maternal:


You don't have a credit card yet a bank will give you 300k for a mortgage ? Omo pass that igbo my way. Which other methods can you use initially to build credit ?

For those that know how.......

Lexusgs430:


This argument simply serves as a lesson for some. Let's cut the insults, please.......

What backs one, faces another......

I never insulted anyone,i only wish him more wisdom.He his a new immigrant and he understand how credit card works wella.

maternal:


You don't have a credit card yet a bank will give you 300k for a mortgage ? Omo pass that igbo my way. Which other methods can you use initially to build credit ?

I tire o....

signature2012:


I never insulted anyone,i only wish him more wisdom.He his a new immigrant and he understand how credit card works wella.

But this debate would enable him understand the potential pitfalls........

signature2012:


Obviously you dont understand what credit card really means.

..it opens the door for you to buy things without restriction debit card has and also give you the opportunity to get things like loan, mortgage etc right?

justwise:


Honestly you have a very poor knowledge of life, yes this is about living within your means and not living for the system.

No matter what your credit score is, you still need to earn it to spend it.

I used to have contract phone and after 3yrs I cancelled it and went back to pay as you go, then two years ago I needed an upgrade and decided to get the phone on contract but I was refused because of poor credit score. If I had gotten that contract it would have set me back about £450 a year through monthly fees and upfront payment.

Then I went online and bought that phone for £300 and still maintain my pay as you go.

If you want to get crippled by system then that's up to you but don't dare tell me that I can't survive without one.

Bros don't carry your vex come my side. I live within my means. I buy things on my credit when I have the money. Once I purchase it I go and pay off my credit card. This way I build and maintain good credit. My friend you simply cannot go against the system. You can just make sure it doesn't abuse you or play you. Hence why I only use my credit card when I have the money. After doing this I was able to be approved for a mortgage. You are the 2nd class citizen I am talking about. You can't even get approved for a phone let alone a loan to buy a house. And if you do, they'll rape you with interest due to your poor credit. I'm also sure other jobs like bank jobs will deny you employment because of your poor credit. You're too much of a risk to steal. You are a 2nd class citizen unfortunately.

justwise:


..it opens the door for you to buy things without restriction debit card has and also give you the opportunity to get things like loan, mortgage etc right?

Yaaaaaa

You've learned something today.

justwise:


..it opens the door for you to buy things without restriction debit card has and also give you the opportunity to get things like loan,mortgage etc right?

Yes.At bolded,if that is the only reason for getting it,is really worth it a million times.

maternal:


You can't book a hotel here with a debit card. Credit card also have fraud protection. These are backdoor/ 2nd class methods.

America is not the only country that accepts credit cards.....

Other countries accept debit card payments for hotel bookings....

I think it's mainly about how credit is built/calculated in different countries.... lets not too get personal

Seems in USA everything is tied to the credit card, whilst in EU you can get finance or credit directly from the seller

You can buy car/furniture/high cost items from a dealer and he will provide the finance... that counts towards your profile, same way your income/regular wages, you expenses and incomings
You can rent a car without credit cards what that about lol you're just paying> got a car in Texas for two days with just a debit card

UKmigrant:
As I understand, having credit card and using it wisely is like building a financial reputation, it is beneficial in the long run as people who can lend you have a background with which to judge you when you need their help. On the other hand, not having a credit card or having one and not using it means that you cannot prove to anyone that you can be trusted with money so you are confined to only living within your income and you can't even have cover in times of emergency.

Most of the rich men we know don't even live within their income, they depend on borrowing to run their businesses.

While on paper, not having one or not using it might seem like a wise thing to do, you have no safety net. My credit card is my back up in times of emergency, that's just how I see it and I intend to use it to build a very good credit score within the next one year.

That is irresponsible, living above your means and at the end you lose everything paying back.

My argument is not that credit card is not good but my point is that I can live without one.

Lexusgs430:


America is not the only country that accepts credit cards.....

Other countries accept debit card payments for hotel bookings....

Canada too.

signature2012:


As i said earlier,only people with bad spending habit HATE credit cards.

The number 1 aim of every citizen is to have a house of their own,how many can buy a house cash down without CREDIT?

You are wrong, I don't have bad spending habit and I don't like credit card.

maternal:


Bros don't carry your vex come my side. I live within my means. I buy things on my credit when I have the money. Once I purchase it I go and pay off my credit card. This way I build and maintain good credit. My friend you simply cannot go against the system. You can just make sure it doesn't abuse you or play you. Hence why I only use my credit card when I have the money. After doing this I was able to be approved for a mortgage. You are the 2nd class citizen I am talking about. You can't even get approved for a phone let alone a loan to buy a house. And if you do, they'll rape you with interest due to your poor credit. I'm also sure other jobs like bank jobs will deny you employment because of your poor credit. You're too much of a risk to steal. You are a 2nd class citizen unfortunately.

I laugh very hard.....

Mobile phone contracts can be signed without a credit card (at the normal rates)

Jobs can be got without credit cards.... Western life encourages a life of credit facilities, further imprisoning yourself in the credit card cycle, paying interests on items bought.

