I still don't get why credit card utilization matters if I pay it off to 0 every month. Most of my spendings are using credit cards, so it's unavoidable it will reach high usage, but I do pay the statement amount every single month. How does that work?
Well that's correlated to your income. RM 4000 salary having 6 cards versus RM 18000 having 6 cards would be different I guess. But your logic is still accurate regarding clearing every month. Let me check again with Rena on the next episode yea. Thanks for watching=)
I’m working in singapore. I do not have credit card in Malaysia and the banker to ask me to provide CBS in singapore. However they still failed me and give me the reason that I do not the CCRIS record in Malaysia. In this case, if CBS in sg is not suffice to support the loan application why in the first place they requested it from me and end up failed me with that reason which I’m still confused.
Frequent followers of Sean will notice one thing right off the bat: he's wearing a button-up SHIRT! Long sleeve some more! 😂 Thank you for all the content!
I worked overseas all my life so my CRIS/CTOS is probably blank. I heard it may be possible to transfer the information and score from my foreign credit profile into the local file. Is this true? I am trying to get a local loan for property investment
Hi Patois, every country will have their own credit scoring formats and based on my understanding, the bankers will read them manually instead of 'transfer'. I don't think approval is gonna be a problem if the income is stable, just that the loan margin will be less. Good to hear from you=)
Yes, not all banks offering flexi loan, as a banker once told me there are ultra rich businessmen park their money in the current account to offset the interest entirely, so the bank is earning less interest.
record so clean (like me) also cannot lol no credit card, no nothing. so when i apply loan, they asked me to do a fixed deposit.. then immediately approve lol working oversea is my main reason they do not approve, and only one bank accept my application (not approve, just accept for review). they do not approve even if i have some unit trust and healthy amount in epf. rejected, made FD deposit, boom, approved. i am grateful to that 1 bank.
hi bro, may I ask how much was yr bank loan & how many % of loan amount did you pledge for the FD. I am also working overseas & never purchased anything on credit before so i don't anything to show for credit score
@@IferJ they only approved 80% loan of the total house price, this is due to the "dangerous" nature of the country i am in. loan 330k+ (still lower than the amount i am eligible). placed 20k FD, but the more the better, but shhhhhh 🤫 can be taken out once approved. but its still better if u have something to show them, like some amount in EPF and somekind of investment, which i have
Sean, I have question about how credit card affect credit score I have 7 cc with almost 0% utilization rate because I clear my cc balance every month before statement date. and I ask the bank to increase my cc limit as high as possible so the TOTAL utlization of credit seems low (recommended by foreign youtuber) Also I never bother to cancel credit cards because I heard Credit Length History impact credit score + the extra credit limit mean lower utilization rate which is good for credit score however like Rena said I might have too many cc, with 7 cc + hire purchase + ptptn with no house loan. Should I cancel the credit card or is it actually fine or beneficial to keep them? My monthly installment for car loan and ptptn only make up 10% of my monthly net income, and have 7 cc that have close to 0 monthly balance, yet my credit score is not as high as I wish, so I am looking for way to improve it.
How did you check your credit score? Low credit score can be due to many issues such as unstable income sources, job position, industry, late repayments etc
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thank you Sean and Rena! Learn a lot from these video!
Yea, she’s awesome!!
I still don't get why credit card utilization matters if I pay it off to 0 every month. Most of my spendings are using credit cards, so it's unavoidable it will reach high usage, but I do pay the statement amount every single month. How does that work?
Well that's correlated to your income. RM 4000 salary having 6 cards versus RM 18000 having 6 cards would be different I guess. But your logic is still accurate regarding clearing every month. Let me check again with Rena on the next episode yea. Thanks for watching=)
I’m working in singapore. I do not have credit card in Malaysia and the banker to ask me to provide CBS in singapore.
