Credit Card problems

[swbhoy]

Can anyone suggest anything (or even offer sympathy - this is seriously annoying me)....
Moved to Singapore 5 months ago and after 3 months applied for a credit card. I've previously lived in UK and Australia, held, and continue to hold , credit cards in both. I lived in a rented apartment here and have no loans, mortgages or other debts in Singapore. My income is not astronomical by any stretch but for sake of clarity in the 150K-200K ball park.
I opened an account with OCBC (simply on the basis that their branch is 10 feet from my office door), its where my salary gets paid to and thats where I applied for the credit card. (They've already given me a debit card)
Application declined.....No reason given. I also applied for a Citibank card...declined. No reason given.
Very puzzled as have never had problems anywhere else so got a copy of my credit report from Credit Bureau Singapore. Blank, nada, nothing on it other than my name and address.
So I'm now stuck in the position that I have a good income, no debt and cant get a credit card and no one will tell me why !! If I have to book a flight or buy tickets I'm doing it with my British or Aussie card and paying FX which is daft.
Has anyone else encountered this or something similar and is there anything that I can do about it. Driving me absolutely

[steff77]

Hi,

same happened to me, with UOB. My salary is in the same range as yours, and they never told me the reason for the rejection. I am holding 2 german credit-cards, never had any problems there.

Try to see it positive, if you only use the debit-card, you have better control.

Stef

[Mad Scientist]

Did you submit your income earned in SG when applying for the credit card ?

I am not sure but I think the bank would want to see your payslip and income earned p.a.

My 2 cents, bank normally refused if they suspect that you are a credit risk customer, although you are not one as mentioned. Why don't you go to other banks other than Citibank and UOB. What about DBS, HSBC and the likes

If all of them rejected your application than there is something that is not right about your finance not that I am accusing you of one but sometimes you need to ponder this too

[beppi]

A letter from your company asking the bank to issue a CC because you need it for business trips might help.
With that, I got a card before even receiving my first salary in Singapore, although that was many years ago.
I changed to another card (with the same bank) a few years later without any problems or questions asked, although I had no income in Singapore at that time.

[Saint]

An EP holder needs to have been in Singapore for a while before Banks will approve a CC usually. 3 Months is not normally long enough.

[sundaymorningstaple]

Things have changed a lot over the years. When I came here in 1982, I had my full US drivers license converted to a Singapore License with only one omission (Class 5 - I would have needed to be on a Work Pass to use that - kept the Classe 3 & 4). I didn't take any tests, verbal, written or practical AND I wasn't even on an Employment Pass at all. I lived here for the first 11 years on bog standard 30 day tourist visas.

In 1984 (this was brought to mind last night as I received my new card) I applied for and received a Diners Club card. I didn't have a fixed deposit guaranteeing anything for Diners Club either. I was, as noted above, living here on 30 tourist visas.

Now, both of those are impossible to do. I reckon there have been too many defaulters on credit cards. Heck, we even had one post here that admitted he was going to leave without paying his outstanding balance and was wondering if they could go after him in his home country. So, like the abuse of PR, thing eventually change due to those abusers. It's sad because other have to reap what you've sown.

[aster]

The only place I ever got rejected (and that was for a debit card!) was in the US 'bout 10 yrs ago. Apparently I needed to have some sort of credit history to receive... a debit card. And when I asked how I can go about getting a credit history I was told that the best way is to have and use... a debit card. Ended up getting one at a different bank, though they required an additional "security deposit" before they issued me the frigging debit card...

Things here seemed incredibly smooth though with regards to even getting a credit card. Easiest bank is DBS because they don't want jack except for a letter from your company staring your salary. That's why I chose them, because I don't have any computerized payslips and I've yet to receive my first notice of assessment.

If you can bear the min. 30 minut wait (if you're extremely lucky... sometimes longer, much longer...) to speak to someone then DBS is quite ok.

[ksl]

You need to speak with the manager to ask for an explanation of why its not issued, I had this problem moving back from Denmark to UK, with a clean slate and still holding my Danish bank credit history of some kind is needed and that can be provided from other banks, though they do not check up, the manager appears to make the judgement and authorise a credit card, though there is a small fee.

Do not ask those serving, just say you wish to see the manager and prove your situation with your overseas bank and ask them to apply for reference. The UK manager was satisfied with my proof, that i had a credit card within 3 days with HSBC, but the service was so bad when I arrived here I closed the account.

.

[scarbowl]

I'd guess that they deem expats on an EP as a credit risk. What's to keep you from running up credit and leaving without paying? They have an increased risk with these cards. You're new here, not a PR, and have no real history in Singapore.

You might ask about a secured credit card - which limits the value but is a place to start.

[aster]

You might ask about a secured credit card - which limits the value but is a place to start.

Which banks do this? I mean if I was to stop working and my credit limit disappeared, could I still get a credit card by offering a significant secured deposit with a bank?

[scarbowl]

I suspect so. Suggest starting with your current bank, then DBS/POSB.

[Splatted]

If you are with AMEX, you can relocate your existing card and convert it to a Singapore card. Just log in online and there is a link for this.

What I am not sure, however, are about fees. For example, my AMEX card which I applied for in Australia has no annual fees, and free membership to the Ascent rewards program... What I am unsure of is whether the card remains free of fees once converted to a Singapore card. Perhaps you need to call customer service and ask (assuming you have amex and assuming you choose to go down this path.)

[aster]

How does the whole credit system work? What happens if you try to get an extra credit card with a different bank, can your current CC provider find out and cut your limit? Surely there is some way to prevent you from getting a high limit at every bank simultaneously...

I'm thinking of getting an additional card with a different bank, but if it's going to somehow cut my limit with my current bank then I'll pass... even though at my current bank I maintain a balance of at least 2x my credit limit and would also do so at the second bank.

[Mad Scientist]

How does the whole credit system work? What happens if you try to get an extra credit card with a different bank, can your current CC provider find out and cut your limit? Surely there is some way to prevent you from getting a high limit at every bank simultaneously...

I'm thinking of getting an additional card with a different bank, but if it's going to somehow cut my limit with my current bank then I'll pass... even though at my current bank I maintain a balance of at least 2x my credit limit and would also do so at the second bank.

Funny that the banks really quite heavy handed on some applicant even though the applicant is risk free.
From my experience, placed some fixed deposit or open a bank account into the bank of your choice. If the amount is maintain and reasonable, to apply should be easy apart from the usual docs.
Ours was given even without asking although I only placed $50K in FD. Subsequently we had other CC from other bank when they asked if we hold any CC from other banks. Wife was given sup card even though she did not apply. She had FIVE luckily she did not or rarely use it OR ELSE I AM DEAD !!!!

[aster]

OK, so if I can a new card elsewhere then my current bank won't find out somehow and chop my limit?

I'm cool with leaving at least 2x the limit in deposits with each bank, I just don't want my limits cut.