Asked 3w ago
I have never taken loans of any sorts, which i guess makes sense that my score is GX. Is there anyway for me to improve my credit score without taking a secured credit card? Don't want to waste parking a sum of money with the bank.
Also, is having 3 rejection with GX score bad for my credit rating?
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 all 3 times, or were they to 3 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 3x in a row, it is not surprising that you have failed over and over again.
As for how to improve your credit score, you can consider applying for lower limit credit cards such as the CIMB AWSM card that Peter has suggested, or the Standard Chartered Manhattan 500 card. Both of these have low credit limits and should thus be easier to get approved for.
Hope this helps and all the best!
This is not really an answer as I also know someone with this issue and idk how to help.
Other than just sending more applications until 1 is approved, the only thing else I can think of is to maybe get a supplementry card with your parents? But I'm not sure if the credit rating for the supplimentary card goes to you cause it's in your name or to your parents cause it's tagged to their card.
Any suggestions are welcome.
It's ironic because the best way to improve your credit score is via a credit card - so if your score is GX and your applications are still unsuccessful there may be a deeper reason for it.
If you are below 35 years old, perhaps consider the CIMB AWSM card? It has a lower income requirement than most credit cards and also has no annual fee so there's no obligation to keep using it after your credit score has improved.