However they still failed me and give me the reason that I do not the CCRIS record in Malaysia. In this case, if CBS in sg is not suffice to support the loan application why in the first place they requested it from me and end up failed me with that reason which I’m still confused.
Frequent followers of Sean will notice one thing right off the bat: he's wearing a button-up SHIRT! Long sleeve some more! 😂 Thank you for all the content!
You're absolutely right!! This episode is serious!! haahahhaaha=)
Thank you Sean and Rena for providing such informative information. I was one the people who "burst" the message 👀 apologise for that haha
I think if you write and publish a book on mortgage loan application, I bet people would actually pay to buy the book.
But the rules are updated pretty frequently unfortunately.
Thanks for watching 😁
Hi Sean, would like to have insights of using property as collateral if possible :D
Lucky so far so good all my housing loan approved since 20 years ago.
That's true, when my loan got approved. suddenly everyone calling me saying I can get loan. XD
I worked overseas all my life so my CRIS/CTOS is probably blank. I heard it may be possible to transfer the information and score from my foreign credit profile into the local file. Is this true? I am trying to get a local loan for property investment
if not mistaken, depends which country and what kind of company
Hi Patois, every country will have their own credit scoring formats and based on my understanding, the bankers will read them manually instead of 'transfer'. I don't think approval is gonna be a problem if the income is stable, just that the loan margin will be less. Good to hear from you=)
Rena is so smart and and sui !
I agree. Thanks for watching!!
Yes, not all banks offering flexi loan, as a banker once told me there are ultra rich businessmen park their money in the current account to offset the interest entirely, so the bank is earning less interest.
record so clean (like me) also cannot lol no credit card, no nothing. so when i apply loan, they asked me to do a fixed deposit.. then immediately approve lol working oversea is my main reason they do not approve, and only one bank accept my application (not approve, just accept for review). they do not approve even if i have some unit trust and healthy amount in epf. rejected, made FD deposit, boom, approved. i am grateful to that 1 bank.
Thanks for sharing CN!
hi bro, may I ask how much was yr bank loan & how many % of loan amount did you pledge for the FD. I am also working overseas & never purchased anything on credit before so i don't anything to show for credit score
@@IferJ they only approved 80% loan of the total house price, this is due to the "dangerous" nature of the country i am in. loan 330k+ (still lower than the amount i am eligible). placed 20k FD, but the more the better, but shhhhhh 🤫 can be taken out once approved. but its still better if u have something to show them, like some amount in EPF and somekind of investment, which i have
@@Onion_Knights ok bro, thanks for the infor. I wish you good luck & safety in whichever country you're in 🙏
@@IferJ thanks
best series for this loan class
Do share it around yea!! Thanks for watching 😁
Confirm Must share
Sean, I have question about how credit card affect credit score
I have 7 cc with almost 0% utilization rate because I clear my cc balance every month before statement date.
and I ask the bank to increase my cc limit as high as possible so the TOTAL utlization of credit seems low (recommended by foreign youtuber)
Also I never bother to cancel credit cards because I heard Credit Length History impact credit score + the extra credit limit mean lower utilization rate which is good for credit score
however like Rena said I might have too many cc, with 7 cc + hire purchase + ptptn with no house loan.
Should I cancel the credit card or is it actually fine or beneficial to keep them?
My monthly installment for car loan and ptptn only make up 10% of my monthly net income, and have 7 cc that have close to 0 monthly balance, yet my credit score is not as high as I wish, so I am looking for way to improve it.
How did you check your credit score?
Low credit score can be due to many issues such as unstable income sources, job position, industry, late repayments etc
Anyone here managed to get a housing loan with clean/virgin record?
Yes there will be but it depends more on your income source. Are you an employee or self employed?
@@iherng I'm an employee - stably working in a company for about 7 years with career progression. Not sure if they will look into this..
Rena is so beautiful. Damn... For credit card payment, better clear it everyday to make sure it is 0 showing in the CCRIS Report when you request.