Credir Card Question

[millionair]

hello members

well i know credit card issues have been discussed lot many times here.

to be honest i use credit card to support my finance and travelling,i have my own company here and all the needed documents to get a credit card,

i already have kasikorn credit card with limit of 100K.but this is not enough for me.

as credit card procding takes about month(aprox),

just to get collective result i was thinking to apply in many banks at 1 time.what can be negative effect here?will they have record that i have applied in many banks togather?will this show that i am very desperate for credit?etc....

hope to get some helpful reply.

english is not my first language hope my post is clearly understood.

Thank you very much.

[millionair]

any advice is welcome.

[Amerifarang]

You'll probably raise red flags all over the credit card industry by making as many applications as you state. I would go to your present credit card provider and ask for a higher limit.What you propose is innocent but will be viewed as a scam......they probably think you want to run up a high limit and then leave? Good luck.

[goldfinger]

of course, all the banks are happy to see you as new customer, but you should put some deposit there first

(maybe thats a problem for some in these times?? )

strange that -with your name and- you get only 100 K , when you run a successfull business....

[mark5335]

Making several card applications concurrently may adversely affect your record at the National Credit Bureau (NCB).

If you have an excellent record with K-Bank on your existing card, then you should apply for a permanent line increase. You should bear in mind that credit card limits in Thailand typically do not exceed 2 times your monthly basic salary. Therefore, you could also consider having your business grant you a significant pay rise for a period of say, 3 months (i.e., show 3 months payslips to the bank) in the lead up to applying for the card.

You should also consider applying for a card at a non-Thai compnay such as Citibank or American Express (both these companies approved my card applications within 1 week).

Edited July 12, 2010 by mark5335

[scorecard]

You'll probably raise red flags all over the credit card industry by making as many applications as you state. I would go to your present credit card provider and ask for a higher limit.What you propose is innocent but will be viewed as a scam......they probably think you want to run up a high limit and then leave? Good luck.

Are you a banker Amerifarang?

I mentioned your assertions to my local Thai bank manager (very large branch), he laughed and said it's not true. What banks look at is cash flow, profitability and sustainability of the business and past payment history.

In terms of credit card payments, all Thai banks are required by law

/ by Bank of Thailand regulations to regularly report payments history to a central database which all other banks have access to.

By the way, why not use the normal font size and no bolding like the rest of TV members.

[nakachalet]

sound financial management would suggest that using credit cards for daily living expense is surely not exactly the purpose of credit cards....

anyway that is only a one man opinion....

being able to spend 100k a month for daily living expense and desiring higher credit limit yet to finance more spending for yourself and/or girlfriend just does not make economic sense to me....

well, come to think of it.... if you have sufficient cash flow to pay off each month.... who is to say that it is not economically sound....

when thai banks deem you have sufficient resources to cover the monthly credit limit.... or that your fixed savings far exceed the credit limit you request.... you won't have any problem....

my nephew visited me at vail in 1986, he showed me11 gold cards from different thai banks.... each bank granted him 10mil credit limit....

in 2006, some twenty years later.... he only carry three credit cards.... he said he is older and wiser now.... all the banks want him to do is.... encouraging him to spend more and more....

so he will end up with less and less in his savings each month.... LOL

if you are sure that you have enough financial resources and disposable income to cover the recurring expenditure, perhaps within the limit of 30% of total income...., go and apply for as many credit cards as you wish.... and each bank will surely grant your wish.... without exception....

well, really it is none of my biz.... a penny saved is surely a penny earned, my thaivisa friend.... :jap:

[millionair]

thanks for all inputs.

i have 3 months credit history with k bank,and always pay in full even if i am allowed to pay only 10% of my bill.

what you guys think?this will help?

[floridaguy]

sound financial management would suggest that using credit cards for daily living expense is surely not exactly the purpose of credit cards....

anyway that is only a one man opinion....

being able to spend 100k a month for daily living expense and desiring higher credit limit yet to finance more spending for yourself and/or girlfriend just does not make economic sense to me....

well, come to think of it.... if you have sufficient cash flow to pay off each month.... who is to say that it is not economically sound....

when thai banks deem you have sufficient resources to cover the monthly credit limit.... or that your fixed savings far exceed the credit limit you request.... you won't have any problem....

my nephew visited me at vail in 1986, he showed me11 gold cards from different thai banks.... each bank granted him 10mil credit limit....

in 2006, some twenty years later.... he only carry three credit cards.... he said he is older and wiser now.... all the banks want him to do is.... encouraging him to spend more and more....

so he will end up with less and less in his savings each month.... LOL

if you are sure that you have enough financial resources and disposable income to cover the recurring expenditure, perhaps within the limit of 30% of total income...., go and apply for as many credit cards as you wish.... and each bank will surely grant your wish.... without exception....

well, really it is none of my biz.... a penny saved is surely a penny earned, my thaivisa friend.... :jap:

Using credit wisely can be a very good investment in your future. I was a banker in the US, and I always advised my clients to establish and maintain good credit now, so that in the future, if you need credit, it will be readily available. By having several years of good credit history with a bank, they will often be willing to make special concessions to extend you credit for things such as a house, car, new business, etc. They will also extend those concessions if you are a personal banking customer and wish to become a business banking customer, and vice versa.

