Ex Pat Credit Score in the Philippines

[Jollygoodfellow]

15 hours 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.

My god, this is the Philippines so why the f would they care or know and or look into affairs outside the Philippines? 

My GF applied twice for a loan and credit card, she has almost 5 years of working experience in the same company and the answer is no. So how do foreigners get credit ? 

[StayAtHomeDad]

I have a couple of Phils credit cards where I am the primary card holder (one RCBC and one BPI).

Credit lines are relatively generous (all things considered) and the annual fees are not too bad (even free if you use the cards enough and just pay them off.) I keep them primarily for emergencies only, and if I do use them, they get paid off almost immediately. Interest rates for cards here are sky-high (about 3% of the outstanding balance per month.) Still, they can be useful in some situations where foreign cards don't always work with some of the smaller banks' terminal machines. I run into this at least a few times a year. Not sure why they don't work, but sometimes they just dont.

For me applying was really easy, as I was just kind of pushed into both by the branch managers at the respective branches. In fact, all I had to do was essentially sign the app forms and the managers did the rest. I was told they would just get the other info from the forms they already had on file. That being said, though, I have been a customer of both banks for more than 20 years. So, that might help.

Before I got the cards, I was never really interested in even applying (as the interest rate is indeed high.) Still, they have both come in handy on multiple occasions. So, if you can get one, it might not be a bad idea. If you have an existing relationship with a branch manager (or OIC as they are often called,) this is definitely the way to go about applying. From what I can gather, approval is almost guaranteed with his/her stamp of approval. Also, branches have quota pushes every so often. So, if you get approached by the branch OIC during one of these, the process should be really painless.

[Dave Hounddriver]

1 hour ago, Jollygoodfellow said:

So how do foreigners get credit ? 

Just like in our home countries.

When I go to the bank, (Philippines or Canada), saying I don't need or want credit because I have plenty of money (I don't but I do not tell the bankers that) then they practically twist my arm to take a credit card.  But if I apply for one and act like I need it then they power trip and are reluctant to give one.

 

[Tommy T.]

6 hours ago, Ice Patrol said:

I am probably ahead of the game being able to use the Travel Credit cards that I have.....

My experience is that Visa cards work well everywhere here. Be aware, however, that you will need - at least initially - to inform your issuing bank or institution of your travel itinerary or there is a good chance they will deny charges right away. I rarely use my credit cards here - almost universally pay cash that I get from using my USA Visa Debit card. It puts on daily limits for some foreign transactions and has locked me out a few times before I learned what they were. If I want to use my credit cards here, I typically give a travel notice to the issuers - good for up to three months - and all is good.

[Ice Patrol]

1 hour ago, JeSsDaDdY said:

I have a couple of Phils credit cards where I am the primary card holder (one RCBC and one BPI).

Credit lines are relatively generous (all things considered) and the annual fees are not too bad (even free if you use the cards enough and just pay them off.) I keep them primarily for emergencies only, and if I do use them, they get paid off almost immediately. Interest rates for cards here are sky-high (about 3% of the outstanding balance per month.) Still, they can be useful in some situations where foreign cards don't always work with some of the smaller banks' terminal machines. I run into this at least a few times a year. Not sure why they don't work, but sometimes they just dont.

For me applying was really easy, as I was just kind of pushed into both by the branch managers at the respective branches. In fact, all I had to do was essentially sign the app forms and the managers did the rest. I was told they would just get the other info from the forms they already had on file. That being said, though, I have been a customer of both banks for more than 20 years. So, that might help.

Before I got the cards, I was never really interested in even applying (as the interest rate is indeed high.) Still, they have both come in handy on multiple occasions. So, if you can get one, it might not be a bad idea. If you have an existing relationship with a branch manager (or OIC as they are often called,) this is definitely the way to go about applying. From what I can gather, approval is almost guaranteed with his/her stamp of approval. Also, branches have quota pushes every so often. So, if you get approached by the branch OIC during one of these, the process should be really painless.

Seems like you had the ideal situation there to obtain your credit cards.Here in the US.after getting a new bank account , most will receive a credit / debit card whether they want it or not.If you need it just call the number on the card and activate it.The interest rates can vary from between 10% to as much as 25% - no problem if you pay your balance off monthly.The banks here are making so much money off of their credit cards they pass them out as if they were Business cards.A few months ago I applied for 2 Travel cards online one evening.Both applications were approved literally within seconds.And I received my cards within a few days.I got the better interest rates due to my excellent credit score.With great credit a 3% interest loan is possible when buying a car....  

[Tommy T.]

2 hours ago, JeSsDaDdY said:

For me applying was really easy, as I was just kind of pushed into both by the branch managers at the respective branches.

Just curious... your country flag of origin is Philippines. Are you a Filipino citizen? That makes a big difference here. Before I got the SRRV I went into a couple of bank branches (BPI for one) where they would not open any accounts or do anything. I think the permanent visa would have helped there. My Filipina partner has gotten credit cards whenever she needed - she applied recently for one and actually received two from her BDO branch. She has taken out loans with no hassles (just high rates) from a Credit Union where she has been a member for a while.

[Dave Hounddriver]

4 minutes ago, Ice Patrol said:

A few months ago I applied for 2 Travel cards online one evening.Both applications were approved literally within seconds.

My Canadian bank persuaded me to take a card by telling me I get free priority passes to the airport lounges at every major airport worldwide.  What a deal.  Its like saying:  Here's our card.  Please use it and skip the country in style.

[StayAtHomeDad]

3 minutes ago, Tommy T. said:

Just curious... your country flag of origin is Philippines. Are you a Filipino citizen? That makes a big difference here. Before I got the SRRV I went into a couple of bank branches (BPI for one) where they would not open any accounts or do anything. I think the permanent visa would have helped there. My Filipina partner has gotten credit cards whenever she needed - she applied recently for one and actually received two from her BDO branch. She has taken out loans with no hassles (just high rates) from a Credit Union where she has been a member for a while.

No, I am not a citizen here in the Phils. I was born here, but am an American citizen. American father/ Filipino Mother. I guess I could obtain Filipino citizenship easily enough, but I have never found any real need to do so. For what it's worth, both banks are aware of my citizenship status, and I have to complete all the disclosure forms for the U.S. IRS just the same as any other American citizen banking here. My wife is also Filipina, so I have permanent residency based upon that. You may be right that a permanent visa helps with getting accounts of this type. I have not thought about that in so long, though, that I really just don't know.

[Tommy T.]

1 minute ago, JeSsDaDdY said:

My wife is also Filipina, so I have permanent residency based upon that. You may be right that a permanent visa helps with getting accounts of this type. I have not thought about that in so long, though, that I really just don't know.

I think that may be ultimately the answer? And your duration of stay here with stable bank accounts too - that doesn't hurt.

[StayAtHomeDad]

1 hour ago, Tommy T. said:

I think that may be ultimately the answer? And your duration of stay here with stable bank accounts too - that doesn't hurt.

Yeah, I am sure you're probably right. Even here, long relationships have their benefits.