How To Improve My Wife's Credit Rating

[djparker5]

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

[simon43]

To reply to some of the comments:

Rainman - thanks very much for that link. I'm going to wait until I get a WP, then wait a few months whilst I earn a salary/pay some tax, then apply for the card. (I'm down to immigration next week to change my ED visa to an O visa so that I can get the WP)

The small purchases that I refer to are especially about car-hire in the UK. I can only hire a car during my UK visits if I can provide a CC...

Dr Patpong - this is not a new one!! My wife has recovered extremely well, but not 100%. However, I'm now aware of the 'danger-signs', should there be issues in the future. I should comment that I want her to have a CC with a lowish limit, just in case she does go crazy again and try to buy a Mercedes....

Simon

[rainman]

I don't think you even need a work permit through Central. At least I didn't. I just told them I get money from overseas every month and gave them the statements, that's it. No other questions asked.

[blizzard]

im sure its possible to work around the work permit thing but it is very hard to run away from bad credit rating.

pay your bills people.

live RESPONSIBLY! LOL!!!!!!!!!!!!!

Edited September 2, 2007 by blizzard

[rainman]

Just trying to help. A friend of my wife applied for a Central card a few weeks ago and before that she had 3 credit cards from 3 separate banks closed without paying off the balance ..and was still issued a 4th one. You never know what happens.

[blizzard]

i know you trying to help but helping that lady is like offering cocktails to a drunk.

[naka]

Any particular reason why your wife needs a credit card ... I understand your own reasons

but why would a debit card be unsuitable for your wife ?

Naka.

[Heng]

Was going to say the same. Those Visa-check debit cards are pretty much the same thing, and the sky is the limit amount wise as long as you have the cash.

As for qualifying for credit cards, I've only seen banks look at your incoming deposits and total overall deposits. If she purchases even a single piece of property from a bank, she'll also likely get hit with credit card offers.

That said, I stick with my dusty Amex (for online stuff), a half dozen debit cards, and no credit cards in my wallet. Cash is king.

[fxm88]

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

I've been looking for a bank that offers a secured card! Where should I go?

[jonniebkk]

hey jonnie...did you have to pay for the unauthorized purchases?

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

No, I have the standard USA type card where you are not responsible for unauthorized charges. However, I don't like the idea of people basically getting free stuff off my good name. In addition, if one continually report charges as "unauthorized" they may get suspicious and cancel your card membership. However, the primary hassle is being without a card for a week or so while waiting for the new one to arrive...these unauthorized charges invariably come to light during a time when I need a credit card...like when I'm traveling

[taxin]

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

Simon, I can relate to your frustration as I have been there, done this and got the t-shirt !

Its not about how much money you have or bring in, the whole purpose is your intention to "stick around". If you have a WP in there eyes you have the intention to hang around, this is the logic they go by !

For the missus do what I do, pay her an over the top salary. Dont be shy about paying her a decent wage, if its a poxy 15,000 baht then forget it ! The biggest mistake I made is I paid my GF too little and I left it too late, start paying her now !

Also use her account to place your own funds or company funds into. If your missus takes care of your day to day business expenses then she can gradually take it out bit by bit. A good one I use is my Paypal money that I always withdraw into her account. For your business try and get as much sent to her account, and not the business account. Of course dont tel the tax man

It took me about 18 months to get her credit rating up but it was well worth it in the end. Shes just guaranteed my loan on a 1.5 million baht car, next will be the house where she has already been granted a mortgage of 4 million baht. Not bad for a hotel receptionist eh !

Trust me, its the only way. You could have 500,00 baht a day going into your account and this will not make a difference.

Its quite simple, make the bitch rich (excuse the expression)

[Pushit]

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

Open a joint bank account, with your 500K per month (really!) incoming she would get a CC pretty quick. My wife got a platinum Visa within 6 months

[simon43]

The joint account is not a bad idea. I realise that I need to get funds going through her account. She is going to start getting a 'real' salary of 45,000 per month (this is a back-up for our marriage visa if my funds are not approved in the future...)

