Credit Bureau Report ...

[Maroon5]

My housing loan is from ocbc...

 

they rather loan u tat than the 20k car loan? or the home loan was before the cc default?

[The_Bear]

if the car is worth 80I and you only loan 20i.e. I dun see why it should be rejected. the paper value of the car will most likely cover the loan amount. in fact the parf may not differ much from loan amount

 

it is a bao jiak deal.. so your loan officer most likely do not know anything about car.

go appeal

 

car not goods vehicle right

 

Credit reports can be quite kuku sometimes.

 

If the bank officer sees alot of searches but not much facilities, he assumed that you have been rejected by many other banks. So he does the safe thing and reject. Monkey see monkey do at it's best.

 

Also, if they don't see any track record, they might be incline to reject too. Kaisuism at it's best.

[77alfa77]

Hi

 

Simple call up ocbc and get a discharge letter from them as in u don't own them any money just call the hotline they will send the letter to u by post after which attach the scan copy of the letter and email to CBS and tell them to remove the record

 

 

[Neutralsg]

Made mistake years ago and managed to settle all my CC bills in full in 2010.

 

However, report today still shows that i have 4 defaults and OCBC bank put the "discount of 2K plus" under negotiated settlement. Called ocbc and ask if i can pay them the "discounted" amount so that my CBS will look slightly better...

 

got rejected by them...

 

call CBS. Told me no point to pay the discounted amount to OCBC. Told me to wait for 3 years for the records to be erase off....

 

Put up application to buy a car of $80,000, downpayment 60K, also kena rejected by Banks...

 

is there any way to improve on my credit bureau report?

 

 

 

p/s: And for those who is in CC debt, don't play a fool with the bank. They let you off in the early stage but come back killing you off in the later stage.

I am intending to put a FB of 60K with them to improve on my credit rating...

 

i can full cash it but i know my CBS sucks and i need to find ways to improve it...

 

the CBS guys told me that what i can do now is to improve my rating... and when i ask how, they say .. pay the credit facilities in time.. okie.. so to being with, i dun hv any credit facilities and i need some loans to start with...

$20K is not an issue. I need some credit facilities to begin with

Credit Bureau asked me to forget about it. Wait for another year and it will be erased off. I don't like this feeling and thats why i want to pay them the money. I offered OCBC 5K although the discount amt is 2K plus.. they refused!!!

 

The fact is that they put up default against me in 2010 oct and i paid them in full 2011 Apr.

 

I guess this is my biggest mistake to think that banks are so nice to me to give me discount.... should not have taken that discount..

Owing money is something that i CAN'T live with and thats why i want to pay them back

as for buying car, i am ready to pay in full cash, not a single cent of loan. The reason why i am taking a 20K loan on a 80K loan is to create a credit facility so that i can work my report back to normal..

I think you misread my post

 

Ocbc put the discounted amt of 2k plus under the default.

 

Its my mistake. Cbs advised me to improve my rating or wait 3 yrs for record to be erase.

I dun like it this way. I calledocbc and told them I can return them 5k just to clear it off, even if default is still there. I just want to pay.

 

As for loan, the price of the car is 80k. I can pay in full but I wanna take a20k loan so that I can start to have credit facility which I can use it to improve. That's my only alternative.

My housing loan is from ocbc...

It is applaudable that you acknowledged your past 'mistake'.

This is my 2 cents to your various posts following your thread.

Your posts seem ironic and / or confusing which inadvertently shows that you are not forthcoming with the real reason for wanting to improve your credit rating apparently URGENTLY.

Otherwise, why not let the process takes its usual course for the poor credit rating to be erased?

Therefore, unless you can explain the urgent need to clear the poor credit record despite the possibility of it taking place in due course (as explained by the CBS officer), it is difficult to provide any sound and worthy advice / suggestions other than what has already been posted by forummers prior to mine.

If wanting better credit rating immediately so as to be privileged for greater credit facilities (other than simply a clean record which seems baffling), than your current resources, then, you may still be disappointed.

Care to clarify further, the necessary need; to have a clean credit record in CBS urgently? Perhaps, upon your clarification, members here may be able to provide better advice based on their personal experience or knowledge OR you may want to PM to CH_CO whom I think may have the necessary expertise (for advice) relevant to your questions?

