second, should you decide to terminate, it takes more than a month to return your capital. 

 

The interest is low but that should not deter you since the objective is to own a credit card.  You can instruct the bank to transfer the interest earned to your other accounts.

oh ok that’s something new I’ll check it out thanks!

[Guest Say no]

3 hours ago, Steve5380 said:

 

One can spend the whole life without a credit card, paying everything with cash. 

 

But there are no advantages to this.  A credit card should not come with a cost, but eventually with benefits like "points".  Paying off the card within the allotted time at each statement prevents one from paying interests.  Being disciplined with the use of the card will build up credit, something useful if one needs to make a big purchase.

 

The reason no credit card is that studies have shown that when you pay by cash, physical money, you feel the pain of spending. 

 

Taking out 1k from your wallet and paying for that expensive bag makes you feel pain.

 

Compared that to a credit card, you don't feel anything. It's easy to spend credit. Virtual money. 

 

You can say "I'm disciplined" bla bla. Yet the highest personal debt is credit card debt. Not medical debt. Not mortgage debt. Not student loan debt. Not renovation debt. 

 

It's credit card debt. 

 

Why you think bank give those points for reward? To change your behavior to keep spending more. 

 

Banks have done intensive research to entrap people into this credit card crisis. 

 

And you are the perfect example of that. 

Why you think fast food etc McDonald's during the transition from cash to credit card pay wave etc. 

 

It's cause they discovered that people tend to spend more when they use credit card. 

Cause you don't feel the pain. It's just some number in your account which you don't even know. 

 

The pain only comes when you get the bills every month and realised that you "overspent". 

 

Say no to credit card. You'll save money. Earn more. Spend less. 

 

And suddenly, just like that, you'll only buy stuff you can afford right now. That new phone upgrade? Sure if you save up little by little every month so you can pay for it in cash. 

 

Compared to... Swipe out credit card and slowly pay back. 

 

Just no. 

 

Credit card is evil. 

[Guest 小舔舔]

aiyo you very Chee Bye one. 真他妈的贱！why are you so hard-up with Citi. Just apply other cards loh. Pple don't want you you still wag your tail for what? It is their loss. Not yours. Go get another card and spend.  Don't be a cheebye

[Steve5380]

1 hour ago, Guest Say no said:

 

The reason no credit card is that studies have shown that when you pay by cash, physical money, you feel the pain of spending. 

 

Compared to... Swipe out credit card and slowly pay back. 

 

Just no. 

 

Credit card is evil. 

 

We are not born with discipline,  but we can acquire it.  If you have a decent education, you know that what you charge to a card is money you spend.   Nothing like more or less pain one way or another. 

 

To spend money should not be pain, unless you don't get anything in return and it is unexpected.  Otherwise, if you spend money to buy a kilo of oranges, where is the pain?

[Neh Neh]

TS do you own a house, own a car? How much credit you asking Citi to grant your Citi card? These need to factor in too.

For self employ, income subject to 30% haircut and TDSR. Assuming your monthly income average of past 12mths is $10,000. 30% haircut becomes $7,000. After TDSR your effective income becomes $4,200. If you own any loan or own a car loan, your income may likely be too close to their 30k min annual income requirement. So bank reject your application. Bank will likely not to grant the credit especially now during covid 19, bank knows what businesses are in the red / suffering. If your biz is one of those alert biz, bank most likely will reject your credit application to prevent bank itself snowballing bigger bad debt.

[Guest Heldns]

4 hours ago, Neh Neh said:

TS do you own a house, own a car? How much credit you asking Citi to grant your Citi card? These need to factor in too.

For self employ, income subject to 30% haircut and TDSR. Assuming your monthly income average of past 12mths is $10,000. 30% haircut becomes $7,000. After TDSR your effective income becomes $4,200. If you own any loan or own a car loan, your income may likely be too close to their 30k min annual income requirement. So bank reject your application. Bank will likely not to grant the credit especially now during covid 19, bank knows what businesses are in the red / suffering. If your biz is one of those alert biz, bank most likely will reject your credit application to prevent bank itself snowballing bigger bad debt.

I do not own any car at the moment, but yes I was thinking perhaps there would be some form of haircut for self employed individuals, and this whole covid thing is not helping as well

[lonelyglobe]

7 hours ago, Guest Say no said:

 

The reason no credit card is that studies have shown that when you pay by cash, physical money, you feel the pain of spending. 

 

Taking out 1k from your wallet and paying for that expensive bag makes you feel pain.

 

Compared that to a credit card, you don't feel anything. It's easy to spend credit. Virtual money. 

