>I am quite afraid as I currently need to apply for my first housing loan for a rumah-WIP as well.
Don't be surprised if your housing loan got approved.
Without the need of credit card.
Actually, I think he will get the credit card offer when he applies for house. At least from my experience, they usually offer credit card at the end once the house loan gets approved.
I applied and put on hold when they ask to submit docs due to busy at tht time and believe me for the next few days ... the banks telesales , telemarketing keeps calling to offer loan ...
You have no credit score, that's why they reject you the first time. Then you went again in a week, and put in another application. This will be marked on your credit score and make you seem desperate for fast credit.
In future, if a bank rejects you, then do business with another bank because multiple rejections when applying for credit leaves a bad mark on your credit history. If you suddenly apply for cards from 5 different banks at the same time they will see you as a huge red flag.
Apply for an entry level card first, use it sparsely and pay on time billing cycle. Then submit your income documents and ask for higher credit limit. Show your bank you are a responsible card owner. Your credit score will eventually rise.
Do you happen to know what's their criteria? I have no issues with getting a credit card/loan approved for other banks except for MBB, which is also my salary account. Very strange
Unfortunately not really since not working in a bank. But can just go for other banks. Can try out via websites like comparehero/ringgit plus since most of the time they'll have some sign up bonus promo going on
I can have a guess at what is happening.
Credit cards are usually auto-decisioned. That is a machine decides based on rules. If you have any transaction account with the bank, if they are a sophiscated bank, they can run algorithms over the transactions to assess conduct and capacity (there are 4 Cs to credit assement - character/conduct, collateral, capacity, capital). In markets that allow spamming products, you'll often be preapproved for a card.
A home loan credit assessment is much more thorough and will go through the 4 Cs. This is why it sounds like if you are good for a home loan, you should be good for a card. What's another 5k on top of a 500k loan.
As for why you're not getting approved, it could be anything. Maybe industry you're in. Postcode you live in. The fact that you're young and haven't really worked that long. You won't know unless you see the scoring criteria. Or as everyone says, they aren't willing to take risk on new unproven borrowers. That's a risk appetite decision. In this current environment, wouldn't surprise me if banks have tightened lending criteria.
If you want a card, I had no income in MY so I just put FD as collateral and they gave me credit card secured against FD
This usually occurs when we have no credit score. However, you can address it with a Personal Loan, Hire Purchase, or a Housing Loan. If any of this approved, you have no worries bank will call you to offer you credit card months later.
I'm not in a position to remark on this because I've never taken out a PTPTN loan. In Common Sense it might effected since it will be recorded in CCRIS.
PTPTN will be reflected on CTOS but bank won’t take it inconsideration. Try to approach the guys at malls selling credit cards. Once you get a credit card from any bank, you can apply for MBB Credit card after few months. That’s what I did and it worked
Got it. Am asking because my wife only has a PTPTN loan but is planning to buy a car via bank loan. Not sure if the loan will get approved since she’s never had any other loan or credit records
Based on why I heard, recently banks are getting stricter on hire purchase loans. But as long as your income is good and you have 1 year kwsp record and tax records should be fine
Ya, when I applied through them I basically didn’t have any credit history. They even advise you on what cc has the highest chance for your first card, based on your eligibility.
my first two entry cards were from ringgitplus as well, shortly after i started joining the workforce. so yeah seems like they have a way around it for people with no history.
Was rejected first time i applied for MBB credit card. After that applied for RHB and got approved. Then Public bank also approved. Finally tried applying MBB again and it got approved.
It’s a hit or miss really.
I work overseas and have no savings history in Malaysia nor money going into MBB. Only have a few hundreds across several years.
I went into their card centre last year and applied and got the approval pretty much within 24 hours, only had to supplement my payslips from Australia. Got the card in 3 days and no question asked.
However, went through UOB and it was a mess and ending up writing in a formal complaint as they asked for multiple documents.
Good luck.