Taxin, you hit the nail on the head. It's not about giving her loads of money to spend. It's more about ensuring that if we really need this in the future, then she can get loans if she/we need them or can guarantee something, (since my money counts for b*gger all over here...).

Simon

[torrenova]

I have ben doing the same thing with mine for 9 months. Got a truck loan sorted out (truck now outside the house) and a mortgage will be next but I'll actually have to take the tax hit for that as they really do want to see the slips no like SCB Leasing who just wanted the book and to be told she earns what goes in each month. I will be bumping her "salary" up to around Bt80k per month towards the end of this year.

[backflip]

Simon,

With everything that has occurred with your wife, I'm at a lost why you'd purposely enable her to do you more financial harm. Regardless, why are you worried about her credit card? As an adult, she should face the consequences of her actions, and she should be responsible for rebuilding her credit. There's a good reason why the banks won't extend her credit, and you should leave it alone.

[blizzard]

im with you backflip. dont get her a card till she proves she can handle one..............lol. just say mai dai.............lol.

[simon43]

Hi backflip, this is not about giving my wife the ability to buy a Merc! It is about rebuilding her credit for MY benefit, (well both of us...). I cannot get credit in Thailand, nor can I borrow money etc. I have to rely on my Thai wife for that. So it makes total sense to cover ourselves for unforseen financial problems in the future by improving her credit rating.

I agree that my wife needs 'managing' and that this sometimes is not easy. But we are married, have a young family and good business. If I wanted the easy route then I'd marry her hard-working, mentally-stable sister

Simon

[blizzard]

if you need emergency money why dont you just start saving now. you say you have a good business. after all getting a card for emergencies wont be such a big deal coz yr wifes limits will probably be nitnoi.

face it dude yr wife is a bad financial risk.

for others. would you marry a mentally unstable woman and then have kids with her.

[bendix]

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

bringing in half a million each month.

Naka.

Simple financial prudence. I just took out a car loan. The interest rate is 3.2%. I have savings earning 7.5% after the minimal tax levy in NZ.

Taking advantage of varying interest rates around the world is one of the oldest tricks in the book.

[Crushdepth]

If (or when) your wife becomes an employee of your company, suggest she applies for a card at the bank where your business has its accounts - but ask to see the manager, point out the amount of business there and ask them to help push the application through the system.

The application process suffers from 'mindless application of rules' syndrome - the rules are draconian and the Nongs that process the applications don't have the authority to bend them, even when its obvious that the applicant is ok. But if you have the branch staff ringing up the head office and asking them to let it through you have a good chance of succeeding in the end. You just need to get the application in front of someone who has authority to make real decisions. You can probably get a card here the same way.

It was still a painful process for me (3 months). My applications were consistently rejected on the basis of not having a 'work permit' (diplomatic job) even though I applied at the UN Branch of the bank. My favourite rejection was 'I'm sorry sir, we do not issue credit cards to diplomats at this time'!!!! And yes, they had a 5 year record of my pay as well.

Anyway, basically it took a personal approach to the bank staff and a 'sanity check' at bank headquarters to get the card. And they actually sent me two (I only asked for one!!!).

Edited September 6, 2007 by Crushdepth

[Crushdepth]

if you need emergency money why dont you just start saving now. you say you have a good business. after all getting a card for emergencies wont be such a big deal coz yr wifes limits will probably be nitnoi.

face it dude yr wife is a bad financial risk.

for others. would you marry a mentally unstable woman and then have kids with her.

Maybe he loves her? Did you think of that, genius?

[steveromagnino]

To the OP

Many wallets these days come for sale with a number of very thin, cardboard like credit cards inside already.

Perhaps you could consider purchasing one of these as the cards appear to be complimentary.

[Heng]

Yeah, I usually leave those in along with the complimentary picture of my poofy haired falang model (from the 1970's) girlfriend.

