Singapore Expats

Hello,

I would like to know if foreign credit history (such as US) can be used in Singapore. For example, since I already established 5 years credit history in US, I am wondering if I can get a car loan or credit cards (with US banks in Singapore) after 1-2 months relocating.

Or perhaps the law in Singapore requires every people with no exception must land a job before approved for credit cards?
Many ppl in US got credit cards eventhough they dont have any income. That's why this makes me curious how the credit systems work in Singapore.

Please advice, thanks!

hkartadi wrote:Hello,

I would like to know if foreign credit history (such as US) can be used in Singapore. For example, since I already established 5 years credit history in US, I am wondering if I can get a car loan or credit cards (with US banks in Singapore) after 1-2 months relocating.

Or perhaps the law in Singapore requires every people with no exception must land a job before approved for credit cards?
Many ppl in US got credit cards eventhough they dont have any income. That's why this makes me curious how the credit systems work in Singapore.

Please advice, thanks!

I'm pretty sure common sense prevails, banks would never give you a loan based on your credit references from the US, without an income here! dead sure.
The minimum i believe is 30.000 a year for a credit cards. But I still don't get your point. why not use your US credit cards here?

Surely most got credit cards in US while they were employed, there is a difference, although UK is also easy for credit cards, Singapore is not so dumb.

I thought US credit card will charge additional fees if the transaction occurs in overseas.

So the bank will decide the approval based on the salary? Is there any credit bureau such as experian, transunion in Singapore?

Thanks!

In case you worry about Singapore banks finding out about a "bad" history: No, Singapore banks in almost all cases do not check your credibility from USA or other countries outside Singapore.

Grim Reaper wrote:In case you worry about Singapore banks finding out about a "bad" history: No, Singapore banks in almost all cases do not check your credibility from USA or other countries outside Singapore.

So they won't worry about my "good" history too then...

Based on my own experience, you don't need either a foreign credit rating or a job in Singapore to get a Singapore credit card. All you need is money.

I opened a deposit account with HSBC in Singapore about 4 years ago while living in Batam (it seemed rather smarter than using an Indonesian bank!)

Last year, still not living in Singapore or with a job in Singapore the bank offered me a Mastercard - all I had to do was transfer a sum to a term deposit equivalent to double the card's credit limit.

Singapore banks are pretty switched on and I rather suspect they don't lose too much in bad debt with these policies!