 

You can say "I'm disciplined" bla bla. Yet the highest personal debt is credit card debt. Not medical debt. Not mortgage debt. Not student loan debt. Not renovation debt. 

 

It's credit card debt. 

 

Why you think bank give those points for reward? To change your behavior to keep spending more. 

 

Banks have done intensive research to entrap people into this credit card crisis. 

 

And you are the perfect example of that. 

Why you think fast food etc McDonald's during the transition from cash to credit card pay wave etc. 

 

It's cause they discovered that people tend to spend more when they use credit card. 

Cause you don't feel the pain. It's just some number in your account which you don't even know. 

 

The pain only comes when you get the bills every month and realised that you "overspent". 

 

Say no to credit card. You'll save money. Earn more. Spend less. 

 

And suddenly, just like that, you'll only buy stuff you can afford right now. That new phone upgrade? Sure if you save up little by little every month so you can pay for it in cash. 

 

Compared to... Swipe out credit card and slowly pay back. 

 

Just no. 

 

Credit card is evil. 

Yes,  even in hawker centre,  cashless is to make u spent more as u dont see the phsical money beside ensuring no evasion of taxes.

 

Credit card act as a safety net when u r oversea but the main key is discipline and pay the bill on time.

 

Go for the cashback type instead of those freebies type where u will spent even more. CITI bank is not the only bank in SG, try other banks, the market is so small and competitive and i m sure there will be desperate bank who will want your buisness.

[Guest Mary]

15 hours ago, Coolbriz said:

Weird. The usual rejection cause for a credit card application is a bad credit bureau  record. Your monthly salary is not an issue here. Usually when you call the credit card company, they should be able to give you an explanation why your application was rejected. Even if it’s a system hiccup, they could help you process your application when it’s in order. They are desperate for people like you to use their cards. Did you have a serious dispute with the bank? 

Not weird.  This is just a story to garner hits & keep BW going .   

The more ridiculous it sounds, the more it agitate others, hence the respond.  

 

Rule-of-thumb ; things that DONT make sense, it is usually NOT TRUE ! 

[Guest Credit card are for stupid]

Think of it this way. 

 

"credit" was created during a time when people want to buy things right now but don't have the money to pay now. 

 

So they buy by credit. 

 

History have shown, this changed behavior of consumer. 

 

How did using "credit" to buy something right now wirh money we already have right now. Just to earn some points or cashback... 

 

It's all designed to make you spend more, consume more, with money you either have or don't have. 

 

Eventually you lose cause you spend more. Bank wins no matter what. 

 

So yep. Keep fueling the credit market. And when you are 65 yo with no savings or retirement plan. Don't blame gahmen for not taking care of you. Or you have no money to retire. 

 

Its cause people are so dumb and stupid to realised that credit card is bad. 

 

It's like drug abuser saying drug is saved if you don't overdose. 

 

Guess what. People overdose. 

 

Same with credit card. Use with discipline.... Sure. 

[Guest Chee Hong]

I see some people wallet contained many cards - credit/debit, union, membership of various establishments, insurance card, chase card...etc.   Ever since I started my decluttering,  I kept only one debit card and my wallet is so light and easy to carry in the pocket.

[appboy]

Try UOB and CIMB. They are more easy to nego with I find.

 

Banks I had bad experience with.

1. HSBC - Anyhow deduct money from my savings account to pay for annual fee without my knowledge.
2. Citi - Must appeal 5 times to ask for a $70 wavier. Depends on which officer picks up your call

[Neh Neh]

11 hours ago, appboy said:

Try UOB and CIMB. They are more easy to nego with I find.

 

Banks I had bad experience with.

1. HSBC - Anyhow deduct money from my savings account to pay for annual fee without my knowledge.
2. Citi - Must appeal 5 times to ask for a $70 wavier. Depends on which officer picks up your call

UOB Tanjong Pagar branch has handsome staffs somemore

[Guest Hsbc]

I have hsbc credit card. My first one and still using. I don't have account with them. Someone approached me at carrefour dhoby ghout. Got free 2 movie tickets. Eventually got stand chart, posb, uob. All cancelled already. I find that hsbc is quite hassle free and user friendly. Automatic annual fee waiver. If not a simple dial will do. I got internet banking with them but eventually inactive cause never really rarely login. I got quite alot of points. But lazy to apply internet banking to access it. Maybe got another way to access it but lazy to search. I just use it cause sometimes need online shopping. Is convenience to have a credit card cause sometimes debit card not acceptable.