Establishing Credit in DR

get a loan and pay the due payments every month on time
get a credit card and pay the due amounts on time
get a phone plan with invoice and pay on time

By the way I got a phone plan without much trouble without having any credit status and it's not recommendable to take a mortgage here to purchase a home. If you are lucky you can find around 9% interest, but maybe for 2 or 3 years and then it might get up to 15 or 20%.

If you can't take a loan in the USA and don't have the capital to buy without a mortgage, I'd say you should rent.

I had the same issue. I took a cosigner to BHD and after MUCH delay and run around (about 2 weeks for approval) I got the card. They only gave me $10K peso limit. I use it an pay it off. I only have a passport - no cedula. I have never checked my DR credit rpt.

Using"Credit" in the DR will ruin you!
If you haven't got the cash, don't buy it!!!!!!
That goes for what you buy at the corner "Colmado" to buying a house!
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Criss Colon said:

Using"Credit" in the DR will ruin you!
If you haven't got the cash, don't buy it!!!!!!
That goes for what you buy at the corner "Colmado" to buying a house!
CCCCCCCCCCCCCCCCCCCCCCC

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yup....23% vig is rough.

DR has credit reporting agencies that most banks and many businesses use.

e.g. TransUnion Rep?blica Dominicana: Historias de Cr?dito y Educaci?n sobre Cr?dito, Puntajes y Soluciones para Negocios

I would say get a phone with a plan. I have my cell phone plan with Claro, then got my daughter one for her birthday (with plan) and then my son.
When I went to get one for Bertania (who has used the same crappy cell phone for 5 years with prepaid cards) the lady at Claro said she had to see if I "qualified" and when she pulled my passport number up she said "Mi Amor, tu tiene muy buen credito, elige lo que tu quieras"
I didn't know there was credit, I just pay my bill on time.
So start with a phone, its the easiest way, I think.

SHALENA

After 1 month, I am still waiting for approval of my "consumer loan" of RD$16,500 to finance Plaza Lama purchase, with an (yet unnamed) bank. If I get really ****ed I will name the bank because they are giving me huge runaround. I have set myself a deadline of next Tuesday which will be exactly 40 days since I applied for a loan. Then, I will name the bank.

And this is after
- My banking with them, both personally and business, for over 5 years
- Putting up CD of RD$20,000 as guarantee for RD$16,500 loan

So why do I bother with the loan?

I wanted to take it for 3-4 months, pay it off, and that way get "good points" into the DR credit report.

But imagine that even after they already have 20,000 RD$ "blocked" CD as guarantee from me, the loan is not yet approved.

I dont know about Establishing credit but if you need to "wash" Call Saul Goodman...

also opening a bank acct will make you more easy to get a credit card from the bank. and the more healthy way to use credit cards in the Dominican Republic is if you spend 5,000.00 in the next statement pay 5,000.00.

historial crediticio

It's called "historial crediticio" in the Spanish speaking world. The original poster's question is not silly, but most of the true answers that have to do with the Dominican Republic are.

My question is: do you really think it's a good idea to involve yourself in a credit system that denies access to credit to someone with a greater than 820 score with American credit reporting agencies unless they have a 'fiador' (i.e. co-signer) for which the qualifications are generally no more than Dominican nationality and neutral or better local credit history? It's madness in my opinion because if you ever find yourself in a dispute you will be hardpressed to get fair treatment.

My advice is if you can't get acceptable credit services offshore then pay cash or don't buy. I can't offer advice about Dominican financial services outside the banking sector because I don't have any personal experience with them. I think there is a strong case to be made that many of the kidnappings and violent crimes you hear about are related to the less formal lending services. Do a casual search on some of the reports and see how often the word "deuda" appears. It might give pause to the idea of pursuing that sort of opportunity. Good luck.

llapaglia21 said:

This may be a silly question but I need to ask anyway. How does one establish credit in DR? I was told that your credit score in the U.S. from the 3 reporting agencies does not get used in DR and cannot help you. So I assume when you move to DR you must follow a few steps to begin establishing credit. Do you need to apply for a social security card or something like that?

Any advice is appreciated.

Thank you

(The reason we ask is because we know we will need utilities when we arrive aswell as eventually want to get a mortgage to purchase a home)

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I think this thread may have strayed a bit (thank you, CCCologne)

Credit for borrowing is not the same as a credit card....

Why not have a credit card?
Yes, you can use your debit card for purchases but it may suit some people to buy today, transfer money in next week and pay the credit card bill after that.

I agree with 'Don't do mortgages' 'Don't finance cars'..... but having an RD credit card if you want one seems harmless for a responsible person.

Not responsible?? too bad for you -- in RD or USA or Canada or anywhere

Me - you ask?
Cash most days, debit card (RD) when needed and Foreign credit card for the 'Big Buys'(Ilumel, et al)

Cars? Wire it in to the dealer

The first thing you have to do is open a bank account and put money into it a least three times a month, something like 3000.00USD every month even if you take out right away. After that get a cell phone on your name, cable tv and electric service if you can. After about 6 months apply for a credit card or the banks it selves will be calling you to offer a credit card. Credit here are the same as in the USA, CANADA or Europe. You just need to pay the balance in full every month because other wise will be charge about 18% of what you use that month before the cut off date. I used to lived in the USA and returned here at the end of 2002 started working around April 2003 and by October 2003 I was given a credit card with 10,000RD pesos limit and 150.00USD. Now I hold a Gold Visa card with 150,000RD and 2500.00USD. Have taking several loans to buy properties and cars and I am never behind. I can go to any bank and ask for a 15,000.00USD personal loan and they will give to me. So my point to you is, if you are going to be living here and don't want to use your USA credit card here then get one here.

By the way if you have the credit that you said you have in the USA and you have no outstanding loans, owe more than 50% on your credit card and you are receiving a set income every month that you can prove then it will be easy for you to get credit here. Many Americans come here and get bank loans to buy properties here just by using their USA credit. So yes your 820 credit rating will help you a lot here. But you must go to the bank and fill out all the necessary documents to apply for a loan just like in the USA. a credit union check will be conducted which cost between 25 to 50.00USD depending on the banks and Scotiabank charges zero for the credit check report.

DR banks use USA credit files from Transunion to judge Americans credit worthiness.

llapaglia21 said:

This may be a silly question but I need to ask anyway. How does one establish credit in DR? I was told that your credit score in the U.S. from the 3 reporting agencies does not get used in DR and cannot help you. So I assume when you move to DR you must follow a few steps to begin establishing credit. Do you need to apply for a social security card or something like that?

Any advice is appreciated.



Thank you

(The reason we ask is because we know we will need utilities when we arrive aswell as eventually want to get a mortgage to purchase a home)

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Ok, back up a moment. Where are you coming from? Do you rent in the DR? Do you have a bank account in the DR? I would start there. Purchasing a home with a mortgage in the DR is very expensive. Interest rates can be 2, 3, and 4 times what they are in the US. I think you are putting the cart before the horse. It does not sound like you are very familiar with the country. Get that under your belt first.

LTSteve