Dremca:
Please help educate us aspiring immigrant on how secured and unsecured credit and credit score work in lay man language.

A secured credit card is designed for people who are looking to build or rebuild their credit. It looks and acts like a traditional credit card except that you provide a security deposit as collateral for your credit card account. The amount of credit will equal the amount of this security deposit. After a certain of time , if the account is managed well , the card can be converted to unsecured which means that the security deposit is no longer needed and is released back to you.

Holocene:
How can I get my taxes down? Uncle Sam takes about a third of my pay and the damn health insurance....any ideas

*the insurance is provided by my company

If you work for someone else, not much you can do about that except you have a creative accountant at tax time.

Healthcare wise, Obamacare. I've had it since it first started and it literally saved my life.

Dremca:
Can credit score be gotten by paying bills early using savings and avoiding using credit

No, to build credit you have to use it while staying below 30% if all your available credit and making on-time payments. People are willing to give unsecured credit cards if you have no credit history and from there, simply finance a car as well, make payments on time
on all that for six months and 750. Be aware that once you get the score, you have to maintain it and closing out and paying off a good credit line will actually lower your score.

Dremca:
Yea, you're right. I believe is less competitive in Nigeria but with the emergence of ecomerce store like jumia,
foreign influence played a big role in establishing the company. From workforce to funding, I really doubt if a company like jumia got their startup funding from a Nigerian bank. We all know the beaurocracy and the corrupt process of accessing a startup loan even with a collateral not talk of the epileptic power supply in the country.
All these deficiencies and more makes Nigeria unfavourable for startup to operate.

I don't think I explained right. There is a ton of foreign money in Nigeria for you.

Predstan:
I have a Question please. I actually got an admit to study Electrical Engineering MSc for Spring 2019 but I don't have any form of financial aid yet. I just would like to know if student Visa is also a good way to travel to the US and maybe blend into the system within few years.

What is it like to study in the US without financial aid. Is it possible to work and pay $4000 in Georgia by working if at all I get the out of state tuition I am pushing for?

No it is not. You are not allowed to work with a student visa unless you can get an on-campus job with the school approval and get paid peanuts i.e. less than minimum wage.

I think you mean in-state tuition which is what residents pay. Out of state tuition is what international students pay and is typically almost triple in-state tuition. You may be able to get a job under the table but still be prepared to take less part than you are entitled to and be aware that if caught, your Schooling will be terminated and you deported.

You are not expected as an international student to seek financial aid. That is why one of the requirements for the Visa is banking showing you can afford to go to the school

if I got you correctly, one has to use less than 30% of the credit limit given. Please list out the uses of this credit score. Someone said is used for getting a banking job, what are their other uses.

radautoworks:


No, to build credit you have to use it while staying below 30% if all your available credit and making on-time payments. People are willing to give unsecured credit cards if you have no credit history and from there, simply finance a car as well, make payments on time
on all that for six months and 750. Be aware that once you get the score, you have to maintain it and closing out and paying off a good credit line will actually lower your score.

Babyvet:


Like I said credit history is very important, length of history also matters. You can still get denied even with high credit score if you don’t have a enough credit history. Build your credit but also your savings as well. I got my first credit card ( unsecured by the way) by having money in my saving account. I kept applying and they rejected multiplyed times and then one day they finally approved me. Some things help your credit more than others like paying off a credit card helped my credit better than paying off my car early.

I'm sorry but that had nothing to do with your credit card being approved. Unless it's a house purchase or a business loan, your savings don't hello with applying for credit.

Dremca:
Please help educate us aspiring immigrant on how secured and unsecured credit and credit score work in lay man language.

Secured credit is similar to what what we refer to as debit card over here. Your limit is determined by how much you give the bank. Let's say you give the bank $500 for a secured credit card. They will hold on to your money and you will have a "credit card" with a $500 limit that you can proceed to build credit with as usual. If you do not make your payments, they keep your money as security hence the name. If you make your payments, over time you may qualify for an unsecured credit card and be given your money back while still having a card with the bank.

An unsecured credit card does not require you to give the bank any money. They simply give you a card with a credit limit anywhere from $300- 1,000 on the promise you will pay. If you don't, they absorb the lots and Sue you to try to get the money back. As your credit increases, so do the unsecured credit limits you're offered.

