Is there such a thing as "establishing credit" for the working class person?

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johne

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Jun 28, 2003
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I'v come across quite a number of people that have debit cards here and they are rightfully proud of that fact. But, that's not quite a credit card as we all know. For a lower income job such as: security guard, hotel workers, lottery clerks, taxi drivers, etc., how do they rise to improve their financial status in the area of borrowing /payment on a payment plan? Are there known companies here in the DR similar to a company such as "Quicken Loans, Loans are Us, Paradise Mortgage Company" (LOL)?
In other words, aside from the corner loan sharks, which are prevalent here, how does one "establish credit" in a more legit fashion?
 
NALs

NALs

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Jan 20, 2003
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The same way credit is established anywhere in the world. You borrow money and then you pay it back. Ever heard of Cicla?
 
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johne

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Harleysrock said:
Get a secured credit card, that is how I started to build credit there
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My interest BTW is not for me or exPats. Let me clarify by saying, add to my OP #1, Dominicans, low wages but have jobs, never had credit (as in how first time?). Mi bad in assuming that's the way you would read my query.
 
J

johne

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Harleysrock said:
Anyone can do it with money and a bank account. You just have to give the money. It could be a small amount
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I'm sorry I don't follow you. So then, how does that small amount of money in your bank account begin to "establish credit"?
 
PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
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Santiago de Los 30 Caballeros
johne said:
I'v come across quite a number of people that have debit cards here and they are rightfully proud of that fact. But, that's not quite a credit card as we all know. For a lower income job such as: security guard, hotel workers, lottery clerks, taxi drivers, etc., how do they rise to improve their financial status in the area of borrowing /payment on a payment plan? Are there known companies here in the DR similar to a company such as "Quicken Loans, Loans are Us, Paradise Mortgage Company" (LOL)?
In other words, aside from the corner loan sharks, which are prevalent here, how does one "establish credit" in a more legit fashion?
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There are more credit offerings in the DR than any other developed country around us.
Most biz in the DR already have in-house credit schemes.
There are credit reporting agencies in the DR.
The fastest way to establish credit in the DR is to take out a bank personal loan.
Second best is to finance a car.
 
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Harleysrock

Harleysrock

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Nov 4, 2012
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johne said:
I'm sorry I don't follow you. So then, how does that small amount of money in your bank account begin to "establish credit"?
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If you want a secured credit card for lets say 5000 pesos you give them 5000 pesos and other fees for the secured credit card. You then act like it is a normal credit card paying the min balance or all off etc...and it builds your credit history. It is a rip off but it builds credit...
 
S

sayanora

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and yes, anyone in the country no matter how little they make have some sort of credit history, the most common being phone plans i think.
 
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