SirJeffry:
I heard someone advising another not to accept any credit card except mortgage and I wonder who will give him the mortgage with no credit history.

Once you land in US, you either get Bank of America secure credit card of $300 or CAPITAL ONE of $500. That's the beginning of your credit bondage here.

CFCman:

It must be fewer people who have such an amount in their savings account.
I know that 75% of Americans cannot pony up $500 for an emergency; but we invest in 401k and other retirement plans.

salford:

In Canada, just as the US...the problem is that some stores would not even accept a debit card for some transactions. All they want is credit card or cash for payment. So one way or the other, you have to get one. It's crazy. The registry i renew my vehicle and drivers license is notorious for that. If you insist on using a debit, they would charge an extra 3.50 for a transaction of $20.

CFCman:

Lol
If an immigrant wants to buy a house in San Francisco/Silicon Valley, the immigrant must have saved up to $800,000... but we all know it's only Dangote or Davido who have thank kibd of money saved up from years of hard work

Lexusgs430:


Or any western country. While in an active marriage, no other marriage visa applications can be made for the new wife.
Not unless he married her Nigeria, left her in Nigeria and regularly or irregularly, goes for engine oil top up and oil change interim or full service..... .

princechurchill thank you jarepost=55488763:
Lamentations​ of a home base

Lexusgs430:


The only repercussion is not only destruction of credit file, but -
- Been made a bankrupt
- If you own a property, a charge would be levied on that property. When you eventually refinance or sell the property, they would get their money back + accrued interest........
- Charge made to wages and passed directly to employer for deduction in wage
Etc etc etc etc

Lexusgs430:


When you reach, the only thing you should accept on credit, should be your mortgage.......

InvertedHammer:


How will you get mortgage with no credit history?

Remember that credit history is just a timeline of you owing money, paying or not paying, in time or late. All of una wey dey borrow money from friends in naija and off phone are good candidates for bad credit history. So stop pontificating!
Naija long stories no reach am-- I forgot. I was sick. I lost my job. Dem nefa pay us. That naija excuses na your headache


In US, you must owe one way or the other.

InvertedHammer:


Like I said, even if you have $800k to throw down, they will give you so much wahala that you may think it is a crime to have cash. IRS will get involved. Franchise Tax board gets in on the game. The paperworks alone will be out of this world. You will have a whole lot of explanations to do. Let's assume you saved all your money, you better have a paper trail to prove it. If you wire anything above $3000 from your account, the agencies will be alerted. The system is set up that way. It is a win-win for the bankers. US hates people who hoard cash.

Can you rent an apartment without credit? Yes. Throw down six months rent. The problem is that most people don't have it.
Just about any well-meaning organization bemoans the fact that finance and money are not taught in High Schools to educate people. If they do, it will be bad business for banks. Banks do not count on your interest rates to make money. They are hoping for one late payment(even if by one day) to jack up interest rate from 2% to 21%. They bait slackers into financial slavery. You finance a car and miss a few months. Thanks God. They repossess the car and all money paid is lost. It is a win-win for everyone involved in the finance industry. The best part is that you become a slave at work. You will not want to rock the boat to avoid domino effect in your lives.

godsluvee:
There is nothing special in living abroad

I once rejected a proposal because the guy lives abroad

Such a shame because he was so handsome

Trexnemesis:


I save money to buy a property

SirJeffry:


Yankee marriage is favourable to ladies who their husbands already made the ground running. They come to consolidate on their husband's achievements and prosper it more.

MsNas:

Spot On. Ordinary $5K for the deposit on our house, we had to show a paper trail of where the money came from. Fax and faxed pages of the statement of the account the money was coming from. They pulled IRS tax transcripts. Called employers to verify employment and income. The paperwork we had to read and sign nko? Another headache. Not to talk of dropping $800K.

