I have been trying to figure this out and no one seems to know, so I’m hoping some one here can clear this up for me….I have dual American and Spanish citizenship and have been living in the US for almost 20 years. I have tons of school loans that I’m trying to pay off so my credit here in pretty bad. I’m planning on moving to Madrid next fall, so I was wondering if my bad credit is going to follow me to Spain. I have a Spanish social security # and passport, but since I haven’t been living there, there really is no record of any jobs, school, etc.  I am trying to repair my credit here little by little, so I was wondering when I move, will I be starting fresh or will by less than stellar credit haunt me over there?

Need open back account here and take 3 - 5 year to get a credit ratting , one my borthers has Usa account and i have singing powers , i never told my Spanish bank and thay where able to tell me every think about Usa and Uk accounts

Your start fresh getting new rate , think if you give any usa address are irs number it show

thanks! i’m planning on visiting madrid 7 months before i move there to get “empadronada” and to open a bank account. my father has my social security number (that’s the NIE, riht?) and i’m also going to renew my passport. i’m moving with my husband so we’ll also get married at the city hall when we visit so things are easier when we move. if i do these things then i’m on the right path to establishing credit, right?

the bank are re doing the rules books as that had bad debt , so it could be longer to get new credit , You could be ask if you have any bad debt at you usa banks , full disclosure , if not given to the bank could lead to you Loans been stop and leagel action ...... You what two read the banks term and condition

jurdy

Its a bit of a mine field as Spain does not recognise dual nationality, so your Spanish passport may be invalid.You`ll need to check as to gain Spanish nationality you had to give up your passport to the country that you were previously a citizen of.When you left Spain, you would have needed to register with the Spanish consulate in the country you were resident in every few years, they`d stamp your passport, which would be needing renewal every 5 yrs.

You may find this helpful as Spanish passports expire after 10 yrs.

http://www.mir.es/SGACAVT/pasaport/clases_y_requisitos.html

As for credit, yes credit rating is international, thanks to terrorism, fraud, money crisis and bankruptcy.

Even more important since the crisis, most spanish banks b4 it lent to anyone, especially foreigners.Now there experience defaults at an alarming rate.The amount of failing mortgage debt in Spain is creeping into the books of most of the previously thought of secure banking institutions.

Very useful information. People will learn more from this thread. Thank you

simulation credit

Having dual citizenship won’t matter regarding opening bank account or establishing credit. Spanish credit system works very differently than in the US. First go to a bank or Caja (Caixa in Catalunya) and open an account. It would be a checking account with the difference you won’t have checks. You can request them but you won’t use them. All payments here are made either by cash or electronic debit (over here is called domiciliacion). About a month after you open your account you can come back to the bank and asked them to open a credit card account. They will looked at the score generated by their system based in your account balance, if you have your nomina (paycheck) direct deposited there, etc and they will assign you a credit limit. Don’t be surprised but surely will be between ? 500 and ? 2000 top. Credit limits over here are considerable smaller than in the US. After that you will receive your credit card and start using it. Careful here since the payment method is also different than in the US. Make sure to consult your bank and understand the differences between the different payment methods for your card. Basically everything here revolves around your nomina (paycheck) rather than your credit. Of course if you screw up then you get sent to a national registry of “deadbeats” and you can’t get anything anywhere.

So, basically don’t even worry about your credit in the US. Over here it doesn’t matter. They can’t access the info there regarding your credit. Even if you got a 800 credit score in the US it won’t matter over here.

I hope this helps. If not please feel free to contact me.

Fabian

ladevi - 24 June 2009 10:00 PM

So, basically don’t even worry about your credit in the US. Over here it doesn’t matter. They can’t access the info there regarding your credit. Even if you got a 800 credit score in the US it won’t matter over here.

 

Completely untrue.

Your quoting pre crisis situation, back into early 2000.Yes the Nomina/ Fijo contract would decide your credit.

Now though international credit agencies such as these below operate worlwide.They all do, its big business and becoming cheaper to recover debt as many Spanish agencies are buyin the debts.

http://www.experiangroup.com/corporate/tools/locations/

As you`ll see they operate in both the USA and Spain, so yes your poor credit will I`m afraid follow you around the globe.

Banks arn`t stupid, there fully aware that people can and do move freely around, which can cause a financial nightmare.Many many many people once believed you could move country and carry on paying your debt or defaulting.

Times have changed.Debtors get really upset by people moving, especially from the US to Europe.

Be aware that if you are in debt in the USA they may have a reciprocal agreement, which means the Spanish courts can be used to enforce any court action, which could mean your Spanish assets could be seized.If there is the agreement the day that the people you owe money too find out you`ve moved country they will probably apply for an international debt recovery order, i forgot the actual term of this.

The actual countries with agreements is difficult to research on the net as is info, they don`t like it being used as research, so most info is untrue or not in public domain.

To gain an order in Spain is around 99.00 Euros, once the court is satisfied the debt is outstanding and this court order is granted, the debt will be enforced by Spanish bailiffs.