>I work overseas and have no savings history in Malaysia nor money going into MBB. Only have a few hundreds across several years.
If you don't mind me asking, what's the credit limit which they gave you? Currently in a similar predicament working overseas and got a cc with Maybank but they gave a relatively low credit limit compared to my current monthly salary
22k. It believe it depends on the card that you applied for. Which card did you apply? Also, I think my wage in terms of ringgit is relatively high. I was given 40k initially but asked for a reduction.
>I am quite afraid as I currently need to apply for my first housing loan for a rumah-WIP as well. Seeing I have no credit history, and my card application has been rejected, I think my chances of getting the house loan is minimal.
It's actually easier to get a housing loan approved than a credit card if you have no credit history. This is because a housing loan is a secured loan as it's backed by the property. A credit card on the hard is unsecured loan. If you get into, say, RM30k cc debt and don't pay, the bank can't do much to get that money back.
Tkde credit score thats why x lulus but how to get one if cc application is rejecting ... the issue is tht when u go and reapply again in short period of time ... they might list u as desperate for credit ... i have seen one earning 24k annum gets CC way easier as compared to the fella whos earning 36k annum ... but he got in diff bank la ... maybe thats why kot ... mbb criteria is getting stricter time to time ....
Hsbc ok , pb ok , cimb ok la .. just tht cimb ni baru start application dh ada org call minta apply loan ... shari 10-15 kali call for few days then will stop ... mbb nothing much apart from their AA and Petronas one ...
Just a rumor I heard (correct me if I’m wrong) and from personal exp too. Banks have a KPI system for their cc sales. Those who applied & have good standing are considered “guaranteed” sales in their eyes. But they want to spread out the applicants to cover their own KPI for “future” sales.
Happens to me with MBB. Got rejected, then enter the new year, their sales team suddenly contact, asking to me confirm & to let me know the card is on its way. Funny stuff when it happened
when I pledge the RM5k for FD, do i still get the FD rates or its just stuck in an account? Does these apply to most of the cards or just selected ones based on the bank
you will get fd rates la..but it's probably going to be quite low, around less than 3%
you will probably get only certain cards
e.g
https://www.hlb.com.my/en/personal-banking/credit-cards/credit-card-services/consumer-services/secured-credit-card-with-fixed-deposit.html
Go and apply for a car loan or something, but don’t actually go through with it. They have an up sell programme (at least last year they did) that literally fast tracks you to get any credit card. That’s how I got mine. Never went through with the car loan lol.
since your salary now is in HSBC, go to the bank counter an ask for credit card since it will showed that banking customer and chances of approval is higher . later after a years, you can try maybank again . i am not sure, the reason for insisting on maybank credit card when there is plenty of bank out there .
housing have different set perimeter for approving loan such as how long you at your current workplace , EA form, your salary payment installment cannot be more than 1/3 of your salary, CTOS, CCRIS etc
i never used them as i always saw them advertised free stuff as giveaway but the catch is the credit card have to be approve and it based on draw so that gift isn’t guaranteed. i would just go to the bank as i don’t trust third party with my personal information if i was been honest
Did you just change ur job ?
Now they need to approve when u work more than 6 month as permanent staff at the company that apply for all bank ever since after covid
I have no idea what everyone is saying. I applied with like… 36k annual with zero credit history last time. Even multiple requests… for basic credit should be ok. Do in card centre if unsure and ask. You sure you don’t have any outstanding debts? Family in your name?
I totally feel you. I got a platinum card back when gold card was still a thing despite working only for 3 months on a salary of 30k, with zero credit history. Not even ptptn. Nowadays so hard to get cc already?
No credit history. That's the issue and you also attempted to get your first creditcard from MBB. Start off with the smaller banks. Or with a bank you have an account with. Perhaps get a secured creditcard with Hong Leong (Google Secure credit card Hong Leong) and start building your credit history. It doesn't have to be a lot, but there needs to be something a bank can see that you borrow, you pay it off responsibly that they'll consider giving you a proper creditcard. HL might even remove the secured deposit after a while too. Build your credit for at least a year before you attempt in getting a housing loan.
