Expat leaving debts in Chile

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mem
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Re: Expat leaving debts in Chile

Post by mem » Wed Feb 06, 2019 4:02 pm

eeuunikkeiexpat wrote:
Wed Feb 06, 2019 1:25 pm
admin wrote:
Wed Feb 06, 2019 12:58 pm
The banks all over the world penalize people's credit reports for being a good credit risk and paying off their debts early.
Not necessarily, in the decade after I left, my US Empire credit score increased and now sits at 840 with both TransUnion and Experian. For the record, I am a pay in full and on time guy.

Regarding credit offers, it is still impossible for this permanent resident to get a Cuenta Corriente or a Chile credit card, but who needs them when I've done fine without. Screw the banks it they think a newly arrived Peruvian bringing no resources making the minimum wage on a possible false work contract deserves millions in credit just because of "official" Chile income.
Wow! 840 is pretty impressive in this day and age.

Around 2007 I went to a dealership and bought a car outright with cash. Except I made the mistake of thinking I could just write them a personal check for the amount. So I wrote the check and they were gobsmacked. Then they ran my credit report and found I had 830 and they were gobsmacked again saying they couldn't remember having a customer with as high a FICO...but still they couldnt just let me pay with a personal check. I was just confused why they were gobsmacked and why they were running my credit to begin with since I was paying for it outright. I guess I figured they could just call the bank or whatever and make sure the money was there once it got to this point, but even that wasn't going to cut the mustard
Then they had to write a full on loan for the car ANYWAY...just in case my check bounced. Now I was gobsmacked. They assured me that the loan would only kick in if the check bounced. I thought for sure they were scamming me into a loan. It took hours and hours just to pay for this car with cash, albeit with a check. I figured how else would anyone pay for a car in cash? It never occurred to me that someone would bring in physical cash or a cashiers check.
After the fact I realized what they were thinking and understood they didn't want me driving off the lot with a vehicle and just a personal check. I supposed I should have gone in with a duffel bag full of cash...of course then I would have triggered some bank withdrawal rules trying to take out so much cash, and if I tried to do it on the sneak, I would have been hit with structuring. Of course this all before the days of me even knowing about such things. I suppose I could have used a cashiers check, but at the time I had never used a cashiers check but once or twice in my life in the US and usually it was just a money order for an insignificant amount of money to satisfy some bureaucracy of something

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Re: Expat leaving debts in Chile

Post by HybridAmbassador » Wed Feb 06, 2019 5:28 pm

eeuunikkeiexpat wrote:
Wed Feb 06, 2019 1:25 pm
admin wrote:
Wed Feb 06, 2019 12:58 pm
The banks all over the world penalize people's credit reports for being a good credit risk and paying off their debts early.
Not necessarily, in the decade after I left, my US Empire credit score increased and now sits at 840 with both TransUnion and Experian. For the record, I am a pay in full and on time guy.
Wholly Mackerel! 840 FICO score...Very impressive EEUU-san. If you enter Lexus~Toyota for auto loan, you're "TIER 1 Plus" type of most desireable individual. Chile's DICOM rating should recognize US FICO for granting Chilean CC and cuenta corriente for those expats in Chile with such high FICO score.
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Re: Expat leaving debts in Chile

Post by HybridAmbassador » Wed Feb 06, 2019 5:38 pm

mem wrote:
Wed Feb 06, 2019 4:02 pm
eeuunikkeiexpat wrote:
Wed Feb 06, 2019 1:25 pm
admin wrote:
Wed Feb 06, 2019 12:58 pm
The banks all over the world penalize people's credit reports for being a good credit risk and paying off their debts early.
Not necessarily, in the decade after I left, my US Empire credit score increased and now sits at 840 with both TransUnion and Experian. For the record, I am a pay in full and on time guy.

Regarding credit offers, it is still impossible for this permanent resident to get a Cuenta Corriente or a Chile credit card, but who needs them when I've done fine without. Screw the banks it they think a newly arrived Peruvian bringing no resources making the minimum wage on a possible false work contract deserves millions in credit just because of "official" Chile income.
Wow! 840 is pretty impressive in this day and age.

