Recently gained dual US/DR citizenship . I’ve had an account w/BHD for approx. 2 yrs. Once I head back plan on switching my BHD, Claro,& Edesur acct. profiles & incorporate my cédula instead of the passport with intentions of building credit to leverage possible future investments. Does BHD or banks in RD generally utilize a good standing tenured client relationship such as in my case when extending a loan or credit? Hopefully someone with a similar experience could chime in.
- Thread starter Mario1208
- Start date
anyone have experience w/switching bank id document from passport to cédula & building credit?
I believe so, as my wife is always getting me to take out loans to build up my DR credit rating. My have no idea what my Credit Rating here is though. I have several small $us CDs, a house loan (not a mortgage) and paid of a new car so I imagine my Credit Rating should be decent. I have a very good credit rating in Canada.
You switch everything to your cedula number just because it's easier to use your cedula. But regarding loan or credit, what banks care about is your monthly income that you can prove to them, and how stable is that income.
Thanks I’m aware without being a citizen & having cédula it’s extremely difficult to build credit. Inquired in this sub to gain some clarity & be prepared to consult with a slick talking bank employee. Surely expecting hour+ upcoming bank visit
If you think that you can visit a bank and tell them 'hey look I'm a Dominican citizen now, will you give me a loan to buy a villa in Cap Cana now?', they ask you how much money you make monthly, where your money come from and how you can prove that. They would ask you the same if you were a Papua New Guinea citizen.
Relax no need for insults who says I have that mindset? It was a genuine question
You took my response way way way .. out of context lol .. it’s cool appreciate feedback besides last snippy reply
No insults at all, it was a genuine answer. I just exaggerated it a bit so you can understand what's the point here.
I am telling you again, how it works, let's say, in Banco Popular. (I'm a customer there for 20 years and I am a naturalized citizen too).
For example, you have a savings account in USD. You put $30.000 there and just spend them, exchanging them to pesos to your savings account in pesos, paying your daily expenses with your debit card in pesos... next month you have $25.000 left, another month $20.000 left, etc.
You ask the bank for a credit card in dollars. They give you one, but with 500 USD credit limit. Next month you come back and ask them to raise the limit to, let's say, 1500 USD. They call you back in a few days and say NO. Why? Because you don't have a stable income, you deposited some money and spend them, but who knows if you have something more to deposit when you run out of what you have there.
Now, imagine another situation. You have just $5000 on your account, but every month you receive a wire transfer for another $5000. Or you deposit a cheque every month, maybe one month $4000, next month $5000, but every month. You do it for a year or two. And let's say, you spend almost all of that money every month, so your balance is never more than $10000, but every month you receive another wire transfer or deposit another cheque.
Then you go and ask to raise your credit card limit to 2500 USD. Or more. And they say YES. Why? Because you receive or deposit money on the regular basis.
On top of that, if you have regular income in USD, but your Pesos account is always empty, they will approve your credit cards in USD, but decline your application for credit cards in Pesos.
Apologies I’f my response was bit blunt really appreciate you taking the time to educate me and breaking it down. I was truly unaware of how the credit system in DR works ..have dollar & peso accounts which I’ve solely use to pay monthly bills. The one and only interaction I’ve had with a bank employee (ejecutivo), he was straight forward and told me without a cédula I wouldn’t be able to build credit. Once he mentioned those words after my very first question trying to inquiry on how to build credit decided oh well no need for further questions. Thanks again I’m now fully aware it’ll take time & paperwork (proof of income) to build credit
Another example: I am selling my apartment now. Before I found the buyer, some other people came to see it and some were interested. One was a guy who works in Constitutional Court, but not a very important guy, somebody on a lower position. So he needed a mortgage to buy an apartment like this, but the bank declined it for him for just one reason: they said that with his salary they can approve him for not more than 100.000 USD, and he needed more than 200.000 USD from the bank to buy mine, and they said no, his salary is not big enough.
Thanks again for the response and info. Unfortunately a few family members misinformed me and made it sound really simple. They made it seem as if you have an tenured active account with decent amount of funds it’s really simple to get approved for a loan ..I’m a pretty sharp person and should’ve realized it’s not that easy lol ..thank you!!
Well, it depends on what kind of loan you need.... for some reason, banks in DR are really easy on loans for buying cars. But if you want to buy a property, it's a totally different story. And if you need a loan for your business..... really complicated.
Considering using a property title as collateral .if that’s allowed ..assuming so? ..cash & small loan as collateral for an investment property. I’ll have readily available on hand ..an attorney I’ve used a few times has disappointed lately with his lack of communication and follow through. I’ll def need to speak with another attorney to see what are the best option.
Honestly I don't know why you need an attorney for that, just go to the bank and ask them.