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Originally Posted by adrianb
I suspect that the local credit database systems are not nearly as integrated as the US, and so that those making credit-loaning decisions base the majority of their decision on what you offer as a guarantee, not your local credit history.
Does anyone have any specific knowledge on this?
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There is some kind of database out there. 4 years ago, I borrowed a few K’s from Banco Popular. My major objective was “to establish a credit rating” and also didn’t want to cash in any certificates etc. I made 3 monthly payments than paid off the rest in one payment. NOW TO THE POINT. 3 years later, I was shopping for a cel phone and Tricom had a special. The catch was, you had to have credit. The girl looked at me and said it didn’t apply to extranjeros. I said why don’t you check out if I have a credit rating. She smiled and punched my cedula # in the computer. To her surprise, out I popped and she said “no problem if I want the special promotion I can have it. She had never seen this before. For a few 100 pesos, I have a good credit rating. Not that I intend to use it at 40+% interest