Declined credit card application

[movingtospore]

Welcome to SP. When dealing with banks and government departments here...remember....the first answer is almost always cannot-lah. If you go in person and fight back you can usually make progress.

HSBC has nearly driven me to madness here...

[Steve1960]

Quick update, not sure there are any conclusions to draw from this other than the Banks have different acceptance criteria and they don't want to tell us what they are! I really wanted two credit cards one for personal and one for business so decided to make a few more applications:

OCBC delined
CitiBank approved 16k credit limit
DBS / POSB (combined 2 card application) declined
American Express (credit card not charge card) approved 10k credit limit
Dinners Club (credit card not charge card) approved 12k credt limit

Go figure

[ecureilx]

Quick update, not sure there are any conclusions to draw from this other than the Banks have different acceptance criteria and they don't want to tell us what they are! I really wanted two credit cards one for personal and one for business so decided to make a few more applications:

OCBC delined
CitiBank approved 16k credit limit
DBS / POSB (combined 2 card application) declined
American Express (credit card not charge card) approved 10k credit limit
Dinners Club (credit card not charge card) approved 12k credt limit

Go figure

Wait for six months and apply to Stanchart and DBS - 90% they will approve it ..

Ensure you highlight your current cards in the application form

[Steve1960]

Thanks for the advice. Six months is up on 20th October. Where did that time go! Seems like we only just arrived here.

[Segue]

I talked to someone in the credit card business and he told me that if you have an AMEX card in your home country, they can look at your home country credit rating and will make their decision based on that. So if you already have had an AMEX card in good standing, you are likely to be accepted.

[Steve1960]

I talked to someone in the credit card business and he told me that if you have an AMEX card in your home country, they can look at your home country credit rating and will make their decision based on that. So if you already have had an AMEX card in good standing, you are likely to be accepted.

That may well be true but in my case I did not previously have an AMEX charge card or credit card in the UK.

[offshoreoildude]

Blame people like my former tenants who returned to the subcontinent leaving at least 6 unpaid CC bills behind and obviously don't intend to pay them. SCB and Citi are in that mix.

[revhappy]

..

[offshoreoildude]

The ST today had a small article discussing how the Credit Bureau wants to be able to access foreigners overseas credit reports.... as banks have been demanding this.

[Mi Amigo]

The ST today had a small article discussing how the Credit Bureau wants to be able to access foreigners overseas credit reports.... as banks have been demanding this.

Seems fair enough to me - if an applicant has nothing to hide, why would they be against credit checks in their previous location(s)? I dare say that some of the scumbags (like the previous tenant at our place) who do a runner from here leaving debts and unpaid bills probably have 'form' in other countries. Anything that can be done to prevent them exploiting the system here (and making things more difficult and expensive for the rest of us) is OK in my book.

[offshoreoildude]

The ST today had a small article discussing how the Credit Bureau wants to be able to access foreigners overseas credit reports.... as banks have been demanding this.

Seems fair enough to me - if an applicant has nothing to hide, why would they be against credit checks in their previous location(s)? I dare say that some of the scumbags (like the previous tenant at our place) who do a runner from here leaving debts and unpaid bills probably have 'form' in other countries. Anything that can be done to prevent them exploiting the system here (and making things more difficult and expensive for the rest of us) is OK in my book.

I agree. I'm surprised the banks don't ask FT to access the credit bureau in their previous locations and supply a copy of the report - probably because of the trouble of authenticating it.

[JR8]

I'm surprised the banks don't ask FT to access the credit bureau in their previous locations and supply a copy of the report - probably because of the trouble of authenticating it.

Are SGns subject to credit profiling too?

[sundaymorningstaple]

Yes

[JR8]

I was going to say that in that case I'm surprised.

But presumably the overall profit margin on expats is high enough that the banks can comfortably swallow the bad debtors... ?

[ecureilx]

I was going to say that in that case I'm surprised.

But presumably the overall profit margin on expats is high enough that the banks can comfortably swallow the bad debtors... ?

+1 !!!!!!!