How To Improve My Wife's Credit Rating

[simon43]

Not that I want her to have a gold card

But neither me nor my wife have been able to obtain a credit-card, (which would be useful for small purchases, car-hire etc).

I no longer have my UK CCs because I left the UK 5 years ago and my cards were eventually cancelled when I no longer had a UK address. I was refused a Thai CC by Bangkok Bank and by Central Shopping because I didn't have a work permit, (my 500,000 baht import into Thailand each month didn't seem to count...)

My wife was recently refused a CC because she has been a few weeks late on several occasions in the monthly payments on our car, (which is now all paid off). But apparently, these late payments show up on the CC computer, as does the fact that she doesn't work.

Any suggestions as to how I can improve her credit-rating? She will start receiving a monthly salary from our business, so that should help (I presume).

Any other (sensible) suggestions??

Thanks

Simon

[jbaldwin]

In Thailand if you do not work you almost certainly will not get a credit card. The credit limit will be set at a multiple of monthly salary.

Generally that only posibility is a secured card. ie you get a credit limit backed by a cash deposit in a blocked account

[simon43]

In Thailand if you do not work you almost certainly will not get a credit card

[\quote]

Very true. Despite being a customer with Bangkok Bank for almost 5 years, my monthly deposits from abroad counted for nothing. But if I had a WP and lowly salary of eg 30,000 baht, then a CC would have been issued to me. Crazy!

Simon

[Artamus]

......I no longer have my UK CCs because I left the UK 5 years ago and my cards were eventually cancelled when I no longer had a UK address. .....

Thanks

Simon

I've lived and worked outside the UK most of my life, and have always been able to retain my UK credit cards (even on a non UK address). I still retain UK bank accounts though and use them regualrly (maintenance of kids etc.), but do not have a regualr salasry going into them as I am paid oversezs. Have you tried contacting your UK bank to see if they wlll issua a card? Might not be the best for small items due to commision changes, but useful for the larger stuff. Just a suggestion.

[samran]

best to try an AMEX charge card....I know they are little more liberal given the nature of the card.

Am unsure though about what to do about the credit rating. It does seem now that thailand does have a centralised credit rating system. I've got two CC's and every month or so I get a note telling me that my files have been updated on the central system.

[onethailand]

Definitely don't waste your time with AMEX. They are notoriously difficult around the world, and in Thailand they are even worse. I've already been there and done that. Even when getting a Platinum invitation to take up an Amex card, they still require all sorts of weird junk which simply make no sense (in my case they wanted to see 600K baht rotating through my account every MONTH).

Do what Artamus suggests if you can. I have US credit cards and have managed them over the last 15 years from Thailand (although I just told one to close my account because they raised my APR for no good reason).

As for helping your wife gain/improve a credit rating - give her a job, rotate money through her account so she is paying the bills from that account - and she will get a credit card offer pretty quickly This is what my wife was advised to do by some of her banker and real estate friends.

[samran]

Definitely don't waste your time with AMEX. They are notoriously difficult around the world, and in Thailand they are even worse. I've already been there and done that. Even when getting a Platinum invitation to take up an Amex card, they still require all sorts of weird junk which simply make no sense (in my case they wanted to see 600K baht rotating through my account every MONTH).

Do what Artamus suggests if you can. I have US credit cards and have managed them over the last 15 years from Thailand (although I just told one to close my account because they raised my APR for no good reason).

As for helping your wife gain/improve a credit rating - give her a job, rotate money through her account so she is paying the bills from that account - and she will get a credit card offer pretty quickly This is what my wife was advised to do by some of her banker and real estate friends.

bizzare that they treated you that way,

my and my expat friends experience with AMEX (and at their platinum) level has been great. I've been with them for a year now and they practically were falling over themseleves to give me one. Good coverage in Thailand, though I do have a back-up visa card.

I suggest maybe that the OP look at some offshore options for a visa card if he can't get one locally. The wife and I are with HSBC offshore, and they wanted to give us both a visa card when we opened a bog-standard savings account with them.

[onethailand]

bizzare that they treated you that way,

my and my expat friends experience with AMEX (and at their platinum) level has been great. I've been with them for a year now and they practically were falling over themseleves to give me one. Good coverage in Thailand, though I do have a back-up visa card.

I suggest maybe that the OP look at some offshore options for a visa card if he can't get one locally. The wife and I are with HSBC offshore, and they wanted to give us both a visa card when we opened a bog-standard savings account with them.

Amex is really weird sometimes. I've had platinum offers in the US as well - or "pre-approved" applications which are suddenly not pre-approved... even though I have a good credit rating.

Here in Thailand, my offer came through Thai Airways - I figured what the heck, no harm in getting an Amex tied to my ROP frequent flyer card, even though I was skeptical as usual.

I submitted a huge load of documents, copy of work permit, etc. but when they called me back, they said they wanted to see 600K moving through my account - I asked them "yearly, right" - and she said "No, monthly" to which I blew my top, since when does any charge card require US$20K movement through an account on a monthly basis?

