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credit written off - bad score and credit card

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  1. #1

    Join Date
    Dec 2008
    Posts
    13

    credit written off - bad score and credit card

    Hi I'm seeking some suggestions.

    In the past, I had some issues and I didn't pay the HSBC loan for 6 months.

    I spoke to them and they understood the case.

    I started paying again immediately after I had enough cash availability, but the debt was already written off (I understand their fiscal advantage on this).

    It's two years that I'm paying regularly (as always, apart from that 6 months).

    Now my credit record is very bad and it looks like I'm late in paying since years (like if I'm carrying over that 6 months break).
    I travel quite extensively for work so I should need a credit card (so far I always took cash with me, as NEAT {prepaid card} already gave me some issues in the past).

    Obviously I could open a bank account abroad for this and get a credit card, but still, living in HK it would be more convenient to get it here.

    I still have 2 years to finish to pay.

    Which procedure should I follow to improve my record?
    Any chance to get a regular card anyway?


  2. #2

    Join Date
    Aug 2008
    Posts
    706

    Have you tried applying for a normal credit card and been rejected? I would try that first, you are just assuming they won't give you one it sounds like? They may give you one with a low balance. I would also try with other banks in HK, just apply and see what happens.

    Absolute worst case scenario you should be able to discuss with HSBC to get a secured credit card, but they would freeze some money in your account for the security, but in this case at least you have a credit card to use and can improve your credit and then later change it to an unsecured card.


  3. #3

    Join Date
    Dec 2008
    Posts
    13

    Hi Kiz

    yes I tried to apply for a card (American express - the previous one was VISA) but they refused due to the record
    Thanks for the advice on the secured HSBC credit Card anyway


  4. #4

    Join Date
    Aug 2008
    Posts
    706

    A long time ago I had a secured credit card with Standard Chartered (because I didn't really have a regular income at the time), so if you have no luck with HSBC then talk to Standard Chartered. I think you may need to find the right person at HSBC to get them to do a secured credit card, so be persistent, it is definitely possible.


  5. #5

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,317

    There are prepaid credit cards. I think CSL has one called tap. No idea how it works because I don't use it. I suppose you can top up at 7/11 then use it like a card.


  6. #6

    Join Date
    Jan 2017
    Posts
    141

    Mate, get a copy of Your credit report and demand the lender to remove record if the loan has been paid off as sooon as you can...

    shri likes this.

  7. #7

    Join Date
    Dec 2008
    Posts
    13
    Quote Originally Posted by MandM!:
    There are prepaid credit cards. I think CSL has one called tap. No idea how it works because I don't use it. I suppose you can top up at 7/11 then use it like a card.
    I'm using NEAT (one of those prepaid cards) but already happened few times in Asia and Europe that the card didnt work

  8. #8

    Join Date
    Dec 2008
    Posts
    13

    Hi there, as I wrote in the post I still have 2 years to finish to pay everything


  9. #9

    Join Date
    Dec 2008
    Posts
    13

    Thanks again for the advice


  10. #10

    Join Date
    Dec 2008
    Posts
    13

    Hi! what is a PFL institute? Loan sharks?
    Actually so far I always have been able to pay my monthly installment, apart for that 6 months where I didn't have a job


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