Friday, January 09, 2009

Can't get credit

This is my complain letter to those credit card issuing companies.

Hey you! You enticed me to sign up for credit cards, with your staff standing around bus interchange and shopping malls, snatching people from the main crowd and huddling them to a corner to ask them to sign up. I obliged and filled up the forms and all, giving you all my private information pertaining to my income, NRIC, address and even banking statements. You said oh, no problems, even for self-employed as long as your income exceeds $30,000 per year and sent in 2 years of tax returns (I do pay taxes obediently, in case you are wondering), not a problem.

Then look what happened? For Maybank which I applied, that's the worst. I sent in, waited for 1 month, then I was sent a letter to tell me to give them a copy of 2 years worth of tax return, which I did but I photocopied the 2 pages in one single sheet of paper. Hey, if you can't read, not my problem right? Be fair! Then they also asked me to send a photocopy of my bank statements and return to them, which I also did in the end. SO, after another month of waiting PLUS emailing to the customer relation officer who waylaid me to sign up for the card, I was told that Maybank is unable to give me the card. No reasons, thank you, see you again, have a good day.

I thought what kind of service is Maybank offering to me man, but dismissed it as a one-off incident. Then, my gf got waylaid by Citibank's staff who are stationed near MRT stations. She was waiting for me at the MRT when they huddled her into their workstations to sign up for two cards. I entered together with her and was told by the customer service officer to sign up too. Oh well, no harm, try signing up. And I did, and the same thing happens. But Citibank is much FASTER. I was given a reply within 3 working days, which I must really kowtow to their efficiency. They rejected my application, no reasons given again, but hey, at least I don't have to wait 2 months before I was given the inevitable. I'm cool for this incident.




This afternoon, Stanchart called me to ask me to sign up for loans. On and on the person extolled the joys of being in debts for ANYTHING you want to buy. Freedom to buy beyond what you earn, isn't that great?! Hey, ever discovered the fact that banks only wants to lend money to those who can afford to pay for it? I've totally no desire to borrow any funds to buy anything that I don't need, thank you very much. I complained my 'buay song-ness' to the customer service officer about my credit card application woes, and she said, OH, no worries, Stanchart is alright. She had customers who are like me too, but managed to get a credit card too. OKAY, I'll apply for one, just to test it out.

Woe be on Stanchart if that's not the case!

I pondered more deeply at the irony of it. I am self employed and will never get the axe from any employer who wishes to 'protect shareholder's interest' by cutting staff cost. I will never be subjected to unforeseen circumstances like the CEO run away or the CFO eat money type. I'm safe you know. Compare my situation to people who have high pay, borrows debts, but subjected to the whims of their employers? Hello? Am I really a credit default risk?

(This is really my ramblings...heck, I don't even need a credit card, save for the discounts that comes with it. Enough for now..)

10 comments :

paul said...

you don't say!

i applied for the everyday card after so much persuasion and so much hassle, only to get a one-liner letter stating i am not eligible. At least tell me why right?

i gave those customer relations peeps a stare whenever they approached me to sign up. The next time round, i'll give them a piece of my mind.

bleah!

*sorry for letting of steam here.

Sgbluechip said...

I have done credit card sales before. Just by getting people to sign up, regardless whether it is approved, I will get a com of $3. On a good day I can have 100s sign ups at Orchard road, excluding my basic pay.

But please don't scold me! haha!

Anonymous said...

if its for the discount offered by various bank , i belive certain debits will just as fine as well

LS

la papillion said...

Hi Paul,

Oh, I applied for the Go! card by posb too. In the end, they asked me to send them my visa or student's pass. Hello?! I'm a singaporean and I pay taxes and I also pass you my tax returns for the past 2 years?

Really frustrating sometimes!

la papillion said...

Hi SBC,

Wow, I didn't know that there'll be commission regardless of whether there is approval or not. Haha, next time, I'll question them on this :)

Thks for sharing your experiences!

la papillion said...

Hey LS,

On a serious note, I'm more worried about whether I can get a housing loan/car loan because I had difficulties getting credit. I don't think I'll need a credit card, though it's good to have.

Getting a loan when I need it is more serious than just a piece of plastic, haha :)

PanzerGrenadier said...

Hi LP

I think banks' credit policy checks are still based on the old economy, i.e. credit risk is deemed to be lower for employees vs self employed ceteris paribus.

Perhaps it helps if you apply for a card with a bank where you are already a customer with funds under them? In this case, they know you have MONEY since you have account with them with $$$ parked there?

But you've raised a salient point which is housing/car loans would be subject to even tighter scrutiny than unsecured debt (credit cards). You may want to start talking to banks now to build up some relationship with bank managers for future loan?

Be well and prosper.

la papillion said...

Hi PG,

I have the same intention too - to get a credit card from a bank that I have a savings account, so that I can work on getting other credit cards from other institutions.

Will definitely find out more about loans. A little afraid that when the time comes, I can't get the necessary loans to get big ticket items.

Bad Credit - Easy said...

Dude...I know you don't need a credit card but seriously if you ever find the need for one its quite easy. All you need to do is ask the bank for a secured credit card with the limit set to equal the amount that you have in the bank at any one time.

It is a no risk product for the bank so they will allow it very easily. Try the bank that you have all your checks sent too first.

la papillion said...

Hi bad credit -easy,

Thks for your suggestions. I'm trying a few means to see if I can secure credits. Thks for this, never thought about it :)