I was declared a bankrupt 11 years ago because I lost heavily in the share market.

I was discharged from bankruptcy a year ago. Whilst I'm trying to get back to leading a normal life, I felt that it's just not that easy after all.

Although I make more than 6K a month working in a MNC for the past many years, I've not been able to to make any credit card application successfully, not to mention about securing a housing loan. If the government are promoting about giving ex-prisoners a second chance, why are the financial institutions still biaised towards discharge bankrupts?

What can I do? I need to get a roof over my head.....

why do you want a credit card then?

the government have already heard of such requests from the public. Although it's true that discharged bankrupts would usually turn over a new leaf , history has time and again repeated itself which is why members of parliament are mixed on throwing their weight behind unofficial government policies tailored at helping the bankrupts. Thankfully, ex-bankrupts are able to find a stable job in today's society and still succeed. What i feel u should do TS, is to consider moving to another country, where there are no public stance nor policies against discharged bankrupts. In my honest opinion , it would be a long time before the Singapore government starts to put into action new policies such as allowing discharged bankrupts to have a roof over their heads and allowing them to make credit card applications.

they promote mah, but didn't say they'll practice.

by right there shouldn't be any risk regarding home loans,

afterall you are using your house as collateral.

if you run away, i will just auction off your house.

bro, if you just turned the corner for the better, why not rent first? i think it is more manageable than buying. banks generally are risk averse, so it will be tough.

U stay where ? Address as your NRIC , go see your MP la ....

Talk sincerely to your MP , about your problem ...

I got problem alway see MP .... tends to be quite successful after seeing him .

MP is the one to help you la bro .

Tell the MP the same grievances u brought up here .

No harm giving it a try .

MP is elected to hear your voices , or else they somply taking salary for nothing .

If your MP cannot help , go up a level .

Keep trying until u die .

Go see Mah Bow Tan ... then Lee Hsien Long ....

If cannot see Lee Hsien Long by appointment , check his walkabout in his AMK area , talk to his grassroots personal , get them to sent your letter of appeal to PM Lee .

Boleh Jalan one , trust me .

Never give up on our rights !!!

U pay taxes also , right ?

U pay CPF also , right ?

U holds a pink NRIC , right ?

So no diff to me , go !!!

 

Kevinace,

Finance companies are not charity organization.

You just got discharged ONE year ago.. Not enuff time to accumulate a good track record.

One year.. and you are already applying for credit cards ? I seriously wonder about your money management ability.

Instead of going into debt again, why not start saving up. Once you have a substantial amount of money in your bank, the financial bodies will be more than willing to loan you again.

IMHO, right now, you're a bad candidate for loans.

If you want the convenience of cashless transaction for traveling purpose, you can consider debit (master/visa link) cards.

6K per month should be sufficient for you to rent a decent size housing until you accumulate enough savings . If you still cannot manage with 6K.... I think there is seriously .. some issues with the way you manage your money.

Are you a gambler ?

 

 

 

eh .. siao eh .. apply atm card can already la ..

 

LAI ...POSB SAVINGS

seriously, why do u need a credit card for? i mean no insult or flaming against you, but credit card is a luxury. If u really need to pay thru visa or mastercard or wadever, u can always get a debit card. If you get a credit card just to show off, den sorry, i think you should change your mentality. Somemore, without a credit card,  u are actually better off and lighten your burden.

as for housing loan, if u are thinking of applying for a HDB flat, den go see your MP.  :)

Originally posted by maurizio13:

by right there shouldn't be any risk regarding home loans,

afterall you are using your house as collateral.

if you run away, i will just auction off your house.

But if the property market were to correct or crash, the banks would also lose money if they cant auction it away at their cost of lending. So there is always a risk present when banks loan money, and the risk is higher for discharge bankrupts.

D\ont forget that some discharged bankrupts are still busy paying off their loans.

