Building Credit Here

OU812

New member
Jun 15, 2009
71
2
0
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
 

FireGuy

Rest in peace Amigo!
Aug 21, 2002
2,516
70
0
67
www.polaris-fs.com
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 a?o 2,500.00
De 1 a?o a 1 a?o y 6 meses 4,000.00
De 1 a?o y medio a 2 a?os 5,000.00
De 2 a?os a 2 a?os y 6 meses 6,500.00
De 2 a?os y medio a 3 a?os 9,000.00
De 2 a?os a 5 a?os 14,000.00
De 5 a?os en adelante 17,000.00

All amounts are in $RD pesos.

Others can advise you better on your credit questions.

Good luck.

Gregg
 

OU812

New member
Jun 15, 2009
71
2
0
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 a?o 2,500.00
De 1 a?o a 1 a?o y 6 meses 4,000.00
De 1 a?o y medio a 2 a?os 5,000.00
De 2 a?os a 2 a?os y 6 meses 6,500.00
De 2 a?os y medio a 3 a?os 9,000.00
De 2 a?os a 5 a?os 14,000.00
De 5 a?os 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:ninja: Thanks Gregg
 

waytogo

Moderator - North Coast Forum & Covid
Apr 3, 2009
6,407
569
113
Santiago DR
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
 

OU812

New member
Jun 15, 2009
71
2
0
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
 

waytogo

Moderator - North Coast Forum & Covid
Apr 3, 2009
6,407
569
113
Santiago DR
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.
 

jrhartley

Gold
Sep 10, 2008
8,190
572
0
60
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
 

OU812

New member
Jun 15, 2009
71
2
0
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