US credit agency rating

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Girlingfoss
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US credit agency rating

Postby Girlingfoss » Thu Oct 01, 2015 11:19 pm

I am wondering if a US credit rating agency giving one an excellent credit score has any sway in Spain.
Like applying for bank accounts or Residence. I am a British expat living currently in the US. but plan to retire to Spain

Parilla
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Re: US credit agency rating

Postby Parilla » Fri Oct 02, 2015 5:01 am

Not sure that many banks or state authorities in Spain would have a clue what a credit score is.

Parilla

pensure1988
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Re: US credit agency rating

Postby pensure1988 » Fri Oct 02, 2015 7:35 am

This website might help you make an informed decision on what Bank account to open although the article is 5 years ago.

lhttp://www.telegraph.co.uk/finance/personalfinance/expat-money/8000536/Expat-guide-to-Spain-financial-management.htm

Good Luck

flyeogh
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Re: US credit agency rating

Postby flyeogh » Fri Oct 02, 2015 8:48 am

Girlingfoss as a retiree I assume you wouldn't be borrowing, or atleast if you were it would be backed by gold plated security. So why would the bank care?

They just want you to deposit money and bleed as much revenue from you as they can.

It is important before arriving here to realise that spanish banks, most spanish businesses, the spanish government (both local and central), and the spanish legal system are on a different planet and you cannot apply logic to their decision making. Just accept it and luckily the benefits of living here will outweigh the madness that is Spain :D

More important than credit rating will be any regular income you can demonstrate like a pension.

I expect you know you will have to demonstrate that you have sufficient to survive here but to be honest very few brits could survive on the level they ask you to demonstrate so it is not an issue.

But hope your plans go well. I'm sure there is a nice glass of wine and a plate of olives with your name on it 8)
El raton de watford

Girlingfoss
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Re: US credit agency rating

Postby Girlingfoss » Fri Oct 02, 2015 5:25 pm

Thanks for all your replies, in the States your credit score affects everything, it determines what you pay for insurances, all types. It is tied to your social security number so it is available to all types of institutions.Which can be good and bad depending on your rating. It seems Spain is more liberal at least at the moment one wonders if that will change as globalisation creeps in.

Anyhow we are going to check out places to live for 8 weeks beginning May next year initially to rent for a year or two, in the meantime the vision of that wine and tapas will be something to look forward to. Now back to learning Spanish.

anyroads
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Re: US credit agency rating

Postby anyroads » Fri Oct 09, 2015 4:54 pm

Globalisation and Spain ?

What are you smoking ?

anyroads

Manchesteral
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Re: US credit agency rating

Postby Manchesteral » Fri Oct 09, 2015 7:12 pm

I spoke today with an acquaintence who works for the debt recovery section of a major Spanish bank, he tells me this : most Spanish banks don't give a fig for credit ratings, they only care about hard facts, in practice, the proof of ability to repay a loan, ie, the proof that you have a pension or other gauranteed income in order to service the loan or assets that can be gauranteed against it !

Girlingfoss
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Re: US credit agency rating

Postby Girlingfoss » Fri Oct 09, 2015 10:55 pm

I would have thought that if one can access $200,000 in credit it would prove something, never mind you might never be able to pay it back. If as I see on another thread they accept a credit card with 6000 euros on it. Still it was a thought, we have pensions and hopefully rental income. Presumably proof has to be in Spanish?.

Parilla
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Re: US credit agency rating

Postby Parilla » Sat Oct 10, 2015 5:40 am

Access to credit proves nothing, Girlingfoss, as those offering the credit could be absolute morons.

Greece has access to millions of euros, does not have a pot to p""s in, and has less chance of repaying its loans than I have of a lottery win - and I never buy a ticket.

Parilla

Girlingfoss
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Re: US credit agency rating

Postby Girlingfoss » Sat Oct 10, 2015 2:58 pm

I hardly think large international banks are morons, crooks yes. The point of credit reports is that they are based on ones past performance and have records going back many years of how one paid all forms of accounts, mortgages car loans, credit cards etc. so a lending institution has your track record as a reliable or other type of person.
My whole point was the necessary things to obtain for resident status. not for a loan.
Guess I am thinking US, I would however think the UK must use some similar form of reference.

Gasman
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Re: US credit agency rating

Postby Gasman » Sat Oct 10, 2015 4:51 pm

I would however think the UK must use some similar form of reference


Ah, but, as has been pointed out - THIS IS SPAIN. Forget US, forget UK, forget logic, forget privacy. For opening an account (remember there are two different types - non-resident for before you move, and resident for when you are here) all they want usually is the fact that you are going to put money into their hands. If you take on a credit card, you are expected to manage said card. If you take a debit card then it goes straight out of your account anyway. If you set up direct debits for regular payments, it is up to you to manage them too. Internet banking is the norm these days too but it does help to get on a one-to-one basis with your local manager.
Remember that Spanish bank accounts are in no way private - the government can access them, the bank has to watch out for money laundering, the tax office and traffic fines department can take money direct from your account if you omit to pay what you owe them!
For residence the fact that you are an EU citizen gives you right of abode but you still have to sign on to the foreign (EU) residents list and get a little green card to prove it - this can also give you your all-important NIE (Identity Number for Foreigners) which does for tax declarations and all things official in Spain. This can be a complicated business which is discussed elsewhere on the forum.
For health insurance, you have to be salaried, or self-employed, be receiving a pension and be able to show an S1 form from the UK, or be able to show that you have about 6,000 euros - start your bank account with that, show the account statement when you apply in the local social security office.
Apart from all that, we all hope you enjoy your move here!

Girlingfoss
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Re: US credit agency rating

Postby Girlingfoss » Sat Oct 10, 2015 5:29 pm

Thank you Gasman for clear information on various things to do, most helpful. I will be glad to forget the US, thanks Girling


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