It is 'interesting' to note that many of us here equate the application of/for a credit card as an indication of one's inability to manage his/her finances properly, the mentality being that if the individual had liquid cash, why then is there a need for a credit line. And although Kevinace has the option of utilizing a debit card (which for all means and purpose is as good as a CC), the use of a CC as a financial tool is greatly benefiting.

I am well in-tune with my finances and see the CC as a tool for greater savings. I accept that an individual may gain reward points on a debit card but if you were to compare the savings, perks specials and rewards offered by credit cards, an individual may actually come out better having used, wisely, his credit card. With discounts offered on furniture, consumer products, F&B and the like, I am accutely aware that my savings on credit cards are far better than those offered on debit or cash payments. My only caveat would be that the full outstanding amount be paid up monthly.

Kevinace, I am sympathetic to your becoming a bankrupt through speculation, given my positive attitude toward the use of stocks as a means for financial wealth, I would be wary of individuals entering into transactions without having the means to cover such transactions and thus, I am wary of speculations of stocks made by margin. I hope all goes well for you in the future.

Jojo, I am appalled by your questioning of Kevinace if he is a gambler by simply connecting his past- ie, a bankrupt, with his recent applications for a credit card, and associating that with the possibiliy that he is a gambler. To pursue this line of thought,  Jojo, I assume you are a girl....  does that imply the possibility that you are a prostitute ?

In regard bank practices, it is regretful that banks do not allow the extending of credit cards to ex-bankrupts to allow them to rebuild credit credibility. Backed by strong fundamentals, is it too much to ask for a credit line 10-20% of an individual's monthly pay as a means to getting back on track record rather than merely shotting the applicant at first sight.

So Jojo, are you a prostitute?

 

 

 

Originally posted by jojobeach:

Kevinace,

Finance companies are not charity organization.

You just got discharged ONE year ago.. Not enuff time to accumulate a good track record.

One year.. and you are already applying for credit cards ? I seriously wonder about your money management ability.

Instead of going into debt again, why not start saving up. Once you have a substantial amount of money in your bank, the financial bodies will be more than willing to loan you again.

IMHO, right now, you're a bad candidate for loans.

If you want the convenience of cashless transaction for traveling purpose, you can consider debit (master/visa link) cards.

6K per month should be sufficient for you to rent a decent size housing until you accumulate enough savings . If you still cannot manage with 6K.... I think there is seriously .. some issues with the way you manage your money.

Are you a gambler ?

 

 

 

 

u hw old?

u haben eben go apply for housin loan.

u wan bring in housin loan to tok abt for wat.

Why credit cards? POSB automatically gives debit cards, which is better. You won't again spend money which you do not have.

Six K a month, you can easily rent a place for yourself. You want to take a loan and take the first step towards "using-other-peoples'-money" strategy again. You never learn your lesson.

You can now enter politics and stand for elections. And make a change.

What's your problem? You want a yellow ribbon?

 

 

Originally posted by mancha:

Why credit cards? POSB automatically gives debit cards, which is better. You won't again spend money which you do not have.

Six K a month, you can easily rent a place for yourself. You want to take a loan and take the first step towards "using-other-peoples'-money" strategy again. You never learn your lesson.

You can now enter politics and stand for elections. And make a change.

What's your problem? You want a yellow ribbon?

 

 

i like yr reply..hmmm...man,,...never satisfy and contend with what they have till they die.

Originally posted by shade343:

But if the property market were to correct or crash, the banks would also lose money if they cant auction it away at their cost of lending. So there is always a risk present when banks loan money, and the risk is higher for discharge bankrupts.

D\ont forget that some discharged bankrupts are still busy paying off their loans.

if the property market crashes, it's a system wide default. it's not specific.

 

 

debitcard will do.

Dont worry, although its troublesome, it takes time.

My divorced father is discharged from bankruptcy like 2 or 3 years ago. At the start he could not do anything too. Singtel wouldnt allow him get a phone line, could not get housing loans, needless to say credit cards.