Around 2007 I went to a dealership and bought a car outright with cash. Except I made the mistake of thinking I could just write them a personal check for the amount. So I wrote the check and they were gobsmacked. Then they ran my credit report and found I had 830 and they were gobsmacked again saying they couldn't remember having a customer with as high a FICO...but still they couldnt just let me pay with a personal check. I was just confused why they were gobsmacked and why they were running my credit to begin with since I was paying for it outright. I guess I figured they could just call the bank or whatever and make sure the money was there once it got to this point, but even that wasn't going to cut the mustard
Then they had to write a full on loan for the car ANYWAY...just in case my check bounced. Now I was gobsmacked. They assured me that the loan would only kick in if the check bounced. I thought for sure they were scamming me into a loan. It took hours and hours just to pay for this car with cash, albeit with a check. I figured how else would anyone pay for a car in cash? It never occurred to me that someone would bring in physical cash or a cashiers check.
After the fact I realized what they were thinking and understood they didn't want me driving off the lot with a vehicle and just a personal check. I supposed I should have gone in with a duffel bag full of cash...of course then I would have triggered some bank withdrawal rules trying to take out so much cash, and if I tried to do it on the sneak, I would have been hit with structuring. Of course this all before the days of me even knowing about such things. I suppose I could have used a cashiers check, but at the time I had never used a cashiers check but once or twice in my life in the US and usually it was just a money order for an insignificant amount of money to satisfy some bureaucracy of something
Ha,ha,haa they ran your credit 'cause your written check could have bounced pronto and the dealer wanting to know who were you, before letting leave with that expensive Automobile. If for any reason, that Auto to be coming back to their lot, then they have to sell that vehicle as an "used" vehicle and lose money. So they have to make sure you are a bonafide individual, thus let fill credit app then run your credit score. But needless to say, 2007 days, an individual with a FICO of 830 was in the Rockefeller class !
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Re: Expat leaving debts in Chile

Post by admin » Wed Feb 06, 2019 6:54 pm

I just told this story the other day on another thread about the kid that made millions trading penny stocks. He went in to buy a new Corvette, and in the article the dealer said she had not had anyone pay cash for a car in some 30+ years.

That is the american bureaucracy, trying really hard to paper over their mother of all debt bubbles. America is LITERALLY morally and financially bankrupt.

Talk about stiffing a lender. Just wait until that 300+ trillion dollars of paper bullshit blows up in the United States. The new high FICO score in the country, will be held by anyone that only defaulted on $10,000 U.S. in debt.

I bet by 2028 or 2029, we get to mark the 100 year anniversary of the Great Depression, with another Greater Depression.
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Re: Expat leaving debts in Chile

Post by fraggle092 » Wed Feb 06, 2019 7:25 pm

Perhaps you have stood in the queue in Sodimac patiently waiting while the person in front of you has a long involved negotiation with the cashier over the amount they can pay using their CMR Falabella store card.

I used to wonder why this couldn't be done at a separate checkout to speed up the process for other customers until I realized that the store-card payers are the preferential customers. Given the usurious interest rates that the stores charge, it makes sense. They all do the same, selling already heavily marked-up, low-quality Chinese tat on credit at 30%+ interest rates. Negocio redondo.
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Re: Expat leaving debts in Chile

Post by admin » Wed Feb 06, 2019 9:24 pm

fraggle092 wrote:
Wed Feb 06, 2019 7:25 pm
Perhaps you have stood in the queue in Sodimac patiently waiting while the person in front of you has a long involved negotiation with the cashier over the amount they can pay using their CMR Falabella store card.

I used to wonder why this couldn't be done at a separate checkout to speed up the process for other customers until I realized that the store-card payers are the preferential customers. Given the usurious interest rates that the stores charge, it makes sense. They all do the same, selling already heavily marked-up, low-quality Chinese tat on credit at 30%+ interest rates. Negocio redondo.
and that is why I buy fallabela stock any time it dips.

