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Post by jafo19d on Dec 26, 2016 15:01:20 GMT -5
I've been in Colombia for 2.5 years now and have just now established a credit history here. I'm a dual citizen but it wasn't until about 12-15 months that I received my Cédula de ciudadanía. Once I was finally able to open a savings account but I still had zero credit. My car, apartment are all in the firm's name. About 3 months ago after much effort and denials I got a CC thru Helm, only a COP $2M credit but I don't care because I use my SPG AMEX with no foreign transaction fee. About 3 months ago Tigo turned me down for overseas roaming because my credit was a D. This weekend at Éxito a guy talked me into applying for their CC and when I was approved for $3M he told Me I had a credit score of "A" (I think around 689) the highest being AAA.
I don't want to use the Exito card because they charge a handling fee of $15k if you use it.
Does anyone know what you need to do in order to get to AAA? Will having that Exito card help if I don't use it?
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Post by coolcoil on Dec 26, 2016 15:31:51 GMT -5
I don't know much about the credit system here, but I did read up on getting a history here, and you've already done the first two things on the list - phone and Exito card. If the system is like the USA, having the card will help, but using it and showing a history of on time payments will do a lot more. Exito does run promotions for card users that would more than make up for the COP $15K. For example, they give a 30% discount on meats every Saturday. We buy a bunch once or twice a month and save many times the fee. I'm pretty sure they run similar promotions for other types of products too.
If you want to add another card, Falabela is always pushing their card at Homecenter. They also run a lot of promotions where you get much larger savings if you use their card.
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Post by gallito on Dec 26, 2016 16:11:37 GMT -5
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Post by Deleted on Dec 26, 2016 16:41:20 GMT -5
gallto has a good point--
My wife has a Banco de Bogota CC--however i see no need for it--due to their high rates
This is really a cash country for monthly bills etc
We use our U.S. CC for all purchases----one with no transaction fee We then pay online with our U.S. bank to our U.S. CC company--
Which is why ex-pats should think of having a U.S bank account and a U.S. CC etc--
Particularly if one is on a U.S pension / Social Security etc
No need then to fool with the Embassy every year confirming if one is still breathing--
Also--if one has property back home--and needing cash here--a second mortgage on that property home is a good way to finance here--a heck of a lot cheaper--
65 and over-- forget about credit here
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Post by sedelen on Dec 26, 2016 16:56:30 GMT -5
gallto has a good point-- My wife has a Banco de Bogota CC--however i see no need for it--due to their high rates This is really a cash country for monthly bills etc We use our U.S. CC for all purchases----one with no transaction fee We then pay online with our U.S. bank to our U.S. CC company-- Which is why ex-pats should think of having a U.S bank account and a U.S. CC etc-- Particularly if one is on a U.S pension / Social Security etc No need then to fool with the Embassy every year confirming if one is still breathing-- Also--if one has property back home--and needing cash here--a second mortgage on that property home is a good way to finance here--a heck of a lot cheaper-- 65 and over-- forget about credit here That about puts it in a nutshell for me.
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Post by sedelen on Dec 26, 2016 17:11:17 GMT -5
Luckily I've managed without credit. But I have opportunities to further use my ATM card for purchases if I need. Still, the only time I tried to do that the transaction failed, never figured out why.
I've thought about credit here, if only so far as to take advantage of those big Exito promotions, they do give steep discounts. I guess that's why I see all those big
screen TV's flying out of there. But to pay 15 mil to use the card, per perchase? That would make it a seldom used card in my book, only for special items, high ticket that
could justify the cost, or mass items.
Somehow I was able to use my Discover Card at the office of migration, I didn't think it would work, but it did, all my other credit purchases have been on-line to the States. One vendor I use for Christmas purchases changed ownership and I could no longer access their site, because I'm in Colombia, he, he. Won't accept a Colombian IP address.
When I first came here I tried to buy a plan through TIGO. They asked for identification, I produced my passport, visa, and other things, and they laughed. They wanted
something like a Cedulla that I didn't have yet. So my girlfriend got a plan, and when I got my Cedulla put it in my name sometime later.
Then when I wanted a car I heard of these outrageous interest rates, and face it, whose going to give a Gringo credit with a TP-7 Visa good for less than a year? So, I made many trips to the ATM to raise the cash.
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Post by jafo19d on Dec 27, 2016 7:01:43 GMT -5
Thanks Gallito. I hardly use my Helm AMEX, just a couple of times a month (pay it off every month) to establish credit. For just about everything else I use my SPG AMEX. The post is about establishing credit so that I can get things in my name. As I mentioned before Incouldnt even rent my apartment in my name because before recently I didn't exist here. My Claro internet and cable TV is even under someone else's name because I didn't qualify for them.