[naka]

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

I've been looking for a bank that offers a secured card! Where should I go?

Kasikorn.

Naka.

[simon43]

for others. would you marry a mentally unstable woman and then have kids with her.

[\quote]

Ouch, that hurts! But I still rate her better than my ex in the UK

Simon

[torrenova]

for others. would you marry a mentally unstable woman and then have kids with her.

Not sure if my missus is mentally unstable but I'd marry and have kids with her. Whoops, i already have !

[thaigerd]

Simon,

my wifejust got a golden Master Card from her bank.

Call me for the details.

Gerd

Edited September 6, 2007 by thaigerd

[taxin]

If (or when) your wife becomes an employee of your company, suggest she applies for a card at the bank where your business has its accounts - but ask to see the manager, point out the amount of business there and ask them to help push the application through the system.

The application process suffers from 'mindless application of rules' syndrome - the rules are draconian and the Nongs that process the applications don't have the authority to bend them, even when its obvious that the applicant is ok. But if you have the branch staff ringing up the head office and asking them to let it through you have a good chance of succeeding in the end. You just need to get the application in front of someone who has authority to make real decisions. You can probably get a card here the same way.

It was still a painful process for me (3 months). My applications were consistently rejected on the basis of not having a 'work permit' (diplomatic job) even though I applied at the UN Branch of the bank. My favourite rejection was 'I'm sorry sir, we do not issue credit cards to diplomats at this time'!!!! And yes, they had a 5 year record of my pay as well.

Anyway, basically it took a personal approach to the bank staff and a 'sanity check' at bank headquarters to get the card. And they actually sent me two (I only asked for one!!!).

It still amazes me the ammount of people who continue complaining about not being able to get a credit card without a work permit !

Ask yourself, would you be given a credit card by your bank in your home country if you were unemployed ? No you wouldnt, so what makes you think that a bank in another country would ?

Its simple, without a work permit that's what you are, an unemployed foreigner !

[naka]

If (or when) your wife becomes an employee of your company, suggest she applies for a card at the bank where your business has its accounts - but ask to see the manager, point out the amount of business there and ask them to help push the application through the system.

The application process suffers from 'mindless application of rules' syndrome - the rules are draconian and the Nongs that process the applications don't have the authority to bend them, even when its obvious that the applicant is ok. But if you have the branch staff ringing up the head office and asking them to let it through you have a good chance of succeeding in the end. You just need to get the application in front of someone who has authority to make real decisions. You can probably get a card here the same way.

It was still a painful process for me (3 months). My applications were consistently rejected on the basis of not having a 'work permit' (diplomatic job) even though I applied at the UN Branch of the bank. My favourite rejection was 'I'm sorry sir, we do not issue credit cards to diplomats at this time'!!!! And yes, they had a 5 year record of my pay as well.

Anyway, basically it took a personal approach to the bank staff and a 'sanity check' at bank headquarters to get the card. And they actually sent me two (I only asked for one!!!).

It still amazes me the ammount of people who continue complaining about not being able to get a credit card without a work permit !

Ask yourself, would you be given a credit card by your bank in your home country if you were unemployed ? No you wouldnt, so what makes you think that a bank in another country would ?

Its simple, without a work permit that's what you are, an unemployed foreigner !

I have credit cards from both Thai and UK banks ... I am unemployed ... Retired 8 years, so go figure !

Naka.

[simon43]

Its simple, without a work permit that's what you are, an unemployed foreigner

[\quote]

I understand what you are saying, but my comments were concerning business owners. If you are the owner of the Hilton hotel, but sit around all day spending your wealth, should a bank refuse you a CC because you don't actually work?

Unfortunately, the Thai banks are unable to employ a bit of lateral thinking. They have been advised that a foreigner needs a WP to work. so how can a foreigner who doesn't work have any money?! Yes, they can see lots of money coming into his bank account each month... But the rules say WP so we have to refuse him a CC...

Simon