Enforcement could be seizing your assets, attachment of earnings from your employer.Spanish employers don`t like people with debt.

If they suspect/prove you intended to leave your debt behind and not pay, that id fraud and you could also find yourselve arrested.

Lets hope they can`t trace your IP and your post to this site.😉

Gotta love the internet.

Wow. and I thought FICO was just a stupid American corporate tool to destroy people. Now, learning that its global…well…I’m not getting a credit card anywhere. Or at least only a 100 euro limit and no more….this FICO stuff is scary. Basing everything, your life, off of a single number? As most lenders do NOT look at history, most do not even know how to read a history because the computer databases at their offices provide an answer completely autonomous. All that they do is enter your fiscal parameters and the computer gives a YES or a NO answer to your loan request. I understand you should not attempt to get more credit than you can afford, but at the same time it is not right to rule other people by a single number. What about funds that were written off by a company? I had a Credit Card over limit and 180 days past due and I started paying but hit some rough times and my last remaining balance was around 600 USD. Now, it has been almost a year since I have had contact with them (as they were harassing me with 5 calls a day for two weeks) and I have not heard from them since. I was then informed that it was ‘written off’ when i went to apply for an automobile loan. With that being ‘written off’ would THAT follow me? I know my credit score will, but would there be a court order to seize funds that were ‘written off’? I know these companies can be rather nasty in their attempts to recover funds that they gave out in a greedy fashion.

AscottW - 01 July 2009 06:06 AM

With that being ‘written off’ would THAT follow me? I know my credit score will, but would there be a court order to seize funds that were ‘written off’? I know these companies can be rather nasty in their attempts to recover funds that they gave out in a greedy fashion.

Written off basically means that, its too expensive to recover the amount outstanding.

The limit tends to be low, as debt recovery without funds being recovered can be expensive, but banks get there own back by makin your credit score impossible to improve for sometime.

Written off on a credit report basically means to other lenders “dont lend to this person, they`ll rip you off”.

It will become worse, big brother isn`t the Illuminati, its the banks.Who will soon be owned by all the govt`s of the world, who will soon control the finances of there population.

Crap, thats what the illuminati wanted.😉

Santi - 05 July 2009 01:10 PM

AscottW - 01 July 2009 06:06 AM

With that being ‘written off’ would THAT follow me? I know my credit score will, but would there be a court order to seize funds that were ‘written off’? I know these companies can be rather nasty in their attempts to recover funds that they gave out in a greedy fashion.

Written off basically means that, its too expensive to recover the amount outstanding.

The limit tends to be low, as debt recovery without funds being recovered can be expensive, but banks get there own back by makin your credit score impossible to improve for sometime.

Written off on a credit report basically means to other lenders “dont lend to this person, they`ll rip you off”.

It will become worse, big brother isn`t the Illuminati, its the banks.Who will soon be owned by all the govt`s of the world, who will soon control the finances of there population.

Crap, thats what the illuminati wanted.😉

True, true. It’s sad that it’s going global…which means there really is no escape unless you wound up on an uninhabited island (a la Castaway) and lived there. Well, luckily I’m only 20 years old and still have time to recuperate from my mistake. Yeah, I was/is deep into that Illuminati ‘conspiracy’. I had to stop looking into it because it was really starting to get me down. All I can do is try and enjoy life. Thanks for the information!

Thank you for your information!

Yes we know , thanks for the Report

jurdyr - 07 July 2009 01:53 PM

Yes we know , thanks for the Report

What ‘report’?

AscottW - 05 July 2009 11:24 PM

. Yeah, I was/is deep into that Illuminati ‘conspiracy’. I had to stop looking into it because it was really starting to get me down. All I can do is try and enjoy life. Thanks for the information!

Thank you for your information!

I used to frequent a conspiracy site in the early 2000`s.There was a few posters who were not as crazy and immature as most of them.

One poster who commented on the issue of 2012 stated they and others have planned and will execute a plan on the approaching 2012.

This included sellin property and renting, using funds to build a shelter and gain supplies to be able to live unsupported for many months.

Sounds crazy.

Sure.

But the events leading up to 2012 they had gained from a source, I know what you may be thinkin, but they posted the rouge timeline and events leading to 2012, they included certain terrorist attacks, but the most striking event which they posted back in 2003 was the financial meltdown of the banking system.

I stopped with that site back in 2005, it seemed a strange place to be disclosing politically sensitive stuff by obvious anarchists etc.If the govt wasn`t running it or monitoring it, id be surprised.

Anyway this topic kinda stuck firm in my head.

2012 is certainly goin to be an interesting year, anybody unsure of the rumours, just google 2012, there are lots of theries on this year.

There’s a cool movie about 2012 coming out.

http://www.youtube.com/watch?v=5VXa82AuwHU

The Expatriator - 09 July 2009 01:18 AM

There’s a cool movie about 2012 coming out.

http://www.youtube.com/watch?v=5VXa82AuwHU

Yeah. I’m not really sure about the 2012 theory. I don’t actually subscribe to it. But, that movie looks pretty decent. I’ll probably go see it when it comes out.