Coffee's For Closers wrote:
- quote -

Which country is that?

- quote -

Is this one of the major card companies, for example VISA or Mastercard?

- quote -

Based on your own knowledge of your own non-U.S. situation, your plan
sounds good. To me, with so little specific info to go on, I don't have
a clue.

-Mark Bole

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I live in a country with only a handful of banks. So competition
is poor, which it is hard for the customer. However, it also
means that the following idea could cover most of the marketplace
quite easily.

Another factor is the relatively poor credit reporting system.
Due to privacy regulations, the one major credit bureau doesn't
list any positive information. So a person's file will only
contain identification, and any bad debts that have been
reported.

All that can be seen is that I haven't defaulted and gone into
collections on anything. It does NOT show that I always pay my
credit credit card on time. And that is the problem I am trying
to work around.

My one credit card is at the same bank where I have my cheque
account, so they already had plenty of internal history on me
when I applied.

But, to other banks, I am just some random, unknown schmuck off
the street.

So my idea is, to establish accounts at several different banks.
Just to be a customer, and start some internal history for them
to see. It looks like at least three places offer savings
accounts without any fees, as long I don't use a human teller,
and don't make frequent withdrawals.

Over a long period of time, these accounts would show each bank
that I act responsibly, and that I have the mindset of saving
(rather than living paycheque-to-paycheque.) The amounts would
be small (deposit maybe $20/month), but it would at least show
some personal merit.

Then, in a couple of years or so, I might be shopping for a
credit card, loan, etc. And the evaluation systems would
hopefully give me extra points for being an existing customer.

Does anybody have any comments on this? Like how much would it
actually help?

Thanks...


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------ Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.