Like you said, careful not to rock the boat or everything will come crashing down. I know someone that had a car repoed. An SUV. The downpayment of $10K or more that they made was gone just like that. And they haven't even had the car for 6 months. such a shame but its the society we live in. Best bet is to pay your bills as at when due and you'll be home free

InvertedHammer:


Like I said, even if you have $800k to throw down, they will give you so much wahala that you may think it is a crime to have cash. IRS will get involved. Franchise Tax board gets in on the game. The paperworks alone will be out of this world. You will have a whole lot of explanations to do. Let's assume you saved all your money, you better have a paper trail to prove it. If you wire anything above $3000 from your account, the agencies will be alerted. The system is set up that way. It is a win-win for the bankers. US hates people who hoard cash.

Can you rent an apartment without credit? Yes. Throw down six months rent. The problem is that most people don't have it.
Just about any well-meaning organization bemoans the fact that finance and money are not taught in High Schools to educate people. If they do, it will be bad business for banks. Banks do not count on your interest rates to make money. They are hoping for one late payment(even if by one day) to jack up interest rate from 2% to 21%. They bait slackers into financial slavery. You finance a car and miss a few months. Thanks God. They repossess the car and all money paid is lost. It is a win-win for everyone involved in the finance industry. The best part is that you become a slave at work. You will not want to rock the boat to avoid domino effect in your lives.

Trexnemesis:


I don't buy anything if my money is not up to it. This is my personal policy. Did same for my property. All it took was discipline and focus. Americans don't know how to save money, unlike we Africans who are taught right from our childhood days to keep something aside.

CFCman:


I believe if you fail to make payments for 3 consecutive months, the bank will begin the process of reposing your car.

The credit system over here has its benefits, but as you said, it has led to the financial ruin of millions of people. Sometime in December (or this January, I can't remember) there was a news report on CNN about how 6 million Americans were in danger of their vehicles being repossessed because they had defaulted on their car notes. Its this type of story that leads people to believe the Nigerian system is better.

However, I don't think a 25% interest rate (the average interest rates Nigerian banks charge) favors anyone except the bankers and the super rich in the country.

Bollinger:


But he is right na. There is no way you can have very very good credit without owing. I think you have the term "owing" confused. You owe not because you cannot afford whatever it is but because you want to build and maintain your credit score.

InvertedHammer:


Like I said, even if you have $800k to throw down, they will give you so much wahala that you may think it is a crime to have cash. IRS will get involved. Franchise Tax board gets in on the game. The paperworks alone will be out of this world. You will have a whole lot of explanations to do. Let's assume you saved all your money, you better have a paper trail to prove it. If you wire anything above $3000 from your account, the agencies will be alerted. The system is set up that way. It is a win-win for the bankers. US hates people who hoard cash.

Can you rent an apartment without credit? Yes. Throw down six months rent. The problem is that most people don't have it.
Just about any well-meaning organization bemoans the fact that finance and money are not taught in High Schools to educate people. If they do, it will be bad business for banks. Banks do not count on your interest rates to make money. They are hoping for one late payment(even if by one day) to jack up interest rate from 2% to 21%. They bait slackers into financial slavery. You finance a car and miss a few months. Thanks God. They repossess the car and all money paid is lost. It is a win-win for everyone involved in the finance industry. The best part is that you become a slave at work. You will not want to rock the boat to avoid domino effect in your lives.

SirJeffry:
Hehehe, did I get you bro?

salford:

That repo though...lol.
When the price of oil went bust. That was and is still a popular job in Alberta canada. People were losing jobs and repo was creating employment on the side. Some province would allow repo companies to go after debtors even after repossesion.

InvertedHammer:


How will you get mortgage with no credit history?

Remember that credit history is just a timeline of you owing money, paying or not paying, in time or late.

All of una wey dey borrow money from friends in naija and off phone are good candidates for bad credit history. So stop pontificating!

Naija long stories no reach am-- I forgot. I was sick. I lost my job. Dem nefa pay us. Dangote sef dey owe. Na only you I dey owe. Na because of this small money. Those naija debtors' excuses na your headache.


In US, you must owe one way or the other.

salford:

In Canada, the card is as good as guaranteed. The bank even advertise it to new immigrants in newspapers. Big business for them.
In my 7 years of processing card applications and selling it in the UK. I have never seen a new immigrant approved of a credit card a day or two after arriving the country.

Yes. CC should be stamped just like its done for tobacco packs, but how would the bank milk people. if they do that