Singapore Expats

Struggling to get a credit card!

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captain_blueballs
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Struggling to get a credit card!

Post by captain_blueballs » Thu, 01 Feb 2024 11:33 am

Hey folks,

I'm an expat who runs a marketing company in Singapore.

I've applied to several cards from OCBC, DBS and Standard Chartered and its always the same response: application failed.

I don't need credit. I want to improve my credit score and earn cash back or points.

The salary isn't a problem either. I pay myself $90,000/year and our combined salaries are $300,000+/year.

Is it because I'm self employed? If so - how do I get around it?

Thanks.

nelyanne
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Re: Struggling to get a credit card!

Post by nelyanne » Fri, 02 Feb 2024 12:53 am

Have you tried Citi, Amex, CIMB?... I have a feeling that foreign banks are more open to dealing with foreigners...

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malcontent
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Re: Struggling to get a credit card!

Post by malcontent » Fri, 02 Feb 2024 1:49 am

Thinking back on my first credit card, it was with DBS where I had a current account for several years and they had a history of my income being deposited to said account. Seems like they started me off with a very small credit limit, but that is how I started building my credit as an EP holder.
It is impossible for a man to learn what he thinks he already knows - Epictetus

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Strong Eagle
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Re: Struggling to get a credit card!

Post by Strong Eagle » Fri, 02 Feb 2024 4:53 am

Where do you keep your business bank account? Do you keep a decent amount of $$$ in it? You should consider seeking a personal credit card from your business bank, and if they are unwilling to do it, threaten to move to a bank that will.

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Max Headroom
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Re: Struggling to get a credit card!

Post by Max Headroom » Fri, 02 Feb 2024 11:33 am

I'm the opposite; I don't want a credit card. But wherever and whenever I open a bank account, they insist on give me a credit card.

The best part: I toss them in the drawer, never to see the light of day, yet they still kena scam online purchases...

:shock: :shock:

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Re: Struggling to get a credit card!

Post by captain_blueballs » Fri, 02 Feb 2024 11:53 am

nelyanne wrote:
Fri, 02 Feb 2024 12:53 am
Have you tried Citi, Amex, CIMB?... I have a feeling that foreign banks are more open to dealing with foreigners...
I haven't purely because Standard Chartered (SC)and OCBC have the best cards. SC has 1% cash back on all purchases with no minimum spend. Its amazing.

Ill look into it though.

captain_blueballs
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Re: Struggling to get a credit card!

Post by captain_blueballs » Fri, 02 Feb 2024 11:53 am

nelyanne wrote:
Fri, 02 Feb 2024 12:53 am
Have you tried Citi, Amex, CIMB?... I have a feeling that foreign banks are more open to dealing with foreigners...
I haven't purely because Standard Chartered (SC)and OCBC have the best cards. SC has 1% cash back on all purchases with no minimum spend. Its amazing.

Ill look into it though.

captain_blueballs
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Re: Struggling to get a credit card!

Post by captain_blueballs » Fri, 02 Feb 2024 11:54 am

Max Headroom wrote:
Fri, 02 Feb 2024 11:33 am
I'm the opposite; I don't want a credit card. But wherever and whenever I open a bank account, they insist on give me a credit card.

The best part: I toss them in the drawer, never to see the light of day, yet they still kena scam online purchases...

:shock: :shock:
I'd love to be in your shoes!

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Re: Struggling to get a credit card!

Post by captain_blueballs » Fri, 02 Feb 2024 11:56 am

Strong Eagle wrote:
Fri, 02 Feb 2024 4:53 am
Where do you keep your business bank account? Do you keep a decent amount of $$$ in it? You should consider seeking a personal credit card from your business bank, and if they are unwilling to do it, threaten to move to a bank that will.
I use DBS Ideal and the account is liquid but it doesn't make any difference. The first card I applied for was through DBS.

Here's the irony: DBS is more than happy to give me loans! They ring or email all the time with the latest 'offers'.

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Re: Struggling to get a credit card!

Post by captain_blueballs » Fri, 02 Feb 2024 11:58 am

malcontent wrote:
Fri, 02 Feb 2024 1:49 am
Thinking back on my first credit card, it was with DBS where I had a current account for several years and they had a history of my income being deposited to said account. Seems like they started me off with a very small credit limit, but that is how I started building my credit as an EP holder.
I think my problem is that banks consider me to be a 'freelancer' since I am self-employed. The salary/financial situation doesn't make a difference.

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Re: Struggling to get a credit card!

