Asked 2w ago
Does the HX score reflect badly on my credit rating? I applied for a card back in mid 2020, a few days ago I applied for another, was rejected again. I might not have submitted the correct documents. Should I risk applying for another bank's card again? Is 3 rejection considered a lot?
I am assuming that you meet the basic requirements for the credit cards that you have been trying to apply for (ie annual income requirement + nationality).
May I ask if you have been applying to the same bank for both times, or were they to 2 different banks? The reason is because some banks may be more stringent with credit card approvals - and if you have been applying to such a bank 2x in a row, it is not surprising that you have failed again.
You may want to consider trying to improve your credit score first by applying for lower limit credit cards such as the CIMB AWSM card or the Standard Chartered Manhattan 500 card. Both of these have low credit limits and should thus be easier to get approved for.
If you are successful in applying for these cards, use them for a few months and pay off the bill on time every month before applying for a better credit card again.
Also, to make sure that you submit the correct documents in future, you can consider applying online via Myinfo - it will get all your necessary information via SingPass, then you simply need to check that they are correct.
Hope this helps and all the best!
From Credit Bureau Singapore's Credit Report Explanation:
If you have not been involved in legal procedings or bankruptcy in the past few years, a grade of HX is certainly very strange. Could it be a case of mistaken identity? You should contact CBS and request for information about what records they used to determine the grade.