Why am'I rejected by the banks?
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Ever wondered why banks keep turning down your loan applications? There are a few key reasons:
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Notice of Income Assessment (NOA): Banks usually require at least two years of NOA to verify a stable income. In cases where you have only one year, some banks might consider it, but it could limit your options.
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CBS (Credit Bureau Singapore) Scoring: This is a monthly financial report that banks use to track your credit history and financial behavior. A strong CBS score is crucial because it reflects your ongoing credit reliability and helps banks assess your risk.
Without both a solid NOA history and a strong CBS score, it's no surprise that many banks may reject your loan application.