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Forum Loans I have applied renovation loan with DBS, OCBC, CIMB and RHB all are rejected even with my credit report updated. Is...

Forum Loans I have applied renovation loan with DBS, OCBC, ...

Forum Loans I have applied re...

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  • #2456
  • #2457
    M
    MoneySmart.sg
    Keymaster

    Posts: 156

    Joined: Mar 19, 2014

    Expert

    Hi Haizah,

    So I may have a clearer picture of your situation, could you please tell me what do you mean when you say “even with my credit report updated”? What was is your credit score now and what was it before?

    • #2485
      HN
      Haizah Nordin
      Participant

      Posts: 1

      Joined: May 14, 2017

      Beginner

      Before that my credit score was GG and now its BB score 

  • #2536
    M
    MoneySmart.sg
    Keymaster

    Posts: 156

    Joined: Mar 19, 2014

    Expert

    Hmm… it’s tough to pin point here exactly why this is so, but perhaps we could help with a few pointers on the credit score:

    The scores on the credit score work like a report card on your repayments, each month. When you make a payment on time, you get a better score. The more regularly your repayments are paid on time, you keep getting a good score, the better it looks. What banks like to see is the regularity of good scores happening, as it then tells the bank that the probability of you defaulting is low and they can be assured that you are reliable with your repayments.

    Banks also love to see a good amount of breathing room between your income and debt.

    So one way could be to wait it out and keep making regular repayments on time, to produce a better report on your credit history before attempting to get one again.

    Perhaps get a family member who meets the minimum income eligibility, to be the main applicant, and with you as the joint applicant to help support the application.

    Again, this is just a suggestion that you could try. We can’t say for sure if the banks will approve the loan, but it’s worth a try finding out if that option is open to you.

    Hope this helps! We wish you the best!

     

     

  • #11825
    gp
    paul
    Participant

    Posts: 1

    Joined: Apr 11, 2019

    Beginner

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