YES, I’M HAVING a grand time with my new Mexican credit card. Why, just this morning I renewed my account* with the Mexican credit bureau using that very card. Did you know Mexico has a credit bureau?
Alas, you can have squeaky clean credit in the United States, and it will do squat for you here in Mexico where you have to start all over again establishing credit. One would think that in today’s interconnected world, especially in the area of finance, that your credit history would follow you around, good or bad.
But it does not follow you to Mexico.
With my briefly held credit card via Banamex and a second via Banamex USA, also briefly held (I unwisely canceled both before FATCA stormed onto the scene), I established a bit of good credit here. Strangely, my report on the Mexican credit bureau is good but not spectacular. I am accustomed to spectacular.
Moving on to other financial issues, did you know that Mexico insures bank deposits much like the United States does with the Federal Deposit Insurance Corp.? Down here we have the Institute for the Protection of Bank Savings, but it’s not just for savings accounts. It covers most things.
The amount varies, but nowadays it’s somewhere in the neighborhood of $150,000 U.S. bucks. If you have more than that in one bank, I suppose it would be wiser to put part in another bank. Many Gringos living down here incorrectly think Mexico does not insure bank deposits.
I have more faith in Mexico’s financial future than I have in America’s.
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* To have easy access to your credit report, you need an account which costs about 18 bucks a year.