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Credit Reports from CBS for Foreigners mean NOTHING

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Credit Reports from CBS for Foreigners mean NOTHING

Postby carteki » Thu, 29 Sep 2011 8:43 pm

I've just had to pull my own credit report and was very surprised to find that I didn't have any debt (and believe you me I do!). Further investigation revealed that there is a perfectly logical reason for this... the banks insist on using your passport number as their key record (I know - I've begged and pleaded with them to use my FIN to no avail), while CBS uses your FIN. And then the good news is that even if they manage to match your FIN and your passport - when you get PR your credit record according to CBS (haven't tried it, but I suspect it will be) is wiped clean :) as guess what? Its a new number.


foreigners 1 - locals 0 :P

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Postby nakatago » Thu, 29 Sep 2011 10:37 pm

If you don't like it here, why don't you leave and go back....wait, what thread is this again? :P :cool: :cool: :P

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Postby carteki » Fri, 30 Sep 2011 9:21 am

nakatago wrote:If you don't like it here, why don't you leave and go back....wait, what thread is this again? :P :cool: :cool: :P


Is it that obvious? :cool: :P :cool: :P :P

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby azp123 » Fri, 30 Sep 2011 8:12 pm

carteki wrote:I've just had to pull my own credit report and was very surprised to find that I didn't have any debt (and believe you me I do!). Further investigation revealed that there is a perfectly logical reason for this... the banks insist on using your passport number as their key record (I know - I've begged and pleaded with them to use my FIN to no avail), while CBS uses your FIN. And then the good news is that even if they manage to match your FIN and your passport - when you get PR your credit record according to CBS (haven't tried it, but I suspect it will be) is wiped clean :) as guess what? Its a new number.


foreigners 1 - locals 0 :P

Interesting.... Hopefully cbs or the banks are reading this...

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Postby sundaymorningstaple » Fri, 30 Sep 2011 8:49 pm

Why?

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby ecureilx » Sat, 01 Oct 2011 11:42 am

azp123 wrote:
carteki wrote:foreigners 1 - locals 0 :P

Interesting.... Hopefully cbs or the banks are reading this...


Funny you say that .. CBS is a "PRIVATE" entity .. and they, for some reason only known to them, are in agreement with banks, as to the record maintenance ...

PRs, they ask for passport # .. when you apply for a credit card, or the bank that did issue credit card without checking the PP # of the applicant has failed.

Not similar, but, recently SCB was declaring about 2 MIL $ or more loss due to such failure of check .. when S Pass holders had submitted forged salary slips stating the pay was 5,000 or more ..

BTW, a banker friend swears that banks make money by lending, and those with bad credit are like most wanted, as the chance of those with bad credit rating possibly defaulting and paying the penatly fee is highest, compared to those with clean records, where the banks don't make money when the debtor pays everything on time ...

makes sense ???

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby carteki » Sat, 01 Oct 2011 2:30 pm

ecureilx wrote:BTW, a banker friend swears that banks make money by lending, and those with bad credit are like most wanted, as the chance of those with bad credit rating possibly defaulting and paying the penatly fee is highest, compared to those with clean records, where the banks don't make money when the debtor pays everything on time ...

makes sense ???


Makes perfect sense - it is the classic risk / return trade off. People with poor credit records / no security pay far more to borrow than those who have those things. This is because the bank needs to be rewarded for the opportunity cost of the increased risk of lending to "poorer" credit candidates.

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby ecureilx » Sat, 01 Oct 2011 3:06 pm

carteki wrote: Makes perfect sense - it is the classic risk / return trade off. People with poor credit records / no security pay far more to borrow than those who have those things. This is because the bank needs to be rewarded for the opportunity cost of the increased risk of lending to "poorer" credit candidates.


http://www.youtube.com/watch?v=mzJmTCYmo9g

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby BillyB » Sat, 01 Oct 2011 11:06 pm

ecureilx wrote:
azp123 wrote:
carteki wrote:foreigners 1 - locals 0 :P

Interesting.... Hopefully cbs or the banks are reading this...


Funny you say that .. CBS is a "PRIVATE" entity .. and they, for some reason only known to them, are in agreement with banks, as to the record maintenance ...

PRs, they ask for passport # .. when you apply for a credit card, or the bank that did issue credit card without checking the PP # of the applicant has failed.

Not similar, but, recently SCB was declaring about 2 MIL $ or more loss due to such failure of check .. when S Pass holders had submitted forged salary slips stating the pay was 5,000 or more ..

BTW, a banker friend swears that banks make money by lending, and those with bad credit are like most wanted, as the chance of those with bad credit rating possibly defaulting and paying the penatly fee is highest, compared to those with clean records, where the banks don't make money when the debtor pays everything on time ...

makes sense ???


Slight correction - banks don't want people with bad credit records. They want people with good records who don't pay everything in full each month.

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby ecureilx » Sun, 02 Oct 2011 1:00 pm

BillyB wrote:Slight correction - banks don't want people with bad credit records. They want people with good records who don't pay everything in full each month.


Reality says otherwise .. when I got PR, and wanted a card, it was hard to get one .. and then through DBS i got one.

Then the other banks were bit vary of me .. with no 'credit status' .. .as the credit report just showed one card, and payment on time .. I kept getting caught by the various promoters and applied ... but rejected .. (not that I was actively asking for a card .. )

And after a year or so, when my credit report showed outstanding, suddenly everybody was more than eager to give me, and Citi gave me one with 4 times my basic pay .. on top of the 4 times basic pay on Line of Credit ..

And when I defaulted, once, like clockwork, UOB doubled the credit limit for me .. and so did Citi.

Well, I decided that I am sinking deeper and deeper, and stopped using cards, and am religiously paying back.... before I sank deeper ..

But, still, as of now, Stanchart is demanding I take a card, and so is Diners with "FREE SPENDING MONEY OF 1,000 $" .... practically every other week there is a letter and demands that I sign on the spot when I am accosted ...... and so is HSBC and RBS ...

The only banks that I applied and were not keen, when I had 'liquidity' issue, was / is Maybank and OCBC ..

Moral of the story: CARDS ARE BAD .. or Credit is BAD .. for personal use ..


I hope there is no legal issue mentioning the names of the banks ...

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby BillyB » Sun, 02 Oct 2011 1:15 pm

ecureilx wrote:
BillyB wrote:Slight correction - banks don't want people with bad credit records. They want people with good records who don't pay everything in full each month.


Reality says otherwise .. when I got PR, and wanted a card, it was hard to get one .. and then through DBS i got one.

Then the other banks were bit vary of me .. with no 'credit status' .. .as the credit report just showed one card, and payment on time .. I kept getting caught by the various promoters and applied ... but rejected .. (not that I was actively asking for a card .. )

And after a year or so, when my credit report showed outstanding, suddenly everybody was more than eager to give me, and Citi gave me one with 4 times my basic pay .. on top of the 4 times basic pay on Line of Credit ..

And when I defaulted, once, like clockwork, UOB doubled the credit limit for me .. and so did Citi.

Well, I decided that I am sinking deeper and deeper, and stopped using cards, and am religiously paying back.... before I sank deeper ..

But, still, as of now, Stanchart is demanding I take a card, and so is Diners with "FREE SPENDING MONEY OF 1,000 $" .... practically every other week there is a letter and demands that I sign on the spot when I am accosted ...... and so is HSBC and RBS ...

The only banks that I applied and were not keen, when I had 'liquidity' issue, was / is Maybank and OCBC ..

Moral of the story: CARDS ARE BAD .. or Credit is BAD .. for personal use ..


I hope there is no legal issue mentioning the names of the banks ...


Fair enough. I know from my experience in SG that there seems to be a strange logic in credit card issuance. The swings between credit limits across local and international banks is bizarre.

I know Citi seem quite relaxed, same with OCBC and UOB. Whereas I found DBS and SC to be quite conservative. But my GF had almost the opposite findings to me.

Could be different policies for Westerners compared to Asian foreigners?

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Postby sundaymorningstaple » Sun, 02 Oct 2011 1:29 pm

Gettng accosted by Banks after credit card users is an exercise. They buy mailing lists or use their own internal records in the case of account holders, and then send the telemarkers and advertising departments to flood the market with come-ons. It doesn't mean the issuance of a credit card is guaranteed. You still need to fill out the application and have the necessary to get it. Therefore, you won't know until you actually try to take them up on the offer as to whether or not you will actually get it.

Having been made in Bankrupt in 1973 (after Hurricane Agnes in '72) I know a lot about getting come-ons and actual issuances. It took 6 years to re-establish credit after that. I still keep the two credit cards that I got 6 years after as they show the date "member since" as that serves as a constant reminder of what can happen when one start on that merry-go-round. (one, my AMEX card, I almost never use even though they have kept upgrading it over the years without my asking). They say member since 1979. I kinda like that.

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Postby sundaymorningstaple » Sun, 02 Oct 2011 1:41 pm

It's funny, I got my Diner's club card in much the same fashion back in '84. I walked into their office to try to get a copy of their monthly magazine as my wife & her band were supposed to have had a two page centre spread in the magazine. (It was actually in the local VISA magazine I found out later) But before I could get out of there that were bound and determined I "Needed" a diners club card. I asked them why, as I already had a Gold Amex card that did everything the diners club card could do. Their argument was the fact that it was a US card I'd be paying for exchange rates differences. Anyway, I told 'em if they want me to have one, fill out the application and I'll sign it. But I'd be going back offshore in a week. Just before going off shore they called me up and asked me if I could open a CITIbank account so that they could just direct debit my account for the payments. Told them to forget it. I'm not about to change my bank to a bank I'd already gotten fed up with a left once before, so just forget the card as I don't really need it anyway.

They said, let us check and get back to you. I told 'em to do whatever they wanted, I won't be back for two months anyway. When I got back there was a new Diner's Club card, no fixed deposit required, no direct deposit required, and no limits. (while only here on a tourist visa!). Guess they really wanted me to have it. :-) Still carry it today. The only thing I use it for is airline tickets, I go through diners travel and can spread out the payments interest free (albeit I pay a fixed ticketing service charge but that through Diners Travel though) for up to 12 months. That has made it worth keeping. I've also gotten some good last minute deal via Diners Travel if traveling on a emergency.

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Re: Credit Reports from CBS for Foreigners mean NOTHING

Postby ecureilx » Sun, 02 Oct 2011 2:15 pm

BillyB wrote:Could be different policies for Westerners compared to Asian foreigners?


Little disclaimer, in case that is required ... Yours truly Moi is NOT a westerner :D :D

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Postby azp123 » Mon, 03 Oct 2011 5:42 pm

sundaymorningstaple wrote:Why?

Because, i know they ask for PP number as well for PR's and they should keep that as a reference for all foreigners for credit check...

I thought having a bad credit history - means bad interest rate, less bargaining power with banks, i have a good credit history and all banks have given me cards...+ housing loans (with good bargainng power on interest rates...)


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