Results 1 to 8 of 8
  1. #1
    Regular
    Join Date
    Jun 2009
    Posts
    63
    Post Thanks / Like

    Default Building Credit Here

    Hello all,

    This is my first post and really the reason that I joined so I can ask some long timers how to do things here...I wanted to know what is the best way to build credit here in the DR? I been here for a little while now and everything I own I had to use my mother in law as a signer or really to take out the credit for my wife and I. I am not a citizen here (still listed in the states) but here on my passport and most likely I'm going to pay a great deal of money for the overstay..I also don't have an ID from here so the only piece's of ID I have are my N.J drivers license, Passport of course, some bills (Electric) etc. I would appreciate any advice so that I can become more independent and perhaps borrow more since I have a better income than my retired in law. I am also going to post a separate thread about theft of electric..Yup! I'm getting killed!

    Thank You,

    Noel

  2. #2
    Rest in peace Amigo!
    Join Date
    Aug 2002
    Posts
    2,437
    Post Thanks / Like

    Default

    First, welcome to DR1.

    FYI Here are the current Overstay Tariffs

    IMPUESTOS POR ESTADIA PARA RESIDENCIA PROVISIONAL O TARJETA DE TURISTA

    VENTANILLA EXTRANJERIA

    De 30 dias a 3 meses 800.00
    De 3 meses a 9 meses 1,000.00
    De 9 meses a 1 aņo 2,500.00
    De 1 aņo a 1 aņo y 6 meses 4,000.00
    De 1 aņo y medio a 2 aņos 5,000.00
    De 2 aņos a 2 aņos y 6 meses 6,500.00
    De 2 aņos y medio a 3 aņos 9,000.00
    De 2 aņos a 5 aņos 14,000.00
    De 5 aņos en adelante 17,000.00

    All amounts are in $RD pesos.

    Others can advise you better on your credit questions.

    Good luck.

    Gregg

  3. #3
    Regular
    Join Date
    Jun 2009
    Posts
    63
    Post Thanks / Like

    Default

    Quote Originally Posted by FireGuy View Post
    First, welcome to DR1.

    FYI Here are the current Overstay Tariffs

    IMPUESTOS POR ESTADIA PARA RESIDENCIA PROVISIONAL O TARJETA DE TURISTA

    VENTANILLA EXTRANJERIA

    De 30 dias a 3 meses 800.00
    De 3 meses a 9 meses 1,000.00
    De 9 meses a 1 aņo 2,500.00
    De 1 aņo a 1 aņo y 6 meses 4,000.00
    De 1 aņo y medio a 2 aņos 5,000.00
    De 2 aņos a 2 aņos y 6 meses 6,500.00
    De 2 aņos y medio a 3 aņos 9,000.00
    De 2 aņos a 5 aņos 14,000.00
    De 5 aņos en adelante 17,000.00

    All amounts are in $RD pesos.

    Others can advise you better on your credit questions.

    Good luck.

    Gregg
    Not bad...lol Thanks Gregg

  4. #4
    Moderator
    Join Date
    Apr 2009
    Posts
    7,601
    Post Thanks / Like

    Default

    To start you need a cedula. Since they don't accept your credit rating from the states consider yourself starting over. It is quite easy, cheap, and fast to get. I started with opening an account with Banco popular, (or the institution of your choice). If you don't have a cedula, they will accept your passport but you will need someone local to vouch for you in writing. One thing though, it takes forever for your new cedula to appear on everyones computer systems. After one year mine is still not showing up. I guess the government is really slow on inputing your information. I had to go back to Santo Domingo for an 2 official letters from the......
    "JUNTA CENTRAL ELECTORAL"
    DIRECCION NACIONAL DEL REGISTRO ELECTORAL
    ANO DE LA PROMOCION DE LA SALUD

    certification stamped by them, and signature stamped by.....
    DR. ROBERTO ROSARIO MARQUEZ
    PRESIDENTE CAMARA ADMINISTRATIVA
    One letter had to be made out to the direct attention of Banco Popular, and the second letter was a general letter to whoever I tried to get credtit with. This letter vouches that your new cedula is the real deal. Nobody told me that these letters were essential so I originally returned to Santiago with my new cedulla without the letters. I then had to make another trip back to Santo Domingo.
    In other words, when you get your new cedula, get the letters AT THE SAME TIME.
    Even with these in hand my first purchase on credit needed 2 local co-signers and half down. After 6 months of all the payments made exactly on time, I have established myself at least at this store. It takes time and patience and playing by their rules. I guess most stores will give you credit with half down like I did. I also have a residence card but nobody ever asks to see that. Good Luck

