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  1. #1
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    Default How do you Start Building Credit with DR Banks

    1- Do they have a credit reporting agency in DR?
    2- How do you start building Credit with a local Bank?
    3- what bank tends to lend money more to Dominicans or residents with Local DR income? Especially to buy or build houses
    Your knowledge and experiences will be gladly appreciated.

  2. #2
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    1- Do they have a credit reporting agency in DR?

    Yes.

    2- How do you start building Credit with a local Bank?

    While BanReservas had their Auto Expo I went with the dealer who introduced me to the branch manager and they financed my SUV. Later I took a loan (a small) and paid it back always on time to build credit. I could get now money from them anytime. I was offered loan for buying property etc.

    I get my income from abroad...

  3. #3
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    I get loan offers everyday. I built up my bank account at the BHD, and got a credit card with a small limit (1500 $us) . Used the CC to buy lots of stuff and paid in off in full every month. They offered me a loan, and I took it and paid it off early. You need to be a legal resident to do any of this.

  4. #4
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    Well I never cared about this for myself personally, but my son-in-law was recently interested in doing this. He went to two different banks and both told him to do basically the same thing which was to open an account with $100K pesos and show movement in the account. There should be weekly deposits and withdrawals. The amounts can vary but after a year you will want to have $100K or more in the account. If you do this for one year they say you will qualify for most small loans, credit cards, etc. and then after you pay back the small loans you can qualify for larger loans. Keep in mind he is Dominican. The rules may be different for us gringos.

  5. #5
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    Ostensibly credit in the DR works just like at home.

    1) You need to show that you have money to be able to borrow money
    2) Get a DR credit card, make a few purchases each month and pay off the balance at the end of the month.
    3) Get a secured loan (reasonable amount, probably for a vehicle) pay it off as quickly as the loan terms allow.

    Viola, you have a good credit history in the DR.

  6. Likes bob saunders liked this post
  7. #6
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    Do you have to be a resident of the DR to get a bank account?

  8. #7
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    No, but more complicate... but all depend of the branch, the bank, of the day...

    Quote Originally Posted by leromero View Post
    Do you have to be a resident of the DR to get a bank account?

  9. #8
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    Quote Originally Posted by leromero View Post
    Do you have to be a resident of the DR to get a bank account?
    No, but try and get either a loan or build credit without being a resident.

  10. #9
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    I hate credits Work first, buy after is my motto

    IMHO, a credit from a dr bank is a recipe for disaster......

  11. Likes Criss Colon, Africaida, bob saunders, N/A liked this post
  12. #10
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    Malko, credit it what the whole world is working on. from countries, to companies and the people. look at the difference between the places that have access to credit and the places that dont. I bet you like new roads, shiny buildings. most of them are done with credits

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