Understanding rejected Credit card application
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 Dec 22 2017, 04:00 PM
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#1
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Elite
5,608 posts Joined: May 2011 From: Here, There, Everywhere  
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To share with those who says "capacity to pay/settle everything" +"good payment record", some banks' credit card approval policy may not bother with such. Other banks, especially those that U had/have a mortgage or savings/FD with - much more flexible as they can literally "see" your finances.
eg. Recently, Alliance Bank & BSN rejected my credit card application due to "too high exposure of credit cards' outstanding". FYI - i do have a high outstanding BUT these are all 0% balance transfer, easily covered and my CCRIS has no 1, 2 or 3 flags  Thus, payment track record / history (yup, i had accounts with Alliance & BSN before) +ability to payback may not outweigh other factors. |
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Dec 22 2017, 05:21 PM
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#2
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Elite
5,608 posts Joined: May 2011 From: Here, There, Everywhere
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QUOTE(klthor @ Dec 22 2017, 05:02 PM) i agreed, they tighten the rules again recently. for example, your newly approved credit card might sound a flag to them. so nowadays, they take into consideration on how many credit cards you have... like if you have 5 credit cards with total credit of RM60,000... they might consider this as quite risky as well. norm c.card = 3x of your monthly income... but when you have 5 cards x 3 times = 15 times of your monthly income.... they will consider this as well. above are all my experience and assumption, because i was asked about one of my recently approved c,card when im applying loan for my house.   like that i cold storage liao.. i've >10 cardsdang.. no more freebies (free advert to RinggitPlus  no, i'm not affiliated with them ) until i cancel some  but on a serious note, it seems only some local banks are more "scared" and have NO processes to allow applicants to prove liquidity & net worth. When i applied for Alliance & BSN, i also applied for 1 other as well - no issues with that bigger bank, thus, looks like very different processes / criteria & flags QUOTE(shdin271 @ Dec 22 2017, 04:08 PM) in order to get good ccris, which i realised after paying 1y+, then i restructured my loans Looks very obvious to me that CCRIS is just the basic + the more elaborate or heavier weight of judgement is each banks' internal policies. Sorry bro/sis - i dont have the details of each bank's policies.do you have any idea how they judge our finance other than payment record? This post has been edited by wongmunkeong: Dec 22 2017, 05:24 PM |
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