  5. #5
    Regular
    Join Date
    Jun 2009
    Posts
    63
    Post Thanks / Like

    Default

    Quote Originally Posted by waytogo View Post
    To start you need a cedula. Since they don't accept your credit rating from the states consider yourself starting over. It is quite easy, cheap, and fast to get. I started with opening an account with Banco popular, (or the institution of your choice). If you don't have a cedula, they will accept your passport but you will need someone local to vouch for you in writing. One thing though, it takes forever for your new cedula to appear on everyones computer systems. After one year mine is still not showing up. I guess the government is really slow on inputing your information. I had to go back to Santo Domingo for an 2 official letters from the......
    "JUNTA CENTRAL ELECTORAL"
    DIRECCION NACIONAL DEL REGISTRO ELECTORAL
    ANO DE LA PROMOCION DE LA SALUD

    certification stamped by them, and signature stamped by.....
    DR. ROBERTO ROSARIO MARQUEZ
    PRESIDENTE CAMARA ADMINISTRATIVA
    One letter had to be made out to the direct attention of Banco Popular, and the second letter was a general letter to whoever I tried to get credtit with. This letter vouches that your new cedula is the real deal. Nobody told me that these letters were essential so I originally returned to Santiago with my new cedulla without the letters. I then had to make another trip back to Santo Domingo.
    In other words, when you get your new cedula, get the letters AT THE SAME TIME.
    Even with these in hand my first purchase on credit needed 2 local co-signers and half down. After 6 months of all the payments made exactly on time, I have established myself at least at this store. It takes time and patience and playing by their rules. I guess most stores will give you credit with half down like I did. I also have a residence card but nobody ever asks to see that. Good Luck
    Interesting..I appreciate your help and will look into this shortly.

    Thank You,

    Noel

  6. #6
    Moderator
    Join Date
    Apr 2009
    Posts
    7,601
    Post Thanks / Like

    Default

    Here's a little more info you might like upon purchasing expensive items here, cash or credit. I purchased a new apartment in the La Trinitaria area in Santiago. Excellent location with great security. I needed a new dining table and chairs. I established credit at COMERCIAL LOW PRICE, C X A Calle 30 De Marzo Esq. Ind. Santiago. My first purchase was 250,000 RD with 50% down. Balance at 6 months, no interest. Part of the purchase was for a tv stand. 8000 RD. After 3 days, three of the four rubber wheels on the cart disintegrated. The tv was a lightweight 19 inch sony. I called the store immediatly and talked to the salesman about warranty replacement. Now, this store sells the absolute best and finest furniture on the island. He said he had to talk to the owner about replacing three rubber casters. After waiting a week, I called him again and he said the tv cart was warrantied, but NOT the casters. I just spent 250,000 RD. I went to Ochoa and replaced them with better casters for a total of 80 RD. They lost a very good customer over 80 pesos. How stupid is that? My point is, WHATEVER you purchase, cash or credit, itemize every single thing you expect to be warrantied in Writing. NOT VERBAL.

  7. #7
    Gold
    Join Date
    Sep 2008
    Posts
    7,919
    Post Thanks / Like

    Default

    Im worried about you saying your mother in law had to sign for everything you own, Im not sure why she would have to even if you dont have a cedula

  8. #8
    Regular
    Join Date
    Jun 2009
    Posts
    63
    Post Thanks / Like

    Default

    Quote Originally Posted by jrhartley View Post
    Im worried about you saying your mother in law had to sign for everything you own, Im not sure why she would have to even if you dont have a cedula
    lol, why worry? they are my family and I do whatever I can for them as well. Right now I'm waiting to get some health insurance and I will be putting my Father In law onto the policy since he has no insurance.

    I think you don't understand, she had to take out the credit herself, act like it was for her but my name is on it along with my wife. Its a little different here since in the states it does not work that way.

    If I don't pay it back, she would be responsible for that money. Thank God for family! and thanks for your reply

    Noel

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •