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BNM New Rulings on CC, No more card to card approve
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shiroikun
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 Sep 7 2011, 10:56 AM
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QUOTE(chemistry @ Sep 7 2011, 12:58 AM) I will have to return all my cards to the banks should the new ruling be fully enforced. Coz I don't fulfill all those income requirements  Byebye my OCBC Titanium, byebye my Maybankard 2 Platinum. I doubt that they will decrease all our credit limit to 2x of our income? This make our life harder... Hardly can play around with balance transfer anymore. Guess everyone will just apply personal loan with high interest rate! |
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shiroikun
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Sep 7 2011, 11:21 AM
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For now, BNM wanna control those income that is lesser than 3k, i wonder when they will start to control everybody in this country =.="" Another 3 years, they implement income less than 5k with the same rules?
Added on September 7, 2011, 11:23 amQUOTE(chemistry @ Sep 7 2011, 12:58 AM) I will have to return all my cards to the banks should the new ruling be fully enforced. Coz I don't fulfill all those income requirements Byebye my OCBC Titanium, byebye my Maybankard 2 Platinum. They won't cut your card but only will see plat card with 5k credit limit, VS with 10k CL and VI, WMC with 15k CL  This post has been edited by shiroikun: Sep 7 2011, 11:23 AM |
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shiroikun
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Sep 7 2011, 03:27 PM
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QUOTE(ckuanglim @ Sep 7 2011, 02:51 PM) If your income doesn't meet the requirement, how do u get your Maybank 2 Plat? Isn't the MayBank 2 Plat require high income to apply? Before the new BNM rules, we can apply using other credit card as reference, if I having a Platinum card as reference, of coz MBB wont't give u a gold card right? You won't accept it either. It is like downgrade. Some of my cards require 100k income per year but I don't have it, they still give it to me...  |
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shiroikun
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Sep 7 2011, 04:41 PM
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QUOTE(gerrardling @ Sep 7 2011, 04:20 PM) when the purchasing power is low, ppl will misuse the credit facility. personal loan and credit card are one of the tools ppl will misuse It's has to back to our income issue, big portion of our income spend on House loan and car loan, thats for sure our purchasing power is low in other area, price of a vehicle is damn high. Income increase 5% yearly, inflation 8-10% yearly, how to cope without credit cards and personal loan? |
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shiroikun
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Nov 3 2011, 12:16 PM
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QUOTE(rayng18 @ Nov 3 2011, 12:02 PM) documented income below RM36k pa. Received letter from Citibank to submit income stmt. Now having 5 cc (citibank choice, scb plat,hlb plat, DA plat and hsbc gold) dunno which one to cancel almost all have direct debit instructions. sigh!! choose the 2 with the highest CL...haha  |
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shiroikun
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Nov 16 2011, 09:48 AM
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BNM 1st to tighten the rule of CC application. Now already moving to Car Loan, they tighten the car loan application recently, then slowly move to Personal Loan, Housing Loan...  |
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shiroikun
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Dec 7 2011, 11:06 AM
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QUOTE(b00n @ Dec 7 2011, 10:00 AM) That just proves one statement i.e. banks are too desperate for business thus to match competitions, they just gives higher lines for new cards. Main reason as well why so many are in CC debts where they cannot control their spending.  Ya I have the same opinion as you. How could the bank give such high credit limit to an individual where by they don't actually knowing how much the person earn monthly. It is like 20x to 30x times the monthly salary. 1 of my friend earning around RM3k but having a credit card with limit of RM100k. I was so shock to know it and he having more than 3 cards that having RM100k and another 2-3 cards with RM50k and above. What is the trick from him is, He pledged in a FD with bank A RM50k. He get a credit card with RM50k credit limit and after 1 year, he used that card to get another credit card which give him even higher credit limit. Repeat this process for 2 years, he get RM100k credit limit cards  This method of judgement by the bank are sux... |
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shiroikun
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Dec 7 2011, 04:04 PM
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QUOTE(MilesAndMore @ Dec 7 2011, 03:33 PM) This method doesn't work for many banks. The reason is because one cannot use a secured credit card that is more than 1 year old as reference to apply for a new credit card. Other banks can find out that the credit card is a secured credit card through his/her CCRIS. I had a secured credit card before, that is why i know this. The problem is the 2nd bank approved the credit card using reference of the 1st credit card that using FD to pledged and this bank is CITIBANK  . After 1 year he use this credit card to apply other credit cards... |
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shiroikun
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Dec 10 2011, 08:13 PM
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QUOTE(rockefeller @ Dec 10 2011, 07:01 PM) What was the bank with which he pledged the 50K FD for his first secured credit card? PBB |
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shiroikun
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Apr 25 2012, 10:46 AM
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Recently get some news on requirement to apply CC for 1st card... Applicant need to have at least 1 full year CCRIS report records in order to apply it...else you will not allow to apply or 100% reject. Not sure whether it is true or not but was told by Citibanker which they don't process the application for people who don't have CCRIS record
This post has been edited by shiroikun: Apr 25 2012, 10:47 AM
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shiroikun
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Apr 25 2012, 11:24 AM
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QUOTE(maru @ Apr 25 2012, 11:00 AM) how to have CCRIS record if u dont have a car? to obtain a card u need to have car/PL first? most likely wont be This is how BNM stop ppl from using CC as much as possible to reduce ppl's debts. Spend within your mean, get debit card if you don't have any CCRIS records... You can always pledge in FD to get your 1st CC, Hire Purchase, Housing Loan. |
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