# Moving abroad? Your credit history?



## azoreseuropa

Can my credit record or credit score copy actually be transferred between the United States and Portugal/Azores? I know that between US and UK... you can't but what about US and Portugal/Azores ?


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## canoeman

In my experience no, when a Portuguese Bank lender require credit information one of their first reguests is a Certificado de Toer from Financas and your Portuguese IRS return


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## bom dia lisbon

Agree. I wish my credit history followed me to Portugal, but here I'm starting from scratch.


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## notlongnow

Just out of interest canoeman, what is a "Certificado de Toer"?


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## azoreseuropa

notlongnow said:


> Just out of interest canoeman, what is a "Certificado de Toer"?


Toer is misspell.. Its Teor. A Certificado de Teor means Certificate of Content. 

Bom dia lisbon and Canoeman, thank you. I knew it. Oh boy. From a scratch, huh ? Is it worth ?


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## canoeman

Statement from Financas saying you have debt or no debt to Financas, same available from Social Security.
Certain things just cannot be completed here if there is a debt registered, friend recently sold a property when the Certificado de Toer was requested it showed 2 unpaid IMI amount that she'd missed so Financas would not supply the IS & IMT figures for buyer before debt cleared


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## canoeman

Depends on why you want a Credit History?


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## notlongnow

Thank you for that info CM. 

I've come across the seguranca social one before - they asked for one when we renewed residency.

If I remember rightly, you can print the SS one out from the online portal, does the same apply to the other one?


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## notlongnow

PS. When it comes to credit scoring, I don't feel there's anything approaching the formal kind of system in the US and the UK. 

However, institutions do seem to "know" once you're considered credit worthy, and I think your IRS returns are a bit part of it (just a theory). Once we'd done a couple of IRS returns and paid the related tax, we started getting offered credit cards, and the company that financed our car some years ago keep writing and offering loans...


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## canoeman

Might as well gives it it's correct name so no further confusion Certidão de Teor, had a quick look but can't see anyway online, last time I required it was over the counter and I believe 7€


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## azoreseuropa

canoeman said:


> Might as well gives it it's correct name so no further confusion Certidão de Teor, had a quick look but can't see anyway online, last time I required it was over the counter and I believe 7€


LOL. SORRISO. (SMILE)

By the way, I read it and I find something rather interesting.. I am using the CREDIT CARD VISA but it is an example. *Remember the problem is that those links are for AMERICAN PEOPLE. I am a PORTUGUESE PERSON AND PORTUGAL CITIZEN BIRTH*. Anyway.. Here:

https://www.americanexpress.com/global-card-transfers/other-countries.html

USA to CANADA is a no no. The same in Europe but I read this quote:

U.S. credit history will not transfer to Canada | Ask Experian



> It may be helpful to make copies of your credit reports from each of the credit reporting companies here in the U.S. so that you can show them to potential lenders for consideration.


And other...

Credit Checks and Records



> If a credit provider overseas wants to know your credit history, they may be able to make an application to see your credit record. This might happen if you apply for a mortgage, a job, or to rent a home overseas.


How could I improve/build my credit score? According to this:



> you don't have a credit history in the UK and would like to build one - what could you do?
> 
> Well, there are three simple steps that can help you form the 'foundation' of a good credit score.
> 
> Register on the Electoral Roll
> 
> In the UK, the Electoral Roll holds information (names and addresses) about almost every UK citizen over the age of 18. If you aren't listed, your lender may think twice about offering you credit.


I dont know about Portugal/Azores.. What is it called for Electoral Roll ? 

And final:

Moving abroad? Your credit history in the U.S. won't follow



> It's possible to bypass applying for credit with international lenders by using existing bank accounts, credit cards or lines of credit. "If you have American cards already, they will still exist wherever you go. You can change the cards to an overseas address and they will still be viable," says Sherry.
> 
> By doing so, consumers might be subject to extra costs and fees. "We know that credit bureaus don't transfer credit history across countries," says Rosa Alfonso, spokeswoman for American Express. "American Express card members can, of course, use their cards all over the world. But it is beneficial to have a card in the currency of the place in which you reside."
> 
> Without that, says Alfonso, consumers might be subject to currency conversion fees when purchases are converted from the local currency to United States dollars. There could also be other fees, depending on purchase type and country.





> "You can always print out a copy of your credit report and provide that to lenders," says Jones. "In the U.K., we also send out an explanatory guide with the report, so that would be useful to keep as well. It's possible that with a paper copy to work from, a lender might try to verify the information." In Hinkley's case, an income verification statement from his employer satisfied the German banker who guaranteed the home loan.