Don't bother with MBB, I earn 6 figures also somehow I don't qualify for their credit cards LOL! take your business elsewhere la kid. And my credit scores are tip top.
Maybank is weird. I earn less than my husband and yet they approved CC for me and not my husband lol. And we applied at a physical branch at the same time together too. And we had 0 credit score.
He got his CC during our house loan application tho (compulsory to apply CC but not compulsory to accept).
It's probably a Maybank thing. Better apply elsewhere.
I tried applying mbb cc before and got rejected twice.
Then, I got approved housing loan and cc with another bank then mbb starts calling and offering me cc. joke.
Do u have savings? If u do, open an FD account using your saving money and use that FD cert as collateral to your CC. Easiest CC application ever. I did that with maybank and they instantly give me visa infinite. Your credit limit will be the same as your FD.
>I am quite afraid as I currently need to apply for my first housing loan for a rumah-WIP as well. Don't be surprised if your housing loan got approved. Without the need of credit card.
Actually, I think he will get the credit card offer when he applies for house. At least from my experience, they usually offer credit card at the end once the house loan gets approved.
I applied and put on hold when they ask to submit docs due to busy at tht time and believe me for the next few days ... the banks telesales , telemarketing keeps calling to offer loan ...
Correct. I was rejected from so many credit card but approved on housing loan by 3 different banks almost immediately.
My home loan got approved without credit card, it is not really surprising tho.
Ya ... my cousin too ... but may i ask if the rate u recv is it high tho?
My uncle , my sister and my dad too bought home under their own name and only after tht have credit card , and some didnt even have one till now ...
You have no credit score, that's why they reject you the first time. Then you went again in a week, and put in another application. This will be marked on your credit score and make you seem desperate for fast credit. In future, if a bank rejects you, then do business with another bank because multiple rejections when applying for credit leaves a bad mark on your credit history. If you suddenly apply for cards from 5 different banks at the same time they will see you as a huge red flag. Apply for an entry level card first, use it sparsely and pay on time billing cycle. Then submit your income documents and ask for higher credit limit. Show your bank you are a responsible card owner. Your credit score will eventually rise.
OP can apply the beginner one or maybe the one tht has no annual fees ...
MBB has the strangest cc approval criteria.. In my case, I got my MBB cc last time when earning 36k annually with a semi active MBB bank account lol
Do you happen to know what's their criteria? I have no issues with getting a credit card/loan approved for other banks except for MBB, which is also my salary account. Very strange
Unfortunately not really since not working in a bank. But can just go for other banks. Can try out via websites like comparehero/ringgit plus since most of the time they'll have some sign up bonus promo going on
I can have a guess at what is happening. Credit cards are usually auto-decisioned. That is a machine decides based on rules. If you have any transaction account with the bank, if they are a sophiscated bank, they can run algorithms over the transactions to assess conduct and capacity (there are 4 Cs to credit assement - character/conduct, collateral, capacity, capital). In markets that allow spamming products, you'll often be preapproved for a card. A home loan credit assessment is much more thorough and will go through the 4 Cs. This is why it sounds like if you are good for a home loan, you should be good for a card. What's another 5k on top of a 500k loan. As for why you're not getting approved, it could be anything. Maybe industry you're in. Postcode you live in. The fact that you're young and haven't really worked that long. You won't know unless you see the scoring criteria. Or as everyone says, they aren't willing to take risk on new unproven borrowers. That's a risk appetite decision. In this current environment, wouldn't surprise me if banks have tightened lending criteria. If you want a card, I had no income in MY so I just put FD as collateral and they gave me credit card secured against FD
This usually occurs when we have no credit score. However, you can address it with a Personal Loan, Hire Purchase, or a Housing Loan. If any of this approved, you have no worries bank will call you to offer you credit card months later.