Also, the way your credit score works, at least for the 3 major credit reporting bureaus in the US, the more credit you have available to you and the LESS of that credit you carry every month, the higher your score will be. That is why you should never cancel credit lines, including credit cards. For example, if I have 1 million baht available to me in credit, and I carry a 100000 baht debt load each month, my debt ratio is 10%, but if I were to cancel/close 800000 of accounts and still carry 100000 in monthly debt, my debt ratio just jumped to 50% (100000 of 200000). All banks will frown on this, and may deny you credit.

As to the OP's question, as long as he is responsible and pays his balance off each month, his credit will improve by having multiple lines of credit, used or unused. It will lower his debt ratio. Having credit and not using it shows that he is responsible with his spending decisions. It also shows he can resist the temptation to spend beyond his means. You may take a small initial dip in your credit rating score, but it will recover in a month or so of good payment history. BUT, do not apply with too many banks concurrently. It does show something is changing. I would suggest no more than 3. Also, can you justify to a bank officer what you are intending? No new debt coming, no loss of income expected, not skipping the country, etc. Also, you could spread the applications over several months, applying for 1 or 2 new accounts now and then applying for 1 or 2 new ones in several months. This raises less red flags.

Hope this helps.

[millionair]

sound financial management would suggest that using credit cards for daily living expense is surely not exactly the purpose of credit cards....

anyway that is only a one man opinion....

being able to spend 100k a month for daily living expense and desiring higher credit limit yet to finance more spending for yourself and/or girlfriend just does not make economic sense to me....

well, come to think of it.... if you have sufficient cash flow to pay off each month.... who is to say that it is not economically sound....

when thai banks deem you have sufficient resources to cover the monthly credit limit.... or that your fixed savings far exceed the credit limit you request.... you won't have any problem....

my nephew visited me at vail in 1986, he showed me11 gold cards from different thai banks.... each bank granted him 10mil credit limit....

in 2006, some twenty years later.... he only carry three credit cards.... he said he is older and wiser now.... all the banks want him to do is.... encouraging him to spend more and more....

so he will end up with less and less in his savings each month.... LOL

if you are sure that you have enough financial resources and disposable income to cover the recurring expenditure, perhaps within the limit of 30% of total income...., go and apply for as many credit cards as you wish.... and each bank will surely grant your wish.... without exception....

well, really it is none of my biz.... a penny saved is surely a penny earned, my thaivisa friend.... :jap:

Using credit wisely can be a very good investment in your future. I was a banker in the US, and I always advised my clients to establish and maintain good credit now, so that in the future, if you need credit, it will be readily available. By having several years of good credit history with a bank, they will often be willing to make special concessions to extend you credit for things such as a house, car, new business, etc. They will also extend those concessions if you are a personal banking customer and wish to become a business banking customer, and vice versa.

Also, the way your credit score works, at least for the 3 major credit reporting bureaus in the US, the more credit you have available to you and the LESS of that credit you carry every month, the higher your score will be. That is why you should never cancel credit lines, including credit cards. For example, if I have 1 million baht available to me in credit, and I carry a 100000 baht debt load each month, my debt ratio is 10%, but if I were to cancel/close 800000 of accounts and still carry 100000 in monthly debt, my debt ratio just jumped to 50% (100000 of 200000). All banks will frown on this, and may deny you credit.

As to the OP's question, as long as he is responsible and pays his balance off each month, his credit will improve by having multiple lines of credit, used or unused. It will lower his debt ratio. Having credit and not using it shows that he is responsible with his spending decisions. It also shows he can resist the temptation to spend beyond his means. You may take a small initial dip in your credit rating score, but it will recover in a month or so of good payment history. BUT, do not apply with too many banks concurrently. It does show something is changing. I would suggest no more than 3. Also, can you justify to a bank officer what you are intending? No new debt coming, no loss of income expected, not skipping the country, etc. Also, you could spread the applications over several months, applying for 1 or 2 new accounts now and then applying for 1 or 2 new ones in several months. This raises less red flags.

Hope this helps.

Thank you sir,this helps a lot,taking your advice i will apply only in 2 banks first and lets see how it goes.

[millionair]

ok here is an update

Today i applied in following places

with my current AC bangkok bank with 400k

saving account of kasikorn with 1.6million.

work permit exp on 11 june 2011

passport(visa) exp on 11 june 2011

company registration mentioning i am director of 6mill bhat company

share holder list mentioning my 12% share in company.

AMEX-

AEON

KTC.

respected mods,

i will request you to keep this topic open as i will be posting my experience about credit cards.

i might not be successful,but some of my information might help others.

thank you.

