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Monday, August 3, 2009

Credit Card Applications Rejected.... Huh?

Wow. First, Maybank, then now HSBC. Both rejected my applications for their credit cards. Only POSB accepted me for the Everyday Card.

Is my credit really that bad? Let's see. I have worked 1 year 2 months.

My debt:
19k SGD of CPF education loan

My current assets as of today:
20k SGD in Phillips Money Market Fund
63k SGD in equities
5.5k SGD in unit trusts
4k in bank

My income, excluding ang bao money from tuition, easily exceeds their 30k SGD p.a. requirements.

Yet a fellow graduate from the same year, earning the same amount, working in the same company as me, was accepted for the credit card. Like huh? No reasons given, nothing.

Sometimes I wonder. Could it be that the workers in the bank just grab a few of the applications and declare as unsuccessful without checking with the Credit Bureau? Why the need to spend effort to check when one can simply just declare an application successful without giving any reasons? For HSBC, I sent the application on the late morning of 30th July via online form + fax. And I receive the rejection letter dated 30th July! Like wow! Their speed of processing is sooooooooooo fast.

I guess I will not be looking at applying for credit cards with HSBC or Maybank anytime soon. Not that such banks will mind a small fish like me.

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