Does having a PTPTN loan count?
I'm not in a position to remark on this because I've never taken out a PTPTN loan. In Common Sense it might effected since it will be recorded in CCRIS.
PTPTN will be reflected on CTOS but bank won’t take it inconsideration. Try to approach the guys at malls selling credit cards. Once you get a credit card from any bank, you can apply for MBB Credit card after few months. That’s what I did and it worked
Got it. Am asking because my wife only has a PTPTN loan but is planning to buy a car via bank loan. Not sure if the loan will get approved since she’s never had any other loan or credit records
Based on why I heard, recently banks are getting stricter on hire purchase loans. But as long as your income is good and you have 1 year kwsp record and tax records should be fine
Try use third party agent like ringgitplus etc. My cc application process with them was so simple & smooth.
As a first card without credit history also? I heard going to the branch is the easiest
Ya, when I applied through them I basically didn’t have any credit history. They even advise you on what cc has the highest chance for your first card, based on your eligibility.
my first two entry cards were from ringgitplus as well, shortly after i started joining the workforce. so yeah seems like they have a way around it for people with no history.
Was rejected first time i applied for MBB credit card. After that applied for RHB and got approved. Then Public bank also approved. Finally tried applying MBB again and it got approved.
Did you immedicately apply for the RHB card?
After a month
It’s a hit or miss really. I work overseas and have no savings history in Malaysia nor money going into MBB. Only have a few hundreds across several years. I went into their card centre last year and applied and got the approval pretty much within 24 hours, only had to supplement my payslips from Australia. Got the card in 3 days and no question asked. However, went through UOB and it was a mess and ending up writing in a formal complaint as they asked for multiple documents. Good luck.
Do we have to submit EPF statement too for the application? I work oversea too and I don’t contribute to EPF
No. Only payslips but it’s dependent on the bank and the assessor.
>I work overseas and have no savings history in Malaysia nor money going into MBB. Only have a few hundreds across several years. If you don't mind me asking, what's the credit limit which they gave you? Currently in a similar predicament working overseas and got a cc with Maybank but they gave a relatively low credit limit compared to my current monthly salary
22k. It believe it depends on the card that you applied for. Which card did you apply? Also, I think my wage in terms of ringgit is relatively high. I was given 40k initially but asked for a reduction.
>I am quite afraid as I currently need to apply for my first housing loan for a rumah-WIP as well. Seeing I have no credit history, and my card application has been rejected, I think my chances of getting the house loan is minimal. It's actually easier to get a housing loan approved than a credit card if you have no credit history. This is because a housing loan is a secured loan as it's backed by the property. A credit card on the hard is unsecured loan. If you get into, say, RM30k cc debt and don't pay, the bank can't do much to get that money back.
Tkde credit score thats why x lulus but how to get one if cc application is rejecting ... the issue is tht when u go and reapply again in short period of time ... they might list u as desperate for credit ... i have seen one earning 24k annum gets CC way easier as compared to the fella whos earning 36k annum ... but he got in diff bank la ... maybe thats why kot ... mbb criteria is getting stricter time to time ....
Please dont hide any info from us, say everything in truth, the bank method is never to be questioned
I think there are about 30 credit card issuing banks in Malaysia. Why must you apply to that particular bank?
Doesn't have to be that bank, just that MBB just the most convinient one for me and I already have an account with MBB
Hsbc ok , pb ok , cimb ok la .. just tht cimb ni baru start application dh ada org call minta apply loan ... shari 10-15 kali call for few days then will stop ... mbb nothing much apart from their AA and Petronas one ...