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Post by dandl93 on Dec 27, 2016 7:44:46 GMT -5
Pricesmart has a fairly good CC thru Colpatria gives back 4% end of year.
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Post by jimbeam7 on Dec 27, 2016 10:35:45 GMT -5
One good reason to have a Colombian cc is that some times only local cards will be accepted. One of which is the ViaColombia webb site - I've run into this several times at different places. It is certanly possable to live without local credit as I am doing but long term it would be easier with local credit.
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Post by jafo19d on Dec 27, 2016 10:41:01 GMT -5
One good reason to have a Colombian cc is that some times only local cards will be accepted. One of which is the ViaColombia webb site - I've run into this several times at different places. It is certanly possable to live without local credit as I am doing but long term it would be easier with local credit. I disagree because I absolutely hate that airline LOL. But yeah sometimes you need a Colombian CC like to pay Tigo.
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Post by james on Dec 31, 2016 18:24:34 GMT -5
When I got my residente permanente visa about 3 years ago, I opened an account at Bancolombia. The woman who helped me said that if I maintained a minimum balance for 3 months, I could apply for a credit card. I did that, and after 3 months I applied and was approved for a VISA CC with a limit of 3 milliones pesos. I made it a point to charge at least 300 mil every month, and always paid it off in full the following month. If it is paid in full after a month there is no interest charge. I pay 12 mil a month service charge to carry the card. About 6 months after getting the card, I started getting calls from Bcol saying that I was qualified for a loan with them for up to 50 milliones. I borrowed 10 miliones (even though I didn't need it) for a year and paid on time every month. Then, Bcol called and said that they were increasing the credit limit on my VISA card to 50 milliones. Now, I use the card for any purchase where they'll accept it, and pay it off within a month. With my payment history, I think I could go into Bcol and borrow any amount (within reason). The bank rep told me that my credit qualifies me for their lowest interest rate on the card. I wish they had a "truth-in-lending" law here like they have in the US. Trying to figure out the interest rate when you buy something on credit here is impossible. When you ask, the typical answer is, "Our rate is very low ... 2%." HUH ?? 2% per month? per week? per day? per hour? ... PER WHAT I have an account in the states with USAA bank. It serves active duty military personnel, and veterans only. Their loan rates and fees are the absolute lowest available. They rebate any ATM fees I pay here. My SS and pension checks are direct-deposited with them. Whenever I need $$$ here, they convert it to pesos (without a markdown on the going rate, and transfer it to Bcol at no charge. You can handle any transaction with them over the net. If you're a veteran, hooking up with them is a no-brainer. - JAMES
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Post by sedelen on Dec 31, 2016 22:14:07 GMT -5
When I got my residente permanente visa about 3 years ago, I opened an account at Bancolombia. The woman who helped me said that if I maintained a minimum balance for 3 months, I could apply for a credit card. I did that, and after 3 months I applied and was approved for a VISA CC with a limit of 3 milliones pesos. I made it a point to charge at least 300 mil every month, and always paid it off in full the following month. If it is paid in full after a month there is no interest charge. I pay 12 mil a month service charge to carry the card. About 6 months after getting the card, I started getting calls from Bcol saying that I was qualified for a loan with them for up to 50 milliones. I borrowed 10 miliones (even though I didn't need it) for a year and paid on time every month. Then, Bcol called and said that they were increasing the credit limit on my VISA card to 50 milliones. Now, I use the card for any purchase where they'll accept it, and pay it off within a month. With my payment history, I think I could go into Bcol and borrow any amount (within reason). The bank rep told me that my credit qualifies me for their lowest interest rate on the card. I wish they had a "truth-in-lending" law here like they have in the US. Trying to figure out the interest rate when you buy something on credit here is impossible. When you ask, the typical answer is, "Our rate is very low ... 2%." HUH ?? 2% per month? per week? per day? per hour? ... PER WHAT I have an account in the states with USAA bank. It serves active duty military personnel, and veterans only. Their loan rates and fees are the absolute lowest available. They rebate any ATM fees I pay here. My SS and pension checks are direct-deposited with them. Whenever I need $$$ here, they convert it to pesos (without a markdown on the going rate, and transfer it to Bcol at no charge. You can handle any transaction with them over the net. If you're a veteran, hooking up with them is a no-brainer. - JAMES That almost sounds like an advertisement for USAA. And why not, it's good! If you qualify for membership, I do believe they extend the membership to families. I was going to consider the NAVY Federal Credit Union, no fee's for ATM cards, but I might go with USAA. www.usaa.com/inet/pages/bank_main?adid=sem|m|bnk|dmd|usaa_banking|bd|search|awareness|ext|46409670|VQ16-c|VQ6-1041650019&iqid=46409670
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