The so called 2nd class citizen, would be sleeping peacefully, while the 1st class citizen is sweating, when the banks come calling and funds have evaporated....

maternal:


You can't book a hotel here with a debit card. Credit card also have fraud protection. These are backdoor/ 2nd class methods.

..maybe that is American or Canadian thing but here you can book with debit card with no problem at all.

maternal:


Canada too.

Other countries exists that accepts debit card. The world does not revolve around USA & Canada...... Or does it?

DisGuy:
I think it's mainly about how credit is built/calculated in different countries.... lets not too get personal

Seems in USA everything is tied to the credit card, whilst in EU you can get finance or credit directly from the seller

You can buy car/furniture/high cost items from a dealer and he will provide the finance... that counts towards your profile, same way your income/regular wages, you expenses and incomings
You can rent a car without credit cards what that about lol you're just paying> got a car in Texas for two days with just a debit card

Just saying credit card is a silent devil (till it stings). Live within your salary packet and sleep well at night....

signature2012:


Yes.At bolded,if that is the only reason for getting it,is really worth it a million times.

You will get mortgage in the UK without credit card as long as you have the deposit.

DisGuy:
I think it's mainly about how credit is built/calculated in different countries.... lets not too get personal

Seems in USA everything is tied to the credit card, whilst in EU you can get finance or credit directly from the seller

You can buy car/furniture/high cost items from a dealer and he will provide the finance... that counts towards your profile, same way your income/regular wages, you expenses and incomings
You can rent a car without credit cards what that about lol you're just paying> got a car in Texas for two days with just a debit card

Exactly!!

justwise:


You will get mortgage in the UK without credit card as long as you have the deposit.

For example,if the property will cost between £400,000 and £600,000,how much likely will the deposit be?

I beg to differ with some of the suggestions that having a credit card is a priority to building a good credit score.



One can obtain a school loan without having a credit card but one has to be committed and disciplined enough to pay it back whatever means will definitely increase ones credit scores.

Beautyaddy:
I beg to differ with some of the suggestions that having a credit card is a priority to building a good credit score.



One can obtain a school loan without having a credit card but one has to be committed and disciplined enough to pay it back whatever means will definitely increase ones credit scores.

So what is the priority to building a good credit score?

You can get a mortgage without having owned credit cards, but it wouldn't be a good mortgage rate and the deposit you will be asked to bring will be huge. The high rate and deposit has factored in the high risk the applicant is as compared to someone who has a good history of obtaining credit instruments and paying back.

The bottom-line in this debate is that if you are not comfortable using credit instruments, do not own credit cards. However, IF you are very disciplined with your finances, credit cards are a very good way to build up your credit history. A good credit history is very critical in obtaining the best mortgage and finance deals. Most credit cards for people with a good credit history have a minimum of 30 month 0% purchase and balance transfer in place anyway, so you end up paying little or no interest on them.

It's the people who use credit cards that can misuse them, and they end up in a vicious cycle of debt. Personally, I have 5 credit cards, but I only actively use 1. The rest were obtained for building up my credit history which I later used to obtain a good mortgage rate. I must admit it's very tempting to withdraw all the cash on the credit cards and flee the country, but that's a very short-sighted way of thinking.

I attended Naija owambe party... chop chop plenty!

justwise:


You lost me there

I'm sighing because the idea of a working government is strange and utterly alien to me.

claremont:
You can get a mortgage without having owned credit cards, but it wouldn't be a good mortgage rate and the deposit you will be asked to bring will be huge. The high rate and deposit has factored in the high risk the applicant is as compared to someone who has a good history of obtaining credit instruments and paying back.

The bottom-line in this debate is that if you are not comfortable using credit instruments, do not own credit cards. However, IF you are very disciplined with your finances, credit cards are a very good way to build up your credit history. A good credit history is very critical in obtaining the best mortgage and finance deals. Most credit cards for people with a good credit history have a minimum of 30 month 0% purchase and balance transfer in place anyway, so you end up paying little or no interest on them.

It's the people who use credit cards that can misuse them, and they end up in a vicious cycle of debt. Personally, I have 5 credit cards, but I only actively use 1. The rest were obtained for building up my credit history which I later used to obtain a good mortgage rate. I must admit it's very tempting to withdraw all the cash on the credit cards and flee the country, but that's a very short-sighted way of thinking.

@ maternal, you don't need a credit card to have a good credit score in the UK. The US/Canada system is quite different from the UK in terms of the significance of having a credit card. There are other ways of building credit. !st get on the electoral register and then you can get a phone or sim contract. My credit score has always been very good even though I didn't have a credit card. I only just got one a few months back mainly to have protection when shopping online.

credit card requires a lot of financial discipline and I mean serious financial discipline. I used to work with Natwest bank lending, and i have seen first hand how credit card wrecks people..
It's all about not living beyond ones means.

salford1:
credit card requires a lot of financial discipline and I mean serious financial discipline. I used to work with Natwest bank lending, and i have seen first hand how credit card wrecks people..
It's all about not living beyond ones means.

This is simply what I have been hammering on......

Grass is greener on the other side. One day I shall immigrate from this nigeria.

I used my debit card for hotel booking in NY, rented a car in Texas all with debit card.

But in all, have learnt some new things

.