kelvyn7:



that's when the Bank will "block" ur boss to get their money (even if it's thru a legal action).

normally, ur boss is supposed to alert d bank upon d event of ur sack, with alacrity.

Na for ur boss to first pay the bank then begin find u b dat ooo

if u run, na to pursue ur guarantors b dat ooo. make sure say ur guarantors too pack their loads, Lollll

na wahala ooo

so u beta cancel d mind say u wan borrow with credit card, then run away.

but if u are sacked and u have borrowed na to find money pay back na. who go pay am 4 u?

Ok,i just see the reason why guarantors are required,but what if you work for government and your boss has nothing to do with your salary,and also,must the boss notify the bank that they want to sack the account holder like a month before they sack him? Cos mst bosses sack immediately,or is it when they give quarries that the bank take action? Also,if the person collects let's say 150k per month,can he withdraw like 400k even if he doesn't have up to 150k in his account,or there's a limit to what he can withdraw?

Kindeed:
Please guys am getting confused what's the difference between atm card, credit card& debit card....... Your comment count please....

GOD BLESS ME FOR BRINGING THIS TOPIC........

Kindeed:
Please guys am getting confused what's the difference between atm card, credit card& debit card....... Your comment count please....

GOD BLESS ME FOR BRINGING THIS TOPIC........

Kindeed:
Please guys am getting confused what's the difference between atm card, credit card& debit card....... Your comment count please....

GOD BLESS ME FOR BRINGING THIS TOPIC........

iamrealdeji:

Ok,i just see the reason why guarantors are required,but what if you work for government and your boss has nothing to do with your salary,and also,must the boss notify the bank that they want to sack the account holder like a month before they sack him? Cos mst bosses sack immediately,or is it when they give quarries that the bank take action? Also,if the person collects let's say 150k per month,can he withdraw like 400k even if he doesn't have up to 150k in his account,or there's a limit to what he can withdraw?

I never knew they give credit cards in Nigeria. But this is what I know about it...
First, credit cards can be given by banks (Bank of America, Wells Fargo, Chase, Citibank etc) or normal credit card companies (Discover, Capital One, American Express and so on) .

So when you apply for a credit card, before the application is approved, a background check is carried out using your name and your social security number and some other stuffs. What they do in essence is to input your Social Security Number into the credit reporting database and see what's up. The credit reporting database is usually FICO or something. You might be wondering, how would they know my credit score? Well, everything you do here (okay, almost everything) involves your social security number.

So let's say you wanna open an account, they would need you to provide an SSN. After opening that account, and maybe you take out a loan of say 1000 and you don't pay it back. The bank will close your account and report you to one bureau like that ( can't remember the name) . After they have reported you, the debt will go into what is called collections and then show up on your credit score and credit report.

So when you apply for a credit card, and they check your credit score and see that you have a pending collections (that is what they call the debt you owe) or low credit score, and if you do, most likely the credit people will deny your application. Cos they know they cannot trust you with their money. You will spend it and not return it. Lol

But if you have a good credit score and history your application will be approved. Then they will set a limit for the card depending on your salary. You cannot spend more than that limit. When you pay it back, your limit will be reset to the initial amount (maybe $500) and you use and pay back.

As your continue and if you're paying regularly and not owing then they will continue to increase your limit as time goes on. I've seen people that had their credit limit increased to like $1500 in 6 months. Depending on their discretion. But you have to pay back and also pay back on time. Cos if you don't, you will be charged a late fee, sometimes as high as $100 and also interest on the money you spend on the card. Credit card is the devil. The key is moderation.

MsNas:

I never knew they give credit cards in Nigeria. But this is what I know about it...
First, credit cards can be given by banks (Bank of America, Wells Fargo, Chase etc) or normal credit card companies (Discover, Capital One) .

When you apply for a credit card, before the application is approved, a background check is carried it. What they do in essence is to input your Social Security Number into the credit reporting database and see Whatsup. The credit reporting database is usually FICA or something. You might be wondering, how would they know my credit score? Well, everything you do here (okay, almost everything) involved your social security number. So let's say you wanna open an account, they would need you to provide SSN. After opening that account, maybe you take out a loan of say 1000 and you don't pay it back.

The bank will close your account and report you to one bureau like that ( can't remember the name) . After they have reported you, the debt will go on your credit report.

So when you apply for a credit card, and they check your credit score and see that you have a pending collections (that is what they call the debt you owe) or low credit score, and if you do, most likely the credit people will deny your application. Cos they know they cannot trust you with their money. You will spend it and not return it. Lol

But of you have a good credit score your application will be approved. Then they will set a limit for the card depending on your salary. You cannot spend more than that limit. When you pay it back, your limit will be reset to the initial amount (maybe $500) and you use and pay back.

As your continue and if you're paying regularly and not owing then they will continue to increase your limit as time goes on. I've seen people that had their credit limit increased to like $1500 in 6 months. Depending on their discretion. But you have to pay back and also pay back on time. Cos if you don't, you will be charged a late fee, sometimes as high as $100 and also interest on the money you spend on the card. Credit card is the devil. The key is moderation.

Wow,God bless you sister,you have no idea how long I've been trying to know this,more than 10 years now,i understand it now,#appreciate

Threads like this keep me on nairaland