Establishing Credit Here In Argentina

[Big Al]

Anyone know how the credit system works here in Argentina? How do you establish credit? For instance in the US its your social security number and the 3 credit bureaus that all establishments use to determine wheter or not to give someone credit.

 

[Montauk_Project]

This concept doesn´t really exist here. There is a "veraz" which says if you owe money, but no credit scoring that I know of.
To get a credit cart you will need a DNI, proof that you pay taxes and proof of income (monotributista, recibo de sueldo, etc). It varies from card to card and bank to bank.
And even with that it isn´t that quick or easy.
Other than gov´t programs, a mortgage market doesn´t really exist and for you to buy a car in installments you first pay all the installments and then they give you the car.
Debt isn´t seen as something positive like in the US, and even there I think it is changing. I remember my mom always telling me to take out loans to establish good credit history, here that would sound like crazy talk especially because interest rates are so high.

 

[Gaucho_ec]

With a DNI I recommend a "caja de ahorro" account as soon as you can. That's where you get in the banking system and they start offering you all what they can, including CCs.
I never had a "en blanco" job nor great salaries, and they offered me one couple months after getting the caja de ahorro. 8 years later, they keep offering, but gold ones. (Crazy if you ask me as I don't earn half of what you should to get a gold)

 

[Big Al]

With a DNI I recommend a "caja de ahorro" account as soon as you can. That's where you get in the banking system and they start offering you all what they can, including CCs.
I never had a "en blanco" job nor great salaries, and they offered me one couple months after getting the caja de ahorro. 8 years later, they keep offering, but gold ones. (Crazy if you ask me as I don't earn half of what you should to get a gold)

Can you explain "caja de ahorro" a bit more please.

 

[Gaucho_ec]

caja de ahorro=savings account
If you have DNI you can get a free one as long you don't move over 10.000 pesos p/month (was like that until recently maybe its higher now)

 

[Hybrid Ambassador]

caja de ahorro=savings account
If you have DNI you can get a free one as long you don't move over 10.000 pesos p/month (was like that until recently maybe its higher now)

Is it at a Bank or a credit union?

 

[Big Al]

caja de ahorro=savings account
If you have DNI you can get a free one as long you don't move over 10.000 pesos p/month (was like that until recently maybe its higher now)

Ok im a bit confused, its a savings account but you cant save more than 10,000 pesos in it?

 

[PhilipDT]

This concept doesn´t really exist here. There is a "veraz" which says if you owe money, but no credit scoring that I know of.

Veraz doesn't just keep track of money you owe, rather in keeps track of all credits extended to you and your payment history much like credit bureaus in the US (it is owned by one of the largest american credit raters, equifax). And your credit history will play a part in your ability to qualify for loans such as mortgages .

 

[Big Al]

Veraz doesn't just keep track of money you owe, rather in keeps track of all credits extended to you and your payment history much like credit bureaus in the US (it is owned by one of the largest american credit raters, equifax). And your credit history will play a part in your ability to qualify for loans such as mortgages .

What does Veraz use to reference people, in the US its social security numbers, what is it here?

 

[PhilipDT]

What does Veraz use to reference people, in the US its social security numbers, what is it here?

Most likely a DNI or CUIL