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15-05-2003, 05:10 PM
| | Registered User | | Join Date: Mar 2003
Posts: 10
| | | Why do my wife and I keep getting turned down for credit cards?
We're two expats here for 3 years now, both making decent money - she's an english teacher, I'm an engineer.
We've applied maybe 5 times between us for a credit card through HSBC, I think she's done Hang Seng as well. We keep getting rejection letters back that are completely useless, they don't say why we've been rejected, just that we have. Maybe if the bank expanded instead of this stupid polite cover, I could rectify any missing info or information they require. She even got turned down for an "automatically pre-approved" one I think!!
What's going on, why don't they want to take my money? We both have credit cards from our home country, so it's not an emergency, but just annoying, but if the banks don't want my business then so be it. | |
15-05-2003, 05:21 PM
|  | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,748
| | | Don't bother with HSBC or Hang Seng.
If you've been rejected recently, DO NOT apply by filling up forms to every bank in town. You get negative valuations for every application (banks don't like people who've applied for 20 cards).
I'd recommend you go to Standard Chartered bank, visit a credit officer and explain your situation to them. The face to face approach works so much better and SCB operates very efficiently via email (they'll email you for clarifications).
Make sure you have 3 months bank statements, valid employment contracts / letter from your company stating that you're employed and being paid regularly by auto-pay. Make sure your statements have the same amount being deposited monthly that your company says you pay. Also, take your rental agreements with you to show where you live and how much you pay.
Tell SCB that you'll switch your auto-pay accounts to them if they need you to, to get approved.
More than often the problem with HSBC and Hang Seng bank (or any other bank) is the lack of information when you apply via mail.
The second approach is to get an American Express card. Amex charge cards are easier to get (less accepted though) than credit cards -- you have to pay 100% every month.  | |
15-05-2003, 05:23 PM
| | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,748
| | | And tell the officer that you don't mind starting with a low credit amount like 10-20K HK$ | |
15-05-2003, 05:24 PM
| | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,748
| | | Apologies for the multiple answers.
Showing the officer your current credit card statements from your home country will also do the trick.
If your current cards are Citibank. Call Citi locally in HK and they'll set you up. | |
18-05-2003, 08:15 PM
| | Registered User | | Join Date: Jan 2003 Location: HK
Posts: 15
| | | Tossing for a card
I wouldnt be too sure with SCB & its policies as well. I was offered a visa gold card 3 years back but a subsidiary of the same bank Manhattan rejected my visa classic even thought I have a spotless record. Another very funny thing was that when I was offered the gold card my employer in HK was declined a card as he too is an expat. One has to only guess as to what is their criteria while offering a card. | |
18-05-2003, 09:46 PM
| | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,748
| | | Manhatten Card Company, like many local banks require a permanent residency status. | |
26-05-2003, 11:21 AM
| | Registered User | | Join Date: Feb 2003
Posts: 25
| | | I suggest you enclose a copy of your rejection letter (which would have a reference number) along with all the relevant documents which would prove your ability to pay your bills and confirm your source of income and that your a regular taxpayer +HKID etc and mail it under a P&C cover to Grady Poon, Manager Customer Services, CPD (Cards), 9F tower 2&3,vHSBC Centre, 1 Sham Mong Road, Kowloon
with a letter explaining your point of view (if you are already an HSBC customer you could mention that)- let me know if it works.
If you read the fine print online it should tell you the requirements for each category of card or else call the card services hotline. | |
26-05-2003, 11:27 AM
| | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,748
| | | Freag,
Many banks have scoring systems which have negative scores for foreigners. These are highly confidential and even weigh in nationality and length of contract in HK.
Would be good to hear back from you, if you've had any sucess.
A while back many Brits left Hong Kong without paying their credit card bills. Many other countries have high default rates. | |
29-05-2003, 09:54 AM
|  | Registered User | | Join Date: May 2003 Age: 35
Posts: 21
| | | boc
hi
i had a similar problem with citibank, they refused to give me a card and i have banked with them for a few years now.
i applied to Bank of China and Bank of east asia, i got both the cards in two weeks. | |
02-06-2003, 10:29 PM
| | Registered User | | Join Date: Mar 2003
Posts: 10
| | | Thanks for the advice everyone.
We're returning home for a couple of months, but I'll be sure to try out some of these suggestions when we return.
Thanks again | | Tools | Search | | | | | Rate This Thread | | | All times are GMT +8. The time now is 12:41 PM. | |