Hope you get the answers you need.

Have a nice day!

Edited April 24, 2012 by Neutralsg

[Cleefho]

for me credit rating is mostly useless. end of the day even with a poor rating u can still get a full loan for a car.

[Gearoil]

I think you misread my post

 

Ocbc put the discounted amt of 2k plus under the default.

 

Its my mistake. Cbs advised me to improve my rating or wait 3 yrs for record to be erase.

I dun like it this way. I calledocbc and told them I can return them 5k just to clear it off, even if default is still there. I just want to pay.

 

As for loan, the price of the car is 80k. I can pay in full but I wanna take a20k loan so that I can start to have credit facility which I can use it to improve. That's my only alternative.

 

I think you are the one ...who can't read or get meaning from the postings here to you..

 

You are living a lifestyle ...way out of your financial means...which is why you are loaning here and covering there...then

 

Pay all your debts ..

 

COMPLETELY...

 

and change your habits and lifestyle to avoid ever to do things like those in the past...

 

Avoid loans except housing...do without the car.....save the money..

 

Don't come here...especially to this forum to put your blame on this and that...

 

It won't help you or be help to you in any issue..not only in regard to money related ones....

[Jrage]

Ocbc put the discounted amt of 2k plus under the default.

 

Sorry what does this meant ? it meant that you still owe ocbc 2k ?

or they only want to loan you 58k, instead of 60k because of the default ?

or ocbc does not want to loan to you anything because you have defaulted your previous payment ?

[Neutralsg]

Sorry what does this meant ? it meant that you still owe ocbc 2k ?

or they only want to loan you 58k, instead of 60k because of the default ?

or ocbc does not want to loan to you anything because you have defaulted your previous payment ?

What he was trying to say is his credit rating in CBS is poor which resulted from

1) OCBC indicated he defaulted 4 times

2) His final settlement was based on a $2K discount, hence; such info aggravated his credit rating

He wanted the bad credit record from CBS to be wiped off so that he can have a clean and/or better credit record currently available for information to potential creditors (should he wish to applying for new loans and/or new credit facilities such as overdrafts, credit cards etc..)

That's what I understand from his postings.

Good credit rating may also be an important factor should one decide to seek emigration to another country.

[Donut]

forget about getting some credit facilities through yr car purchase. pay the car in full, then look for other options to get credit facilities.

 

one idea i can give you is to get those ReadyCash facility. Get it from OCBC and pay off diligently. it meets yr objectives

[Toapayohkid]

What he was trying to say is his credit rating in CBS is poor which resulted from

1) OCBC indicated he defaulted 4 times

2) His final settlement was based on a $2K discount, hence; such info aggravated his credit rating

He wanted the bad credit record from CBS to be wiped off so that he can have a clean and/or better credit record currently available for information to potential creditors (should he wish to applying for new loans and/or new credit facilities such as overdrafts, credit cards etc..)

That's what I understand from his postings.

Good credit rating may also be an important factor should one decide to seek emigration to another country.

 

ahh good explanation. in this and your previous posting with all his quotes compiled together.

[Jrage]

What he was trying to say is his credit rating in CBS is poor which resulted from

1) OCBC indicated he defaulted 4 times

2) His final settlement was based on a $2K discount, hence; such info aggravated his credit rating

He wanted the bad credit record from CBS to be wiped off so that he can have a clean and/or better credit record currently available for information to potential creditors (should he wish to applying for new loans and/or new credit facilities such as overdrafts, credit cards etc..)

That's what I understand from his postings.

Good credit rating may also be an important factor should one decide to seek emigration to another country.

thanks thanks.. read his post until blur

 

aiyo.. he muz have serious issue with his prev loan.. so much so ocbc has to give him 2k discount. I never really heard of such "debt forgiveness"

if he has problem with even 2k.. how could bank trust him with 60k.

Edited April 25, 2012 by Jrage

[Aimnfire]

as long credit bureau flash out your credit rating as bad

no banks gonna come to you

 

by the way i heard that

even you have settle things with the banks

you need to follow up with the banks to delete those records

or else it will remain in the credit bureau statement

[Mustank]

It is applaudable that you acknowledged your past 'mistake'.