Post by malcontent » Fri, 02 Feb 2024 12:14 pm

captain_blueballs wrote:
Fri, 02 Feb 2024 11:56 am
Strong Eagle wrote:
Fri, 02 Feb 2024 4:53 am
Where do you keep your business bank account? Do you keep a decent amount of $$$ in it? You should consider seeking a personal credit card from your business bank, and if they are unwilling to do it, threaten to move to a bank that will.
I use DBS Ideal and the account is liquid but it doesn't make any difference. The first card I applied for was through DBS.

Here's the irony: DBS is more than happy to give me loans! They ring or email all the time with the latest 'offers'.
In this case you should schedule an appointment at a branch and discuss it with them. They can help intervene in the process.
It is impossible for a man to learn what he thinks he already knows - Epictetus

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abbby
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Re: Struggling to get a credit card!

Post by abbby » Fri, 02 Feb 2024 1:12 pm

Your salary bracket seems alright for cc, i guess locals banks are very conservative. I agree to try foreign banks- Maybank, China bank, Citi, SC.
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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Re: Struggling to get a credit card!

Post by sundaymorningstaple » Fri, 02 Feb 2024 1:58 pm

captain_blueballs wrote:
Fri, 02 Feb 2024 11:58 am
malcontent wrote:
Fri, 02 Feb 2024 1:49 am
Thinking back on my first credit card, it was with DBS where I had a current account for several years and they had a history of my income being deposited to said account. Seems like they started me off with a very small credit limit, but that is how I started building my credit as an EP holder.
I think my problem is that banks consider me to be a 'freelancer' since I am self-employed. The salary/financial situation doesn't make a difference.
A technicality, but it might have a lot to do with your problems. Perception. You say you have formed a Pte Ltd company, but you refer to yourself as self-employed. You cannot be both. As you are paying yourself a salary (for the obvious reasons, you are but an employee, not self-employed). You do not work for yourself, but you actually work for your company. Big difference in the way the government looks at it. Especially when they more or less know what you are doing and why as they've seen it '000's of times over the years. This is why the rules have changed for certain things like requiring that one hires locals (a minimum of 5 I believe in certain cases over a certain period of time). I think this may also stop you in your PR quest that I wrote a long missive on last evening. Sadly, from an ethnic standpoint, this has mostly been abused by your own ethnic group (not nationality). It is what it is. And, to add, without children in school acting as an anchor of sorts, even the banks, who have been burned many, many times by 'expats' leaving huge CC debts when they disappear into the mists at night, they are getting wee bit wiser. I think before you will see magic plastic, you will need to clean up your act (same goes for PR).

sms
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

smoulder
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Re: Struggling to get a credit card!

Post by smoulder » Fri, 02 Feb 2024 3:19 pm

Years ago Citi Singapore approved a credit card with a credit limit that was lower than I had more than 5 years before that in India (after the currency conversion). I had a yearly salary that was over 100k then!

That wasn't my first card - I already had a DBS card. So anyway, I canceled immediately....

Right now, the UOB One Card and account combination works well for me... Seems to have good reviews too.

captain_blueballs
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Re: Struggling to get a credit card!

Post by captain_blueballs » Fri, 02 Feb 2024 4:01 pm

sundaymorningstaple wrote:
Fri, 02 Feb 2024 1:58 pm
captain_blueballs wrote:
Fri, 02 Feb 2024 11:58 am
malcontent wrote:
Fri, 02 Feb 2024 1:49 am
Thinking back on my first credit card, it was with DBS where I had a current account for several years and they had a history of my income being deposited to said account. Seems like they started me off with a very small credit limit, but that is how I started building my credit as an EP holder.
I think my problem is that banks consider me to be a 'freelancer' since I am self-employed. The salary/financial situation doesn't make a difference.
A technicality, but it might have a lot to do with your problems. Perception. You say you have formed a Pte Ltd company, but you refer to yourself as self-employed. You cannot be both. As you are paying yourself a salary (for the obvious reasons, you are but an employee, not self-employed). You do not work for yourself, but you actually work for your company. Big difference in the way the government looks at it. Especially when they more or less know what you are doing and why as they've seen it '000's of times over the years. This is why the rules have changed for certain things like requiring that one hires locals (a minimum of 5 I believe in certain cases over a certain period of time). I think this may also stop you in your PR quest that I wrote a long missive on last evening. Sadly, from an ethnic standpoint, this has mostly been abused by your own ethnic group (not nationality). It is what it is. And, to add, without children in school acting as an anchor of sorts, even the banks, who have been burned many, many times by 'expats' leaving huge CC debts when they disappear into the mists at night, they are getting wee bit wiser. I think before you will see magic plastic, you will need to clean up your act (same goes for PR).

sms
Yes,I'm a founder/director and the salary is through the company.

I do network with Singaporean entrepreneurs and they advised on the 'freelancer' bit. Apparently, its a common rejection.

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