Struggling to get a credit card!

[captain_blueballs]

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.

I'll try it. Thanks.

[captain_blueballs]

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.

I'm not sure it makes any difference because I've been rejected by OCBC and SC.

I was even rejected by Trust Bank (weep).

Ill give Maybank and Citi a shot.

[captain_blueballs]

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.

Thanks Ill check it out.

[Strong Eagle]

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

"Freelancer" has many negative connotations, amongst them, is the idea that income isn't steady. That makes you a credit risk.

What you are is a managing director. I ran my own company in Singapore for 8 years. My partner and I paid ourselves consistent monthly salaries, adding bonuses at the end of the year, if the year was especially good.

We both got personal credit cards from Stan Chart and UOB, and we were able to demonstrate monthly bank deposits and pay slips. The one thing we could never do is get company credit cards or get a bank to factor our receivables.

If you really are freelancing and have only sporadic income, then I can understand why you are denied. And times have changed since I was there. Banks have been burned. There are a bunch of posts in this forum alone asking about, "What happens if I leave Singapore and don't pay my credit card debt?"

But again, if you're able to demonstrate consistent income and a profitable business, it would seem possible to acquire cards.

And as I close, it occurs to me: Why not get credit cards through your wife?

[Strong Eagle]

Another thing to consider: How much "gravitas" does your pte ltd have? For example, we incorporated a $2 company, then loaned the company a bunch of money, which meant a great bank balance. After a while, business was good and we paid ourselves back but always kept a healthy balance.

Second, we had a great business address... a serviced office on Battery Road. Not saying that you need something as expensive but having a business address that isn't an HDB flat or the top story of a shophouse makes a difference as well.

[PNGMK]

In the old days as a freelancer the only way I got a card was via a personal recommendation from our managing director and I was required to leave an amount of deposit equal to the credit limit with HSBC.

[JWNYsg]

What about opening a premier banking account. Would that help? Account opening requirements are not that high these days and they could provide a secured credit card

[captain_blueballs]

Another thing to consider: How much "gravitas" does your pte ltd have? For example, we incorporated a $2 company, then loaned the company a bunch of money, which meant a great bank balance. After a while, business was good and we paid ourselves back but always kept a healthy balance.

Second, we had a great business address... a serviced office on Battery Road. Not saying that you need something as expensive but having a business address that isn't an HDB flat or the top story of a shophouse makes a difference as well.

I honestly don't think a business carries that much weight.

One of my clients runs a $50m/year company, employing 20 locals.

His PR application failed. Many times.

[captain_blueballs]

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

"Freelancer" has many negative connotations, amongst them, is the idea that income isn't steady. That makes you a credit risk.

What you are is a managing director. I ran my own company in Singapore for 8 years. My partner and I paid ourselves consistent monthly salaries, adding bonuses at the end of the year, if the year was especially good.

We both got personal credit cards from Stan Chart and UOB, and we were able to demonstrate monthly bank deposits and pay slips. The one thing we could never do is get company credit cards or get a bank to factor our receivables.

If you really are freelancing and have only sporadic income, then I can understand why you are denied. And times have changed since I was there. Banks have been burned. There are a bunch of posts in this forum alone asking about, "What happens if I leave Singapore and don't pay my credit card debt?"

But again, if you're able to demonstrate consistent income and a profitable business, it would seem possible to acquire cards.

And as I close, it occurs to me: Why not get credit cards through your wife?

We have credit cards but none of them are in my name. I want to improve my credit score in Sg.

As for a regular income - I pay myself a monthly salary so I don't think that's it.

[PNGMK]

there's no such things as credit score in Singapore. The credit bureau is basically worthless.

[smoulder]

Another thing to consider: How much "gravitas" does your pte ltd have? For example, we incorporated a $2 company, then loaned the company a bunch of money, which meant a great bank balance. After a while, business was good and we paid ourselves back but always kept a healthy balance.

Second, we had a great business address... a serviced office on Battery Road. Not saying that you need something as expensive but having a business address that isn't an HDB flat or the top story of a shophouse makes a difference as well.

I honestly don't think a business carries that much weight.

One of my clients runs a $50m/year company, employing 20 locals.

His PR application failed. Many times.

PR application is a whole different animal.

[malcontent]

We have credit cards but none of them are in my name. I want to improve my credit score in Sg.

As for a regular income - I pay myself a monthly salary so I don't think that's it.

Let us know how it goes after you talk to the representative at the bank you pay the monthly salary to. As mentioned, they can intervene and help get your first cc approved. It could still take a couple of weeks for them to evaluate, so it might take some patience.

[Strong Eagle]

I honestly don't think a business carries that much weight.

One of my clients runs a $50m/year company, employing 20 locals.

His PR application failed. Many times.

I was referring to your ability to get a credit card, not PR, and in my view, it makes quite a difference. My application for PR was initially denied. I appealed, providing details of my company's revenue, clients, employees, bank accounts, and ancillary people/activities that I was involved in. My PR was approved 2 weeks later.

Times have probably changed somewhat but nevertheless... if you've got $12 in the bank, you don't employ anyone, your company doesn't pay taxes (yes, I know, there is tax relief, but did you claim enough net income to be able to claim the relief or expense everything out), you don't hire contractors like CPA's, and you pay $43 in rent for an office next to the fish maw soup place in a shophouse... well, it just doesn't look like a real business.

Because from about 2000 to 2006, getting an Entrepass was easy as pie. You didn't have to prove up anything... like business skills, capital, experience... and people abused the hell out of it as an easy way to get into Singapore.

So "gravitas" makes a difference for you... letterhead, a good business address, a website that doesn't look like it was put together by fifth graders, pay slips, a good bank balance... all to demonstrate that your business is steadfast and healthy. Eyewash goes a long way.

Your client is being denied PR for some reason other than owning a business and owning a business is insufficient to overcome his issues, whatever they may be.

[malcontent]

there's no such things as credit score in Singapore. The credit bureau is basically worthless.

Having a credit bureau is still a relatively new concept in Singapore, and most banks here haven’t really taken to it. Banks want to see a record of steady and reliable income rather than a pristine record of repayments. Means to pay trumps the propensity to pay. However, a major black mark like a bankruptcy will give them pause.

[the observer]

there's no such things as credit score in Singapore. The credit bureau is basically worthless.

Not entirely useless.

Banks use it to weed out job candidates who have bad credit ratings. MAS requirement.