Hi all, here is my situation; I am trying to apply for a mortgage loan and I have a credit card. The time around July'17 till March'18, I was jobless and I couldn't pay my credit card properly. I missed out a few months payment and I even had to borrow money from my friends to pay it but in a real minimum amount. Since March'18, I got a job and I was able to pay a smaller amount of my card but I still couldn't afford to pay for the minimum amount that was accumulated for the past months. Around June'18 I was called by the collection department in which they put me in a restructuring program in which I have to pay RM170 a month for the next 9 years, in which I agreed and been paying accurately without missing. So now my situation is that because of that, it is affecting my mortgage loan application. All my previous and other loans has been paid off and I never missed a payment before it just that I was jobless and affected my card payment. I have no commitments right now in which I can solely focus only paying my card and the loan(if approved). I even told the officer that I can provide a guarantor if needed. So far I applied for 5 banks and 2 already rejected me, hence I won't be surprised if the other 3 will do the same due to the same reason. What advice or suggestion I can do to make it get approved? Or how long must I wait again to retry? June? Please help!

Sorry to join in but I got the same problem last year trying to apply for loan mortgage. Reason why it got rejected was because I had RM9000 of debt in CC. Thank god managed to get it settled end year last year. I even tried using my wife's company bank statement because she's an owner of a business. But no luck also. Joint loan also cant get approved lol.

I feel like trying again this year but I dont know if the area is good anymore. For sure no longer available. Mind asking you which property you're eyeing on?

as long as u have restructured your debt that will reflect very very badly to bank.
If RM170 for 9 years means u owing bank around 18K so if u able to make full payment to settle this, u can try apply again like in 6 months would be better.

Dont get a joint loan, just use your wife to apply loan and joint name in the S&P.

So does this mean that if I continue to pay for the credit card per normal until June without any misses, I still can get rejected?

As mentioned, restructure is very very very bad image. So unless u clear it off then it could be very hard to get loan.
Unless u have a large amount of cash to put in FD as proof/collateral to show to bank u have the money.

Sigh, I don't have the amount to pay it off(not with my own money anyways). And to your bolded statement, how large is large? 40k? I have a certain amount of money for FD but that is not my own money, but my mom's, so I can't touch it.

Nowadays it's not the any Bank decision but BNM has tighten the borrowing regulation.

Reading what you wrote, it will be good for you to postpone any purchase within the next few years.

Are you advising me it is because my situation is THAT bad or because of other reasons?

Unpaid loans are always bad. When you buy a property, you also need to put a down payment and pay for stamp duty and fees. Can you afford that? If yes, why not pay off your restructured credit card loan first? Make that a priority this year before trying to buy property. You may also get your CCRIS / CTOS credit score report to see what the banks see when they check. I'm guessing it's a really bad score..