Nlv and credit history

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Member since 03 January 2024

LisestrahleMember19 August 2024 08:45:54

Hello all. I am selling my house here in the states in order to acquire my NLV for spain. I have excellent credit but am going to get dinged for missing 2 or possibly 3 mortgage payments while waiting for my house to sell. Will this hit on my credit affect my application for an NLV?

gwynj Bulgaria Expert

Member since 30 June 2020

gwynjBulgaria Expert20 August 2024 06:56:35

2271

@Lisestrahle

Credit history is not a standard requirement for NLVs, this is something that only the Spanish consulates in USA are asking for. My guess is that they don't use it to see if you have good credit, but to check whether you have loans/mortgages or not. Being free of debt is also not a standard NLV requirement, but it seems it's required there (it kinda makes sense as the NLV needs 30k euros in savings, and that disappears pretty fast if you still have $5k of mortgage/loan repayments). I suggest you wait until your house is sold and you have the money in the bank, or you address the sale of your house in your application/separate note and provide a copy of the sale contract or equivalent so they can see that the sale is already in progress.

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