Ex Pat Credit Score in the Philippines

[Ice Patrol]

When I Relocate to the Philippines will my current Usa credit score have any bearing on getting a credit card,auto loan,or  a home loan that may be needed.I am pretty sure I can retain the use of 2 or 3 of my credit cards there with no problem.I prefer to pay cash but I may need a loan at some point.And  it appears that intrest rates may be higher overall than the US.Will I be starting at ZERO and establish my good credit score over a period of time? I would be interested to here your experience or any comments.....    

Edited September 22, 2019 by Ice Patrol
misspell

[OnMyWay]

51 minutes ago, Ice Patrol said:

When I Relocate to the Philippines will my current Usa credit score have any bearing on getting a credit card,auto loan,or  a home loan that may be needed.

No.  Your U.S. credit score is not used here and I don't think they have a credit score system here.

I have never used credit here so I can't tell you with certainty what they require, but I think they just look at your current financial status, and maybe expats are different than locals.  Others may correct me.

I do use my U.S. credit card here a lot.  It is a great way to change dollars to pesos at a favorable rate.

[Tommy T.]

1 hour ago, Ice Patrol said:

I would be interested to here your experience or any comments....

First off, I have a question: Are you married to a Filipina? I think that may make a difference.

I have not been able to get a credit card yet - at least not at PNB. So far, not married but with the SRRV has not helped (even with the hefty time deposit in that bank). I know one person who got one but was not sure of his status at the time. Even if you get one, they seem to only grant a rather small amount of credit - like maybe US$1,000?

[Ice Patrol]

20 minutes ago, Tommy T. said:

First off, I have a question: Are you married to a Filipina? I think that may make a difference.

I have not been able to get a credit card yet - at least not at PNB. So far, not married but with the SRRV has not helped (even with the hefty time deposit in that bank). I know one person who got one but was not sure of his status at the time. Even if you get one, they seem to only grant a rather small amount of credit - like maybe US$1,000?

Not married .And I am planning to apply for the SRRV thinking it could help in such situations as this...

[Dave Hounddriver]

I had a Philippine credit card and got rid of it.  The interest rate was 3% per month.  There is no problem using a foreign credit card here and if you want to carry a balance the price is about half what the Philippine cards charge.

[Ice Patrol]

49 minutes ago, OnMyWay said:

No.  Your U.S. credit score is not used here and I don't think they have a credit score system here.

I have never used credit here so I can't tell you with certainty what they require, but I think they just look at your current financial status, and maybe expats are different than locals.  Others may correct me.

I do use my U.S. credit card here a lot.  It is a great way to change dollars to pesos at a favorable rate.

If you have excellent credit in the US it can qualify you for some of the best interest rates available.I guess your monthly  income,bank savings ,and assets has a major bearing on qualifying for a loan / interest rate in the Phils.

[OnMyWay]

6 minutes ago, Ice Patrol said:

If you have excellent credit in the US it can qualify you for some of the best interest rates available.I guess your monthly  income,bank savings ,and assets has a major bearing on qualifying for a loan / interest rate in the Phils.

You should keep your credit score in the U.S. good in case you ever need it.  I still have a mortgage on a rental house, and my credit card, so mine has stayed active and high.

[Youngster]

I got a secured credit card while opening dollar and peso savings accounts back in January, primarily to get the wife a supplementary card for her to use in emergency.  Unfortunately, she's since encountered quite a few "emergencies" every month at various stores in the malls.  Anyway, credit line was 80% of money held in a secured savings account, and no interest if paid in full by due date.  

In the Angeles City S&R recently, there were HSBC sales staff approaching customers to apply for their credit card.  For foreigners, they do require 1) a PI government ID, like PI driver's license other than ACR card, 2) have to have had a "local" credit card as a primary holder for a year and 3) Visa and visa "number" which most of us don't have whether a tourist or balikbayan.

[Ice Patrol]

10 hours ago, OnMyWay said:

You should keep your credit score in the U.S. good in case you ever need it.  I still have a mortgage on a rental house, and my credit card, so mine has stayed active and high.

I will continue to use my local  bank in the US. and  my credit cards.Also I will rent my home here in the US. as long as I am living in the Phils. So that should keep my credit score looking good. ….    

 

[Ice Patrol]

4 hours ago, Youngster said:

I got a secured credit card while opening dollar and peso savings accounts back in January, primarily to get the wife a supplementary card for her to use in emergency.  Unfortunately, she's since encountered quite a few "emergencies" every month at various stores in the malls.  Anyway, credit line was 80% of money held in a secured savings account, and no interest if paid in full by due date.  

In the Angeles City S&R recently, there were HSBC sales staff approaching customers to apply for their credit card.  For foreigners, they do require 1) a PI government ID, like PI driver's license other than ACR card, 2) have to have had a "local" credit card as a primary holder for a year and 3) Visa and visa "number" which most of us don't have whether a tourist or balikbayan.

Sorry to here about your wife's credit card emergencies.And it seems that It may be difficult to get a credit card locally there so I am probably ahead of the game being able to use the Travel Credit cards that I have.....