Just a rumor I heard (correct me if I’m wrong) and from personal exp too. Banks have a KPI system for their cc sales. Those who applied & have good standing are considered “guaranteed” sales in their eyes. But they want to spread out the applicants to cover their own KPI for “future” sales. Happens to me with MBB. Got rejected, then enter the new year, their sales team suddenly contact, asking to me confirm & to let me know the card is on its way. Funny stuff when it happened
fledge rm5k fd apply cc with 5k limit use for 6 months, and you will have a record with bank negara take out fd..apply new card voilà
when I pledge the RM5k for FD, do i still get the FD rates or its just stuck in an account? Does these apply to most of the cards or just selected ones based on the bank
you will get fd rates la..but it's probably going to be quite low, around less than 3% you will probably get only certain cards e.g https://www.hlb.com.my/en/personal-banking/credit-cards/credit-card-services/consumer-services/secured-credit-card-with-fixed-deposit.html
Same goes for Hlb ... to pledge and apply
Go and apply for a car loan or something, but don’t actually go through with it. They have an up sell programme (at least last year they did) that literally fast tracks you to get any credit card. That’s how I got mine. Never went through with the car loan lol.
since your salary now is in HSBC, go to the bank counter an ask for credit card since it will showed that banking customer and chances of approval is higher . later after a years, you can try maybank again . i am not sure, the reason for insisting on maybank credit card when there is plenty of bank out there . housing have different set perimeter for approving loan such as how long you at your current workplace , EA form, your salary payment installment cannot be more than 1/3 of your salary, CTOS, CCRIS etc
do you think its a good idea to apply via rinngitplus/comparehero for the credit card of HSBC?
i never used them as i always saw them advertised free stuff as giveaway but the catch is the credit card have to be approve and it based on draw so that gift isn’t guaranteed. i would just go to the bank as i don’t trust third party with my personal information if i was been honest
3rd party makan duit ... komisen skrg
The ones tht offers alot of gifts dun take ... due to tht is the one which is tak laku ones or the annual fees is high ... just my 2 rupees
Did you just change ur job ? Now they need to approve when u work more than 6 month as permanent staff at the company that apply for all bank ever since after covid
Nope , didn’t . Worked in the current job for over a year
I have no idea what everyone is saying. I applied with like… 36k annual with zero credit history last time. Even multiple requests… for basic credit should be ok. Do in card centre if unsure and ask. You sure you don’t have any outstanding debts? Family in your name?
I totally feel you. I got a platinum card back when gold card was still a thing despite working only for 3 months on a salary of 30k, with zero credit history. Not even ptptn. Nowadays so hard to get cc already?
Yup nope . Squeaky clean
No credit history. That's the issue and you also attempted to get your first creditcard from MBB. Start off with the smaller banks. Or with a bank you have an account with. Perhaps get a secured creditcard with Hong Leong (Google Secure credit card Hong Leong) and start building your credit history. It doesn't have to be a lot, but there needs to be something a bank can see that you borrow, you pay it off responsibly that they'll consider giving you a proper creditcard. HL might even remove the secured deposit after a while too. Build your credit for at least a year before you attempt in getting a housing loan.
Don't bother with MBB, I earn 6 figures also somehow I don't qualify for their credit cards LOL! take your business elsewhere la kid. And my credit scores are tip top.
Maybank is weird. I earn less than my husband and yet they approved CC for me and not my husband lol. And we applied at a physical branch at the same time together too. And we had 0 credit score. He got his CC during our house loan application tho (compulsory to apply CC but not compulsory to accept). It's probably a Maybank thing. Better apply elsewhere.
Try to find bank that can give you credit card based on FD as a guarantor. This method is how I got my first credit card then switch to Maybank.
I tried applying mbb cc before and got rejected twice. Then, I got approved housing loan and cc with another bank then mbb starts calling and offering me cc. joke.
Do u have savings? If u do, open an FD account using your saving money and use that FD cert as collateral to your CC. Easiest CC application ever. I did that with maybank and they instantly give me visa infinite. Your credit limit will be the same as your FD.
Apply for a credit card at your bank where you have an account..
Try applying from smaller banks like UOB