Edited July 16, 2010 by millionair

[millionair]

ok

got a call from AEON yesterday(sunday) they need my company chop on some documents.

got a call from AMEX they forget to take my sign on some papers.

went there and finished the task lets see....

[millionair]

hello again

can anyone tell me how i can check my credit rating?in thailand.

i never had any credit anywhere else.

thank you.

[Alwaysright]

any advice is welcome.

Use your credit wisely,I can get many cards but only have four,one is unlimited credit.A fool and his credit are soon PARTED. :D I expect TO BE BARRED FROM HERE FOR TELLING THE TRUTH.I will miss the TV checks.

[millionair]

got a letter from AMEX that my application is rejected.

so i called them to ask for reason,they simply told me that i dont match their criteria.

[Blackberry9700]

got a letter from AMEX that my application is rejected.

so i called them to ask for reason,they simply told me that i dont match their criteria.

Dont give up ... Keeping applying and get used to being rejected. Soon you will get one !!

[millionair]

so here is the summery

i have applied in AMEX AEON AND KTC

AMEX rejected saying i don't match their requirments

AEON rejected saying no reason

KTC approved but very low limit only 70k

so what should i do,should i apply in another 3 banks now,or wait for while?

[millionair]

Today i have applied in

hsbc,standard chartered and scb,

lets see what they have to say.

[Blackberry9700]

Today i have applied in

hsbc,standard chartered and scb,

lets see what they have to say.

The Marathon goes on

[theoldgit]

I don't know if credit card applications are recorded with the Credit Bureau in Thailand, they certainly would be in the UK and I suspect many other countries, but if so, the banks to which you are applying will note the number of previous applications and may well suspect it's an act of desperation on your part.

[Blackberry9700]

I don't know if credit card applications are recorded with the Credit Bureau in Thailand, they certainly would be in the UK and I suspect many other countries, but if so, the banks to which you are applying will note the number of previous applications and may well suspect it's an act of desperation on your part.

Agree !

[millionair]

I don't know if credit card applications are recorded with the Credit Bureau in Thailand, they certainly would be in the UK and I suspect many other countries, but if so, the banks to which you are applying will note the number of previous applications and may well suspect it's an act of desperation on your part.

But in that case,

before i have applied in AMEX,Aeon and KTC,amex and aeon rejected me,and ktc approved me,as per my experience all banks in thailand have their own way to do.its more like bank policy thing rather than credit bureau.

lets see applied in 3 more banks today.

[millionair]

Today i have applied in

hsbc,standard chartered and scb,

lets see what they have to say.

The Marathon goes on

ya i won't give up

[Blackberry9700]

Today i have applied in

hsbc,standard chartered and scb,

lets see what they have to say.

The Marathon goes on

ya i won't give up

SCB rejected mine, had plans applying at Standard Chartered but by then I had my KTC Visa Platinum with no annual fee. Now i'm happy with Amex and KTC.

[theoldgit]

Of course it's a policy of the individual banks whether to issue a credit card or not, they will look at your background and assess the risk.

If they see that you are applying making applications to all in sundry, and as I say I don't know if the Credit Bureau records such checks, they may think you are risk.

I am not a banker but I am aware that in many countries people making multiple applications are treated with caution.

I can tell you that after I had been in Thailand for 12 months I made one application for a credit card and it was approved with a credit limit sufficient for my needs, I am retired so don't work and don't have a work permit.

I wish you every success in your endeavours.

[millionair]

hello again

just got a sms from SCB that i am rejected.

then i called the call center to ask the reason,and they told me "for self employed minimum monthly transaction should be more than 2.5 million baht.

[theoldgit]

just got a sms from SCB that i am rejected.

then i called the call center to ask the reason,and they told me "for self employed minimum monthly transaction should be more than 2.5 million baht.

Well maybe they should include that gem in their information packs, I can just imagine all those self-employed somtam sellers with a yearly turnover of 30 million Baht, I suspect they plucked that answer out of the air.

[millionair]

just got a sms from SCB that i am rejected.

then i called the call center to ask the reason,and they told me "for self employed minimum monthly transaction should be more than 2.5 million baht.

Well maybe they should include that gem in their information packs, I can just imagine all those self-employed somtam sellers with a yearly turnover of 30 million Baht, I suspect they plucked that answer out of the air.

they told me either 100,000 baht monthly salary or 2.5 mill monthly transection for foreigners,of course they will through card to thais even if they are making only 10k per month.

[Blackberry9700]

just got a sms from SCB that i am rejected.

then i called the call center to ask the reason,and they told me "for self employed minimum monthly transaction should be more than 2.5 million baht.

Well maybe they should include that gem in their information packs, I can just imagine all those self-employed somtam sellers with a yearly turnover of 30 million Baht, I suspect they plucked that answer out of the air.

they told me either 100,000 baht monthly salary or 2.5 mill monthly transection for foreigners,of course they will through card to thais even if they are making only 10k per month.

I just use SCB bank services to pay my AMEX bills.

[millionair]

i apply in SCB already twice,both time they reject me.now waiting for standard chartered and HSBC results.