I told them to put me on a "Do Not Contact" list - she said there is no such thing - and I said you better find one because if I get contacted again I'm going to file suit for false advertising and harrassment. Strangely enough, in Thailand they are actually serious about those things.

Re: HSBC, I opened one in HK in May - SmartVantage, I think it was, requiring a minimum HK$10K balance to avoid fees. My registered address is my Thai address and I used my US passport as identification. Everything works as advertised so I'm pretty pleased, but I haven't applied for a CC yet because I'm trying not to get stuck - my US cards are pretty full up at the moment and I want to clear those off first.

Perhaps the OP can talk to the local HSBC or StanChart offices as well though I believe the minimums here are quite high.

[andy1308]

I'd second the fact that AmEx in Thailand provide great service and their Platinum card was surprisingly easy to qualify for. The only thing they required from me was a completed application form (which was supplied and collected by a courier), copies of my WP, passport and bank book. I failed to get a card from Bangkok Bank (my own bank), Central and Standard Chartered, but AmEx and Krungsri were more than helpful.

[samran]

Here in Thailand, my offer came through Thai Airways - I figured what the heck, no harm in getting an Amex tied to my ROP frequent flyer card, even though I was skeptical as usual.

yeah, it works well for the ROP.

A trick in getting ROP points without a CC is simply to open up an account with UOB. Usage of the UOB debit card for purchases racks up UOB points which are transferable over to ROP.

[onethailand]

yeah, it works well for the ROP.

A trick in getting ROP points without a CC is simply to open up an account with UOB. Usage of the UOB debit card for purchases racks up UOB points which are transferable over to ROP.

That's interesting, thanks. But actually all I want to do is get my Gold status - good for 2 years - then I'm going to avoid Thai like the plague until they sort out numerous issues

I gotta find a way to keep my platinum with Skyteam, though...

But back to the topic... looks like more than a few of you had success with Amex so perhaps the OP should look into that - but for me (I applied in December) it was the usual disaster, maybe I am just jinxed with Amex.

[blizzard]

paying your bills on time always improves ones credit rating.

[chinthee]

You have to call AMEX to get your points transferred to ROP

[gregb]

Not that I want her to have a gold card

...

My wife was recently refused a CC because she has been a few weeks late on several occasions in the monthly payments on our car, (which is now all paid off). But apparently, these late payments show up on the CC computer, as does the fact that she doesn't work.

Any suggestions as to how I can improve her credit-rating? She will start receiving a monthly salary from our business, so that should help (I presume).

Any other (sensible) suggestions??

Thanks

Simon

The fact that she doesn't work is probably the killer. As long as your wife is getting a regular salary, you'll be fine. My wife has stable employment for 2 years and has been paying a mortgage for about 1 year. She just applied for a Visa and was given a 150k credit line on a monthly salary of only 25k.

They are VERY generous here with credit lines if you have a job.

[ProThaiExpat]

I had a very agressive AMEX sales exec who really worked to get me a card.

His ultimate refusal was based upon "you don't have enough money in your various bank accounts". At the time I had a documented 5 million Baht.

I know the refusal was based on a black mark on my U.S. credit rating, but since I don't need another credit card to "show off" like many Thais, I didn't bother to clear up the black mark. My U.S. credit cards are more than I need, since my SCB debit card does it all for me everywhere in the world.

My suggestion to OP is to buy a bank fixed deposit instrument with the maximum interest possible from the bank you do business with and use it to back up the credit card, ie. let them block it with authority to draw down on it, if you don't pay the card.

Would not a debit card, that comes with almost any bank account work for the use you intend the credit card to be for?

[Fun2Fun]

Some banks here will give you a credit card with a limit which is between 60 to 80% of a specified savings amount you place in a "locked" account in their bank.

[think_too_mut]

In Oz, bad credit rating lives in one central database for 2 years.

Unpaid parking fines, failed attempt to get a CC, all sorts of "unreliable" financial behavior.

IMO, let the the time pass and the things from the past won't appear on anybody's screen.

[Kf6vci]

I share Artamus' experience. Got a HSBC card sent overseas years after having closed my account. Was a nice surprise, I have to say

Do not close UK accounts. Keeping the credit is crucial. I had one Cooperative Bank Gold VISA with 7,500 GBP limit and an unsecured 15k loan. As a student! Now I'm down to 5k on a CC. Wish I had kept all credit as the times they are changing.

The trick to improve your credit will be not to use it. sounds barmy, but try paying off the balance every month a few months. Hope you or your wife will get a CC again! And do call your old UK bank! Maybe a mate will let you use his address, so you get on the Voters' Roll? Good luck, Simon!

[torrenova]

Everytime you apply you leave a footprint on your credit file. Computers only understand zero and one so it cannot tell why you were declined by someone else but it does know that they do not want you. Therefore, you have to get cards another way.