This is my 2 cents to your various posts following your thread.

Your posts seem ironic and / or confusing which inadvertently shows that you are not forthcoming with the real reason for wanting to improve your credit rating apparently URGENTLY.

Otherwise, why not let the process takes its usual course for the poor credit rating to be erased?

Therefore, unless you can explain the urgent need to clear the poor credit record despite the possibility of it taking place in due course (as explained by the CBS officer), it is difficult to provide any sound and worthy advice / suggestions other than what has already been posted by forummers prior to mine.

If wanting better credit rating immediately so as to be privileged for greater credit facilities (other than simply a clean record which seems baffling), than your current resources, then, you may still be disappointed.

Care to clarify further, the necessary need; to have a clean credit record in CBS urgently? Perhaps, upon your clarification, members here may be able to provide better advice based on their personal experience or knowledge OR you may want to PM to CH_CO whom I think may have the necessary expertise (for advice) relevant to your questions?

Hope you get the answers you need.

Have a nice day!

 

i think TS wanna buy house or car or some big ticket item:huh:

[Neutralsg]

thanks thanks.. read his post until blur

 

aiyo.. he muz have serious issue with his prev loan.. so much so ocbc has to give him 2k discount. I never really heard of such "debt forgiveness"

if he has problem with even 2k.. how could bank trust him with 60k.

1) This is nothing new to those who already know of such practice whereby for e.g., a debtor owes a large amount of $$$ and negotiate with the lender for a discount to make full settlement in order to avoid interests for long installment or bankruptcy. Sometimes, a lender (OCBC in this instance) would rather forego the bad $$$ for good $$$ to settle the full amount in order to reduce bad debtors whose payment may be erratic and sometimes default for 2-3 months.

Hence, there is reason as to why banks prefer to have $$$ immediately from a bad debtor (who are in such position i.e. can produce the maximum amount of $$$) in their pockets than waste opportunity costs by send reminders, engage debt collectors etc... to chase the debtor.

 

2) Regarding the $60K loan, I think you are mixed up because of the way TS communicated in his posts.

 

There are a variety of situations and nothing is absolutely correct unless we know the real situation of TS. Only TS knows the hows, whys etc...

Anything else from everyone is but a mere speculation. The same goes for my posts.

Have a nice day!

[Neutralsg]

as long credit bureau flash out your credit rating as bad

no banks gonna come to you

 

by the way i heard that

even you have settle things with the banks

you need to follow up with the banks to delete those records

or else it will remain in the credit bureau statement

That is why it is necessary that individuals avoid holding too many unnecessary credit cards without knowing its bane.

More importantly, individuals MUST NEVER get into the habit of ROLLING OVER their debt., because the consumption through such credit facility eventually will be more costly than consuming through cash payment.

The bad thing about credit facility to the individual consumer is that it give a person a false sense of wealth especially when the $$$ in their savings is less than the credit facility extended to them.

With today's pattern of spending by careless consumers and exploitation of consumers mindset by various corporations, it is no surprise that people continue to end up in the fire after jumping out of the frying pan i.e. overspending, rolling over their debts etc..

Besides interest on the outstanding, some end up paying late payment charges which can be substantially higher than interest accrued.

Hence, the importance of being prudent to survive comfortably in today's mercenary world.

Just my 2 cents.

Have a nice day!

[Neutralsg]

i think TS wanna buy house or car or some big ticket item:huh:

Read TS posts properly for answers to your thoughts:

1) House he already have

2) Car he can pay in full cash

So what's his agenda?

Only he knows best and 'tis best to leave it that way.

Have a nice day!

[Creative_tec]

they rather loan u tat than the 20k car loan? or the home loan was before the cc default?

 

the housing loan was done after the cc default... it was somewhere last year august...

 

[Creative_tec]

Hi

 

Simple call up ocbc and get a discharge letter from them as in u don't own them any money just call the hotline they will send the letter to u by post after which attach the scan copy of the letter and email to CBS and tell them to remove the record

 

tried before... no use with ocbc

 

it works with ANZ... they removed it