Advice for Credit Card for Contract Employee and Increasing Income

[muzi]

Hi, I'd like to seek advice on applying Islamic credit card:

• which bank will accept my application?

About me:
- been working full time for 3-4 years at one place, recently changed job to a new workplace on a contract employment (trying to be permanent after 6 months probation)
- i've only been at this new workplace less than 3 months
- my income is between 3-4k
- no record on CCRIS (no car loan, credit card loan etc).

• reason to get a credit card: to topup my education loan payment (no interest) for this year (due end of year). I need 2k more, and I don't want to borrow money from my parents anymore (they already helped me with car repairs (3rd hand car from older sibling) and my job-certificates (less than 3k that I still haven't paid back).
• I am 30-33 F, moved out of home, single, renting apartment (costs less than 20% of my income).
• i shop responsibly, i only buy what i need or things that improve my efficiency at home or work, plan big purchases a year in advance, prepare planned cashflow yearly.
• biggest expense is education loan (no interest), almost 1k per month, which i need to pahy yearly.
• this year i messed up my cashflow due to unplanned travel expense (work-related, unclaimable...)
• i am surviving well month by month with tight budget, allocate some fun money for food order and books
• saving is small, emergency fund is small (i'll be doing side hustles next year to increase them)
• i've been relying on my parents for big emergencies and big car repairs. They are always happy to help (good for me but not that happy to always rely on them).
• plan with the credit card:
  Pay the 2k loan repayment
  Settle out CC repayment in one year
  Use for emergencies or monthly groceries to collect points and build up my credit score.

Other solutions
- personal loan? (i don't prefer this)
- borrow from my dad (i feel bad)

What do you think?
Also, any ideas on increasing income in education sector?

P/s: i'm trying to adult as much as i can.

 

[snugglemantis]

@muzi I am also a new CC user so I may not have the best information, but here are some things I thought about:

1. Did you pay EPF? When I applied for my first credit card, they only wanted to see the latest 1 year EPF statement, I didn't have to submit my payslip. This is RHB bank.
2. Is your education loan PTPTN? Apparently PTPTN loan can be used to prove payment ability according to the bank officer I talked to. But if you already have missed payments that you haven't cleared, it will affect your ability to get a credit card because your CCRIS score will be messed up. I was in a position last year where I couldn't pay my PTPTN for several months, so I couldn't apply for any credit cards.
3. I suggest you can try two things. Go to the bank where you get your salary banked in. Try to apply for the entry requirement CC, credit cards where the min income is rm2000/month.

 

[muzi]

@snugglemantis Hi! Thank you for your reply. It's definitely helpful!

1. Yes I do. I might try this out.
2. It's JPA. I have a study repayment to them and I can miss out a few months (this doesn't come out in CCRIS record somehow) but I can't miss out the 31 December due date yearly. So I'm chasing that due date.
3. I'm using Maybank and tried to apply on MAE, but it got rejected. I might try going to the nearest branch. I'm suspecting that my status as contract employment at new workplace might be a factor but I'm not sure.

Thank you again!

 

[snugglemantis]

@muzi Apparently Maybank credit card is ridiculously hard to get. Try applying for UOB credit card, I applied not too long ago and got it very quickly, but I did have to give latest 3 months payslip. Maybe you can try giving your payslip from your previous job. Try to apply through Ringgit Plus website. UOB One is a good starter credit card. Just apply through the website, fill in all the necessary forms, and a personnel will contact you the next business day to settle the application.

 

[muzi]

@snugglemantis Hi again, thank you so much the tips. I finally got my last payslip from my previous employer, so was about to apply for other banks CC when I found out the Maybank CC application was successful.

I did try the RHB one online but didn't get any personnel contacting me lol.

 

[lynmorg]

@muzi IMO if I were you I'd swallow the bitterness and ask to borrow the remaining $ from dad.

It sounds like you're having trouble getting a credit card. Even if you do get it, just remember that you need to be responsible and settle it ASAP (please don't wait one year....). If your savings and emergency funds are already small, the last thing you need is credit card debt creeping up on you.

With getting a small loan from your dad, the only interest you need to pay is appreciation and a nice meal. And you can focus on side hustles and increasing your base income.

 

[muzi]

@lynmorg Thanks for this sound advise.

I finally got the credit card but I also discussed about my situation with my dad, how open is he to helping me again and etc.

He'd prefer me to not have a CC at all (he uses one too very responsibly) even if I got it.

So for now, I'll be accepting my dad's help (and drafting out my payment plan to him for other small helps he'd been giving out to me with money).

With the CC, i'll think of how i could optimize it for building my credit score

 

[rickinpearland]

@muzi " unclaimable unplanned work-related travel expense"

wtf? I'd argue the fuck out of that shit. That doesn't sit right with mr.

I got 4 CC this year. my salary is also 3-4k but I'm 23. I bought some maybank stocks and showed them my account and they approved me after 3 rejections.

Try applying at those credit card booths you see in malls. They are chasing sales and would most likely try and help you as much as possible.

 

[muzi]

@rickinpearland The work expense was not really work expense haha. We got this company trip fully sponsored but still need to topup own money for souveniers and other stuff to buy for travel. I didn't want to go but had to and it did take a good chunk of my budget this year. Haizz.. I should be grateful but a bit bitter coz it's not a country of my choice, i was obligated to go, and it took quite a bit of money...

Thanks for sharing on your maybank CC application. My first application was rejected (the platinum one) but I tried again and again with gold one and it got through.