Your own bank does not have to look at your external credit file to see what is going on. Also, it makes no sense for them to report your details. So you start there.

Push cash through, a loan should ALWAYS be serviced on time. After a time you should be able to get a credit card though they may want salary slips of tax payments. They will want tax payments for any mortagage which you should be able to get after about 1-2 years (in her name).

Only apply for stuff you know you should get.

The trick to getting higher credit limits is not to refuse to use them but rather to use them with large purchases near the mimit and then pay it offf quickly. Sure, you pay interest but their programs see that you can pay off XYZ amount so they offer 120% of XYZ. Boost your monthly cash to impress you bank card holders.

Not rocket science really once you remove the human element.

[rainman]

I was refused a Thai CC by Bangkok Bank and by Central Shopping because I didn't have a work permit, (my 500,000 baht import into Thailand each month didn't seem to count...)

Go to Central Ladprao. On the 2nd or 3rd floor there should be some girls standing around handing out credit card applications. Take with you at least 6 months of bank statements (photocopies) along with the passbook for proof showing at least 50,000 Baht coming into the account from overseas each month. Also bring them a copy of your marriage certificate as well as a copy of your ID card and the ID card of your wife.

Put your name as the primary applicant and your wife's name as the 2nd cardholder and submit that application. That's exactly what I did about a year ago and within 2 months I received my Gold Card with a limit of 200,000 Baht. If I need a higher limit, I just give them a quick call and it's approved within 1 hour. No work permit required.

[rainman]

If you have the time, read through my credit card application experience here:

http://www.thaivisa.com/forum/index.php?showtopic=67244

[naka]

Some banks here will give you a credit card with a limit which is between 60 to 80% of a specified savings amount you place in a "locked" account in their bank.

Kasikorn will do this.

To the OP, why buy a car on the never never when you claim to be

bringing in half a million each month.

Naka.

[simon43]

Naka - Because at the time I bought 2 new cars! And whilst I bring in circa 500k baht every month, I have to give 200k baht to my lovely ex-wife in the Uk. Plus I was trying to finance the build of my hotel at the time. So paying for the car over a couple of years was the best option.

It doesn't seem to matter how much you earn - it always seems to disappear each month

Simon

[rainman]

And whilst I bring in circa 500k baht every month, I have to give 200k baht to my lovely ex-wife in the Uk.

I bet she still loves you very much! And read my little guide above on how to get a credit card through Central. It should work fine.

[naka]

Simon43.

You can get a credit card by opening an account in the Channel Islands or Singapore/HK.

and those are real credit cards unlike the Thai ones which require a backup deposit.

Naka.

[blizzard]

i think the guy knows how to get a card. he is asking how to mend his finncially inept wifes credit rating.

[jonniebkk]

Not that I want her to have a gold card

But neither me nor my wife have been able to obtain a credit-card, (which would be useful for small purchases, car-hire etc).

Consider yourself lucky...a wife without a credit card is a good thing

Seriously, I find it funny that you want a cc for small purchases...i use mine exclusively for large purchases only. And then, only at very reputable retailers or for internet shopping and travel related bookings (airline and hotel sites). Due to the constant danger of unauthorized purchases (I had this happen about 3-4 times within a few year span for thousands of dollars.) I now try to pay for all everyday purchases in cash...even if I have to walk a few steps to the nearest ATM to get some. My cc is reserved basically now used almost exclusively for online-purchases/bookings.

[dr_Pat_Pong]

Not that I want her to have a gold card

But neither me nor my wife have been able to obtain a credit-card, (which would be useful for small purchases, car-hire etc).

I no longer have my UK CCs because I left the UK 5 years ago and my cards were eventually cancelled when I no longer had a UK address. I was refused a Thai CC by Bangkok Bank and by Central Shopping because I didn't have a work permit, (my 500,000 baht import into Thailand each month didn't seem to count...)

My wife was recently refused a CC because she has been a few weeks late on several occasions in the monthly payments on our car, (which is now all paid off). But apparently, these late payments show up on the CC computer, as does the fact that she doesn't work.

Any suggestions as to how I can improve her credit-rating? She will start receiving a monthly salary from our business, so that should help (I presume).

Any other (sensible) suggestions??

Thanks

Simon

Has there been a reconciliation Simon ? ( or is this a new one ? ) BTW getting an additional card on your account is the way to go (at least for me )

[blizzard]

hey jonnie

did you have to pay for the unauthorized purchases?

my card you dont pay if you didnt authorize. they take charge off.

too many people are paranoid about their c cards!

[rainman]

i think the guy knows how to get a card. he is asking how to mend his finncially inept wifes credit rating.

Well, he said he can't get a credit card because of no work permit and a bad credit rating. So I offered a solution to that which worked for me, also not having a work permit.

Talking about small purchases with your credit card, I once saw a woman in Tops buy some chewing gum or something for around 5 Baht.