Credit collapse - question about US bankruptcy

This is the place for ON or Off topic conversations. Almost anything goes - but be kind, and no trolling.
Forum rules
While the rules in this forum are more relaxed than in other parts of the Expat site, there are still a few things we’d like you to remember: No name calling, no insults – be civil to each other!
Xibalba

Credit collapse - question about US bankruptcy

Postby Xibalba » Sat Jun 19, 2010 1:47 pm

I am trying to avoid a bankruptcy here in the US before moving to Peru. My question is how will a US bankruptcy affect my ability to get credit in Peru, given the (possibly) looming Peruvian credit crunch. I expect to have savings after a few months in Peru, which should entice a bank to be more lenient, but how much impact does a US credit report have on a Peruvian bank or credit card company? Anyone know?


User avatar
rgamarra
Gold Member
Gold Member
Posts: 2392
Joined: Wed Feb 07, 2007 10:24 am

Re: Credit collapse - question about US bankruptcy

Postby rgamarra » Sun Jun 20, 2010 6:18 pm

Your US credit score shouldn't affect you unless you are trying to finance a home in Peru. In that case you will be required by the Peruvian bank to provide your US credit report.

If you are seeking a Peruvian credit card, it will not matter how good or bad your U.S. credit score is, you need to be employed for a minimum of 6 months and have resided in Peru for at least 12 months in order to qualify for credit (in most cases.)

Hope this helps...and remember, in Peru, Cash is still King.


-Rachel
User avatar
tupacperu
Gold Member
Gold Member
Posts: 3350
Joined: Sun Sep 10, 2006 10:36 am
Location: Pimentel Beach-Chiclayo- Sanford NC
Contact:

Re: Credit collapse - question about US bankruptcy

Postby tupacperu » Tue Jul 06, 2010 6:04 pm

I read this article from Bloomberg:

http://news.yahoo.com/s/nm/20100706/bs_ ... property_1

How will the chinese real estate collapse affect Peru?

Are we looking for much the same in Peru as property prices escalating.

China is much like Peru , a healthy economy with skyrocketing real estate prices, especially in Lima.
Note:
There have been numerous articles about China’s real estate bubble as it has became clear to almost everyone involved that prices will need to slow down drastically. As it was the case in the US, chances are good that this slowing down will end up being a major collapse. Even the Chinese government is being very active right now trying to cool this overheating market with some prices having increased by over 50% in 2009 at the same time US prices were cooling off. China’s government now demands a 50% down payment for purchases of land. “China is clearly in an asset bubble. It’s almost like it didn’t learn its lesson,” said Nariman Behravesh, chief economist for IHS Global Insight.

How bad is it?Prices in cities like Shanghai are out of control. Imagine this. Prices are estimated to be on average 27 times higher than the yearly income of its citizens, 5 times greater than the world overage. Also, the price to rent ratio, another clear number is now at 500!! So owners of property in a city like Shanghai better be very fortunate because they will not be able to rent out at a price even close to the necessary to pay off their mortgage. There are 30 billion cube feet of commercial business under construction, a staggering number.
User avatar
mammalu
Gold Member
Gold Member
Posts: 2251
Joined: Fri Sep 30, 2005 1:46 pm
Location: NJ, USA

Re: Credit collapse - question about US bankruptcy

Postby mammalu » Tue Jul 06, 2010 7:25 pm

I think the OP was asking about his 'personal' bankruptcy in the USA...
Stand with anybody that stands RIGHT. Stand with him while he is right and PART with him when he goes wrong." ! Abraham Lincoln

Return to “Expat Conversations”

cron

Login  •  Register