It was until he remarried, and he look for the MP. The MP helped him he suceeded in getting loan and the rest was breeze from there.

for your info, when ur applying for a CC as a discharged bankrupt, how long it took for u to be discharged plays a significant part and so are your credit risk report history

Originally posted by kevinace:

I was declared a bankrupt 11 years ago because I lost heavily in the share market.

I was discharged from bankruptcy a year ago. Whilst I'm trying to get back to leading a normal life, I felt that it's just not that easy after all.

Although I make more than 6K a month working in a MNC for the past many years, I've not been able to to make any credit card application successfully, not to mention about securing a housing loan. If the government are promoting about giving ex-prisoners a second chance, why are the financial institutions still biaised towards discharge bankrupts?

What can I do? I need to get a roof over my head.....

Some bankruptee even have problem finding a job, consider yourself blessed to have a job that fetch you over 6K a month.

Put yourself in credit card company's shoes, if you're them, do you feel secure and comfortable to approve a credit card application to someone who has been made bankrupt for a decade? Remember credit card company has to consider the risk of you running into debts and not paying them.

Use debit card la.

Originally posted by kevinace:

I was declared a bankrupt 11 years ago because I lost heavily in the share market.

I was discharged from bankruptcy a year ago. Whilst I'm trying to get back to leading a normal life, I felt that it's just not that easy after all.

Although I make more than 6K a month working in a MNC for the past many years, I've not been able to to make any credit card application successfully, not to mention about securing a housing loan. If the government are promoting about giving ex-prisoners a second chance, why are the financial institutions still biaised towards discharge bankrupts?

What can I do? I need to get a roof over my head.....

About the time that you was bankrupt, I lost my job.  I cancelled all my credit cards and during the last 10 years, were having difficulties getting a job.  Three years ago I got a job and was drawing a decent pay.  I thought two months ago, it would be a good time to get the CC just in case.  All the banks rejected my application and I wasn't even a bankrupt.  Now I am using a debit card which I feel is better as it mean I have to live within my mean. 

As for your housing loan, I don't think it should be a problem.  Talk to the bank again.  If necessary combine application with your wife..  worst to worst, talk to MP as HDB still do give loan ( I think ).... 

i tot now cc very easy to get...i tot with more than 2.5k per month can get already...my elder brother got 3 cards last time. My sis applying another one soon...

Originally posted by bleuwhale:

 

Bluewhale,

If you are just trying to catch my attention.. you're doing a great job.

Sorry to dissapoint you, no, I am not a prostitute. Perhaps you should go ask your mother, since she is a woman too.

The reason why I ask if he is a gambler.. is very straight forward. No malice intended ( unlike yourself)

I have a friend who earns $15K per month and he's a gambler. No savings, always in debt, never owns a home.. always renting.

So if TS is a gambler, I suggest he kick the habit so he may really start afresh again.

Yes, go ahead, encourage more debt to people who don't need it.

I have plenty of savings, but in cold hard cash.. sitting in the bank... and they start going up the day I cut my credits cards to bits.

If you think 1-3% (rewards) returns on the money you have to spend are worth the crap you may be putting yourself through.. I'd say, you're penny wise pound foolish.

So you go think about it ya ?

 

A credit card as a great saving tool is a delusion. It is a great spending tool.

If I timed my purchases/spending after the billing date, I can delay payment for about one and a half months. But I eventually have to pay. In full. How much difference the one and a half months can make. A tinyest of a tinny bit, that is only if I don't have the current cc bill to pay for previous purchases.

Taking advantage of discounts isn't savings, it is spending, get that clear, you do not save save save by buying buying buying.

Only the retailer, industrialist, investor could benefit from credit/loans, and then they need to be successful in their venture to be able to repay and reap a profit as well. But a consumer, to save by spending on credit is a fallacy.

Anyway credit cards discounts, are sometimes available to the public too, not honoured by merchants, mostly not taken up by card holders. You save the entire cost of the goods/services by not making the purchase at all.

6k per month which is more than enough. I think you are even eligible for the Citibank Gold card. Unfortunately, you don't have any assets under your name ? Maybe you shld consult your MP or write to the local newspaper about it.