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## canoeman

Electoral Roll in Portugal is registering at your Junta de Freguesia to vote in as your a Portuguese Citizen you can vote in National, Camara, Junta and EU elections, as Residents we can only vote in Camara, Junta and EU elections but I don't believe it is used in the same way as other countries like your UK quote

Whether a Portuguese Bank will take any notice of any Credit References you bring??, we found that although we don't use Credit Card as Credit Cards but just a tool to buy online or maybe whilst out of country ridiculous low limits where placed and it took a few face to face confrontations before we got reasonable limits


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## azoreseuropa

A tool to buy online or something ? I do not quite understand you. Can you read my links and answer my question or those people that might want to know like much as I do ? One more thing... I read this:



> Can I transfer my CommBank credit card overseas if I’m moving?
> 
> Last updated 03 February 2014
> 
> If you move overseas you can still use your Bank credit card overseas, but you will still need to pay any international transaction fees incurred. Statements will be delivered to your address overseas, and replacement cards (if expired or lost or stolen) will be mailed to your overseas address, after you have confirmed the address (for security purposes).


What do you think ? I am on PAYPAL as well. I do not know if it is a good idea to use my credit card there as quote above ? Too many questions and yet unanswered. Sighing.


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## canoeman

This is voters site in Portugal for full information
Portal do Eleitor: Eleições


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## canoeman

A lot of Multibanco Cards cannot be used for online purchases so therefore a Credit Card is reguired or handy.

How you make use of Cards is your decision and *you need to be aware of the conditions of use and charges set by Card provider.*

We retain UK Banks and have Debit & Credit Cards with those accounts, how we use them depends on what were doing, so if where making a purchase in UK in £ Sterling then it's cheaper to use a UK Bank & UK Card, if in Eurozone then we use a Portuguese Card for same reason, I can't be more precise than apart from saying we use none of Cards for extended credit so those not an issue for us.


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## azoreseuropa

Hmm.. How do you get a credit point if you dont use the credit card in EUROPE ?

Are you telling me that debit card like ATM is your credit point ? Debit card can be order online ? Sorry that i do not know about Portugal because I lived in America for a long time and their policy in credit cards that I used all the time. If I want to order online while I am living in Portugal then how do I do that without credit card ? Atm card/Debit card ? And it is your credit point score just like Credit Card in America ?

I was told that Credit Card is expensive in EUROPE and debit/atm card is the best way to use ? Hmm.


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## bom dia lisbon

canoeman said:


> ...and it took a few face to face confrontations before we got reasonable limits


Canoeman, I was planning to call the Amex customer service number to ask for an increase. Are you saying you had luck by going into your local bank branch instead? Thanks.


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## canoeman

My comments where about Portuguese Credit Cards where initial limits apparently are set low, re Amex it depends on who's issuing it if it's your Portuguese bank you go to them if it's an American bank you go to them.

bearmon2010 I don't know, as I don't believe that Portuguese Banks use credit scoring in same way as used in other countries, personally we've never had any issue here with the banks except over initial low Credit Card available balance which was resolved.

The Multibanco Card that is issued is generally not able to be used for online buying without going through a registration process with MBNet, and needs constant renewal so for us it's easier to have a Credit Card, are they expensive again as we don't use them as Credit Cards but pay off each month it really doesn't bother us and the yearly charge that is -20€ is more than covered by "cash back" when using.

I make the point again which cards we use depends on what where buying and where from
It's pointless using a Portuguese Euro Card of any type for shopping, etc in UK and equally using a £ UK card in Eurozone, when I buy occasionally from States then I use the card that has best exchange rate at time. We would never us a Credit Card £ or € for withdrawing money


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## bom dia lisbon

A visit to my local Millennium branch is now on my agenda, thanks!


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## shanebackman

bearmon, even though you are moving back to Portugal from the US, you can continue to bank in the US, and continue to use any credit cards issued by US banks. You will just have to figure out how to deposit money into a US bank account, and pay your bills. I previously lived in Slovenia, and did almost all of my banking in the US. My Irish employer deposited my salary to my US account, and I accomplished 98% of my banking online. If I needed cash, I would just withdraw from an ATM in Europe. I changed the address on most of my accounts to my actual place of residence in Slovenia, and the few that didn't like that, I used my mother's address in the US. Pretendo fazer igual quando mudar a Portugal daqui a pouco...


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## JohnBoy

bom dia lisbon said:


> A visit to my local Millennium branch is now on my agenda, thanks!


If you use Millennium's subsidiary, Activo Bank, then your credit card is free as are the vast majority of all bank transactions with Activo.

For those coming from the US or UK for that matter, there is no credit rating system here like those that you are used to in your respective countries. I have helped both Americans and Brits open accounts here and they were given credit and debit cards the same day as they are made in the branch. The credit limit is usually €1,000.

Activo and some other banks also have a debit card (Web Card) that is used solely for online purchases and this is issued in addition to the normal debit and credit cards. The idea of these is that the balance on the card is left at zero until you are ready to use it to make a purchase. At that point, you make an online transfer from your current account to your Web Card for the amount of the purchase and then use the debit card to complete the purchase. This resets the balance on the card back to zero. With your balance at zero it does not matter if your card number is compromised as you have no money on the card to be stolen.


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