Life after discharged bankruptcy

T.Ryousuke SG

U must be 30-40 liao , get a gf and ask her to sub 1 card to u and if she can afford then ask her to buy a HDB and u pay all the reno and deposite.

Credit card is nothing nowadays, it's the housing Loan from HDB that u must die die get approval. Bank loan is NO NO to me.

jojobeach SG

Not really.

Companies are shrewd nowdays.

They may not issue corporate card unless you are a certain level or have a certain requirements to travel. And some countries & establishments does not accept certain corporate cards. ie. American Express Corporate Card are not accepted at some locations.

And because of the high turnover of staff, lessor companies are willing to issue corporate cards to their eexecutives.

Most now practise this way…..you are send overseas, they company booked for your hotel and maybe flight ticks. Then you claim the rest of the expenses, preferably with a credit card receipts.

Or like what I did for a aviation mnc engineers. I had to get the engineers travelling to provide me a personal credit card, to book the hotels and so on. Have the engineer claim for the whatever later after they came back from the trip.

And to provide for the engineers for some cash for their trip which is considered a loan from the company. And the engineers need to submit the receipts for the cashed used and the remainder cash returned to company upon their return from the trip.

Another reason why corporate cards are not used, because personal credit cards has points system which individual credit card holder can later exchange for gifts.

A good example will be this:

ME & 10 collegues got a get-to-gether and ate to a tune of $800/~~. One of us will whip out a credit card and pay for the dinners and later claim from the office the $800/~~

that $800 on a credit card converts to points for tat certain collegue which he/she can later redeem for soemthing else.

And thus, all of us take turns whipping out credit cards for subsequent dinners get-to-gether.

That sound so leh chey. And isn't claiming personal points on company expenses illegal ?

This company I'm working in. Our company has accounts with airlines , hotels and vehicle rental companies, we use our own traveling agent to make all booking arrangements under our company account. So all we need to do is just show up with the confirmation number and ID , all is taken care of.

I not sure how SG companies work.. but boy it sounds very backwards leh !

viciouskitty74 SG

Ok. who got a better lobang?

i am thinking of refinancing my 3 room HDB.

The current 4% interest is a killer.

viciouskitty74 SG

If ExxonMobil practises that. Who are we sg companies to argue?

And ermmm…..there was a relevant case sometime ago, where a female director won a lucky draw at some companies lucky draw thingy and got a condo.

She subsequently left the company but the company argued that the condo belongs to the company. There was a major legal wrangle and she lost the suit.

But looking at it. If its not a condo but a piece of plastic tentage, do you think the company wants it back?

And besides, I used to have corporate cards too. And the amount of credit allowed for it is pathetic.

jojobeach SG

And besides, I used to have corporate cards too. And the amount of credit allowed for it is pathetic.

I think it depends lah.

Mine is $20K max.. I don't think that's pathetic. do you ?

kevinace SG

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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