FYI, fallabela owns sodimac and banco fallabella that specializes in sub-prime credit market.
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Re: Expat leaving debts in Chile

Post by admin » Wed Feb 06, 2019 9:25 pm

well, also, i have spent more money at sodimac than any company in chile. just not on a credit card.
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fraggle092
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Re: Expat leaving debts in Chile

Post by fraggle092 » Wed Feb 06, 2019 9:46 pm

admin wrote:
Wed Feb 06, 2019 9:25 pm
well, also, i have spent more money at sodimac than any company in chile. just not on a credit card.
Well, its hard not to shop there since they killed off most of the competition. Within a couple of years of the malls opening here, many of the small traditional retailers in the centre of town closed for good. Couldn't compete on price, variety or availability.
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Re: Expat leaving debts in Chile

Post by mem » Wed Feb 06, 2019 9:56 pm

admin wrote:
Wed Feb 06, 2019 9:24 pm
fraggle092 wrote:
Wed Feb 06, 2019 7:25 pm
Perhaps you have stood in the queue in Sodimac patiently waiting while the person in front of you has a long involved negotiation with the cashier over the amount they can pay using their CMR Falabella store card.

I used to wonder why this couldn't be done at a separate checkout to speed up the process for other customers until I realized that the store-card payers are the preferential customers. Given the usurious interest rates that the stores charge, it makes sense. They all do the same, selling already heavily marked-up, low-quality Chinese tat on credit at 30%+ interest rates. Negocio redondo.
and that is why I buy fallabela stock any time it dips.

FYI, fallabela owns sodimac and banco fallabella that specializes in sub-prime credit market.
Egads...I was already sold on Falabella in terms of an investment, but this is just over the top. Falabella is like the Godfather....

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fraggle092
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Re: Expat leaving debts in Chile

Post by fraggle092 » Wed Feb 06, 2019 10:32 pm

mem wrote:
Wed Feb 06, 2019 9:56 pm
Egads...I was already sold on Falabella in terms of an investment, but this is just over the top. Falabella is like the Godfather....
You must have led a sheltered life. AFAIK their modus operandi is quite acceptable and law-abiding.
Now La Polar is another story:
SANTIAGO.- La jueza María Verónica Orozco resolvió dejar en prisión preventiva al ex presidente de La Polar, Pablo Alcalde, la ex gerenta de Administración, María Isabel Farah, y el ex gerente de Productos Financieros, Julián Moreno.

Fuente: Emol.com - https://www.emol.com/noticias/economia/ ... 2/xxx.html
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Re: Expat leaving debts in Chile

Post by admin » Thu Feb 07, 2019 8:29 am

fraggle092 wrote:
Wed Feb 06, 2019 9:46 pm
admin wrote:
Wed Feb 06, 2019 9:25 pm
well, also, i have spent more money at sodimac than any company in chile. just not on a credit card.
Well, its hard not to shop there since they killed off most of the competition. Within a couple of years of the malls opening here, many of the small traditional retailers in the centre of town closed for good. Couldn't compete on price, variety or availability.

sorry, but most of those little local hardware stores have needed to be put down with both barrels for decades.

you go in to buy say a bolt, and go through twenty questions / who is on first as they hide their products in the back room.

what do you need?

well, what do you got?

well, what do you need?

well, what do you got?

after, 10 mins or so of of that, the guy says, "nope we don't have that'; or worse they have bolt, but the moron down the street sells the nut, and the other moron on the other side of town sells the washer. takes 2 hours to spend 2,000 pesos, and end-up with the cheapest of cheap chinese junk, or worse, chilean made junk.

i made the mistake of buying screws from the local hatdware stores, and they are like die cast cheap metal that the heads twist off the first time they are turned by a drill. made in chile.

I just quit waisting my time and money on them. I drive to sodimac.
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fraggle092
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Re: Expat leaving debts in Chile

Post by fraggle092 » Thu Feb 07, 2019 9:36 am

admin wrote:
Thu Feb 07, 2019 8:29 am
sorry, but most of those little local hardware stores have needed to be put down with both barrels for decades
I never said that they were any good! One of the worst aspects of the local stores was the seemingly eternal wait while a customer spent ages discussing with the vendor why he needed some nails, and what were the cheapest ones. Then, having patiently waited, the vendor would attend someone who had just come in the shop, and had barged their way in front of you.

But now the delays have shifted to the Point of Sale and the store-card negotiations.
As for the merchandise, most Chileans buy the cheapest available, regardless of quality.
Like brass-plated steel door hinges that last for 5 years rather than solid brass ones (at three times the price) that will last forever.
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