How do you Start Building Credit with DR Banks

H

harry2010

New member
Apr 27, 2010
235
6
0
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.
 
caribmike

caribmike

Gold
Jul 9, 2009
6,808
202
63
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...
 
bob saunders

bob saunders

Platinum
Jan 1, 2002
32,558
5,971
113
dr1.com
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.
 
C

cjp2010

New member
Mar 25, 2013
397
0
0
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.
 
Cdn_Gringo

Cdn_Gringo

Gold
Apr 29, 2014
8,671
1,133
113
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.
 
malko

malko

Campesino !! :)
Jan 12, 2013
5,560
1,344
113
I hate credits :) Work first, buy after is my motto :)

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

harry2010

New member
Apr 27, 2010
235
6
0
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
 
Z

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
Ditto. DR banks are not your friend. Wife had a Banco Popular account. They service charged her for over use and for under use on her account. After a while she got tired of it and told them to stuff it. I tried very hard to not say I told you so but was unsuccessful. I learned a new word that day, cocotazzo (sp.) when she knocked me in the head with her knuckled, lightly.
 
bob saunders

bob saunders

Platinum
Jan 1, 2002
32,558
5,971
113
dr1.com
malko said:
I hate credits :) Work first, buy after is my motto :)

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

Agreed but we require access to quick funds from time to time, like paying construction costs or materials that exceed our current balance or a line of credit is useful. My own line of credit from Canada is at prime so much better rates.
 
malko

malko

Campesino !! :)
Jan 12, 2013
5,560
1,344
113
harry2010 said:
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
Click to expand...

But not working very well, sadly :(
Countries and companies can use credit as a successful lever...... but not all do. See Greece and co.

As for the people......well I stick to my guns.....I like shinny new things ( well not really, but lets say I do :) ), but those shinny new thingys are not really mine if they are bought with someone elses money...... they will be when and if the credit is paid off.
But thats a big IF !!!

I like the satisfaction of earning my money and THEN buying what I need.

But to each his own :)

P.S. Banks/credit thingys are like casinos.....they always win !
 
malko

malko

Campesino !! :)
Jan 12, 2013
5,560
1,344
113
bob saunders said:
Agreed but we require access to quick funds from time to time, like paying construction costs or materials that exceed our current balance or a line of credit is useful. My own line of credit from Canada is at prime so much better rates.
Click to expand...

Well yeah, but i prefer to use it as safety blanket.
And of course dr rates are outrageous.

P.S. I must be the only guy who went and ranted and raved cos the bank changed my credit "authorisation" from 1500€ to 4000€,without asking.
BUT, but, but its a gift says my banker...
Yeah, a gift, right up there with Adam and the apple, if u ask me :)
 
M

markryan

New member
Jul 16, 2014
374
0
0
A credit car should be used as a convenience card nothing more. Use it all month for everything get the rewards that card offers and pay the bill every month. Line of credit is little different and can very helpful when used properly. Of course in Canada a line of credit is like 2 percent right now. What is the average rate in DR on a line of credit? considering the person has good credit.
 
A

arturo

Bronze
Mar 14, 2002
1,336
97
48
Dominican credit

I agree so much it hurts. The Dominican consumer credit market, and the Dominican small business commercial credit market, is rigged with terms that are highly unfavorable to borrowers. The interest rates are so high that they are generally quoted and advertised per month rather than per year. The annual number would send any sane person running in the opposite direction.

Bob Saunders, since you strongly expressed the same point twice, I get the feeling your legal residence cost you a considerable amount of time and/or money. Did I guess wrong?

Now that I've gotten the facts out of the way here is the fun part - - my opinion LOL! My opinion is any credit worthy person of foreign origin is generally better served in foreign credit markets. If you operate a local business, there is some justification for dabbling in the Dominican credit markets - mostly convenience and the ability to make real time cash deposits. If you don't, I don't know why you would submit yourself to the rapacious and abusive Dominican financial services practices, unless you are a fugitive from justice, destitute, or have special laundering requirements.

Criss Colon said:
Check their rates!
That alone should change your mind about getting any loans here!!!!!!!!!!!

CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
Click to expand...
 
bob saunders

bob saunders

Platinum
Jan 1, 2002
32,558
5,971
113
dr1.com
arturo said:
I agree so much it hurts. The Dominican consumer credit market, and the Dominican small business commercial credit market, is rigged with terms that are highly unfavorable to borrowers. The interest rates are so high that they are generally quoted and advertised per month rather than per year. The annual number would send any sane person running in the opposite direction.

Bob Saunders, since you strongly expressed the same point twice, I get the feeling your legal residence cost you a considerable amount of time and/or money. Did I guess wrong?

Now that I've gotten the facts out of the way here is the fun part - - my opinion LOL! My opinion is any credit worthy person of foreign origin is generally better served in foreign credit markets. If you operate a local business, there is some justification for dabbling in the Dominican credit markets - mostly convenience and the ability to make real time cash deposits. If you don't, I don't know why you would submit yourself to the rapacious and abusive Dominican financial services practices, unless you are a fugitive from justice, destitute, or have special laundering requirements.
Click to expand...

You guessed wrong. Nope my legal residency was done by Guzman the first time, very quick , efficient, but neither cheap or expensive. All renewals done without a lawyer- easy and much cheaper. The point I'm stressing is be legal, or forget about borrowing money from a Dominican bank or getting a Dominican credit history.
We have to deal with Dominicans banks everyday to pay taxes, pay payroll, deposit moneys from the business, and yes occasional borrow money- short term.
My Canadian Credit Card gives me a lower interest rate that Dominican banks charge for loans, but the OP's question was about loans and credit building here in the DR, not other countries. Not everyone has access to large amounts of cheap credit in their country of origin.
 
C

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
I have had a "Banreservas" credit card for 20 years.
It is for US dollars, or DR pesos.
It has a limit of 50,000 pesos, but I put in 100,000 a month so I can buy most things, and pay bills by computer or phone,without using any cash.
Never paid any interest.
The "Rewards" have gotten me 2 BIG refrigerators, a flat screen TV, and a USA washing machine.
I have about 6 points accumulated now so time for something else for FREE!
A point equals about 5,000 pesos in trade at "Plaza Lama",...or "Corripios".

CCCCCCCCCCCCCCCCCCCCCCCCCCC


What's a "Residencia"????????????
:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p:p
 
H

harry2010

New member
Apr 27, 2010
235
6
0
which of the banks is more credit friendly to the lower middle class Dominican?
is there any that helps in the low cost housing sector? (for locals with local Jobs and income)
 
You must log in or register to reply here.
Top Bottom