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I really appreciate for all the views that have been contributed. To put the matter straight;
1. NO. I'm not a gambler. I don't even buy 4D nor Toto. Neither do I speculate in stocks anymore. All my savings are in cold hard cash sitting in the bank or funds. The only vice I have is smoking and I don't even drink. How much more could I have spent?
2. I'm not exaggerating about my income. Infact, I make more than that. I was only down-playing the numbers for fear of being branded as exaggerating. If anyone can help me secure a housing loan, I don't mind showing him/her my past 3 years income tax assessment.
3. With my income level, I have already hit the HDB income ceiling. I am no longer qualified to buy a new or resale flat. By renting a place right now, doesn't mean I shouldn't plan to own one. Some said that I should save up enough to buy one. Taking a loan doesn't neccessarily means "using-other-peoples'-money". Have you ever calculated how long you need to save before you have $600K to buy a decent condo? How many people can afford to pay off a condo using cold hard cash? Even if you do, doing a proper investment would probably make more sense than paying all upfront. And as to compare paying rental every month to paying for the loan you made for your own housing, which do you think makes more sense?
4. Though I have savings, they are just insufficient to buy a condo off in cold hard cash. I'm not that rich. How much can I save within a year after my discharge? I still need to pay for my car rental, housing rental, etc. BTW, my car isn't a luxury item. It's a tool of trade.
5. Having a credit card doesn't mean that I'm being flashy or trying to show off. Neither does it mean that I do not know how to manage my money when I'm applying for a card after 1 year of discharge. People close enough to me roughly knows how much I earn.
When you are on a business trip, have you tried checking into a hotel without a credit card? Imagine having to stay in a 5 star hotel (dictated by company) for 2 weeks, you have to pay all these off in CASH! Do you bring that much cash with you when you travel? And the matter of fact is I have to travel frequently. And NO, I got declined even for a debit card application. How can it work even if I have collateral?
Do you realise how much convenience you get if you do use a credit card wisely? What Bleuwhale mentioned does hold water. I'm sure all the card holders out there got some benefits from their credit card in 1 way or another?
Have you tried buying something online and you can only pay via credit card? Have you tried making a reservation for hotel rooms or air-ticket without a credit card? Imagine bringing your client out for a $800 dinner and paying it up in cash, what would your client think? I'll not go into that..... The bottom line is, I need it as a tool of trade though I can still make do without it. Well, this ain't that important. I can still live without it. Nothing to cry over. BTW, not all companies issue corporate cards, and definitely not to every single employee. Viciouskitty74 made a good point about the corp card thingy. However, normally, you are not expected to use your corporate cards for personal expenses though you are liable to the charges.6. Money management. I may have done delinquent trading in the past, when I was young in my early 20s. That doesn't mean I don't have any money management abilities now. I have learnt my lesson well enough from the distress/pain I got. Also, having faulted when I was young doesn't mean nothing. I'll not go further into this detail..... It's a very subjective view for individuals.
Lastly.... please don't get into flaming session over this issue. :p I was only sharing out my problem, and hoping to see if someone else has gone through the same thing and could share with me how they got out of the situation rather than waiting.....
And of course, hoping that a banker sees this and a decides to help me out. Hahahaha.......
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I was declared a bankrupt 11 years ago because I lost heavily in the share market.
I was discharged from bankruptcy a year ago. Whilst I'm trying to get back to leading a normal life, I felt that it's just not that easy after all.
Although I make more than 6K a month working in a MNC for the past many years, I've not been able to to make any credit card application successfully, not to mention about securing a housing loan. If the government are promoting about giving ex-prisoners a second chance, why are the financial institutions still biaised towards discharge bankrupts?
What can I do? I need to get a roof over my head.....
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