Unsecured credit cards are not typically for first timers starting out. It's usually for people with bad credit who are trying to re-establish their credit after ruining it the first time as no one trusts them to repay.

Dremca:
Please help educate us aspiring immigrant on how secured and unsecured credit and credit score work in lay man language.

Secured credit is similar to what what we refer to as debit card over here. Your limit is determined by how much you give the bank. Let's say you give the bank $500 for a secured credit card. They will hold on to your money and you will have a "credit card" with a $500 limit that you can proceed to build credit with as usual. If you do not make your payments, they keep your money as security hence the name. If you make your payments, over time you may qualify for an unsecured credit card and be given your money back while still having a card with the bank.

An unsecured credit card does not require you to give the bank any money. They simply give you a card with a credit limit anywhere from $300- 1,000 on the promise you will pay. If you don't, they absorb the lots and Sue you to try to get the money back. As your credit increases, so do the unsecured credit limits you're offered.

Secured credit cards are not typically for first timers starting out. It's usually for people with bad credit who are trying to re-establish their credit after ruining it the first time as no one trusts them to repay.

Dremca:
if I got you correctly, one has to use less than 30% of the credit limit given. Please list out the uses of this credit score. Someone said is used for getting a banking job, what are their other uses.

It's not for getting a job in most cases unless your job is in a financial or high security area. It's a measure of how trustworthy you are.

It's for getting credit cards, getting a cellphone plan, electricity, renting an apartment, buying a car, house, furniture (or really any large purchases you can't afford in cash). So pretty much unless you makea lot of money and can afford to pay for everything in cash, you need a decent credit score.

If your total credit limits on everything you have is $2,000 you need to stay below $600 usage or they consider your as overextended and it actually hurts your credit score.

radautoworks:


I'm sorry but that had nothing to do with your credit card being approved. Unless it's a house purchase or a business loan, your savings don't hello with applying for credit.

Yes it certainly did in MY CASE ,not all companies do this . I bank with boa. I called them because I was shocked, at the time I did not have another credit opened and they confirmed it to me .

Babyvet:


Yes it certainly did in MY CASE ,not all companies do this . I bank with boa. I called them because I was shocked, at the time I did not have another credit opened and they confirmed it to me .

I'm telling you something changed in your credit and it was you time with them and not your savings. Agree to disagree. Boa is more likely to give you one for the first time if you've banked with them for a while. It's not the amount but not having overdrafts they look at.

If you opened a BOA savings and put 20k I'm it for a year, they are not giving you a card. If however you have 1k in savings, have a checking that you use for a year without any returned check or overdraft fees, they'll give you one.

How about a new immigrants who wants to access/acquire these utilities, how can he/she access/acquire them without credit score.

radautoworks:


It's not for getting a job in most cases unless your job is in a financial or high security area. It's a measure of how trustworthy you are.

It's for getting credit cards, getting a cellphone plan, electricity, renting an apartment, buying a car, house, furniture (or really any large purchases you can't afford in cash). So pretty much unless you makea lot of money and can afford to pay for everything in cash, you need a decent credit score.

If your total credit limits on everything you have is $2,000 you need to stay below $600 usage or they consider your as overextended and it actually hurts your credit score.

radautoworks:



Secured credit is similar to what what we refer to as debit card over here. Your limit is determined by how much you give the bank. Let's say you give the bank $500 for a secured credit card. They will hold on to your money and you will have a "credit card" with a $500 limit that you can proceed to build credit with as usual. If you do not make your payments, they keep your money as security hence the name. If you make your payments, over time you may qualify for an unsecured credit card and be given your money back while still having a card with the bank.

An unsecured credit card does not require you to give the bank any money. They simply give you a card with a credit limit anywhere from $300- 1,000 on the promise you will pay. If you don't, they absorb the lots and Sue you to try to get the money back. As your credit increases, so do the unsecured credit limits you're offered.

Unsecured credit cards are not typically for first timers starting out. It's usually for people with bad credit who are trying to re-establish their credit after ruining it the first time as no one trusts them to repay.

That part is incorrect , you mean secured credit cards.

Its obvious operate on debt. Even when one has 20k in the account, he/she won't be eligle for a credit card. Can one whose source of income is business have millions in his/her account be eligble to have a credit card with a good credit at the same.

radautoworks:


I'm telling you something changed in your credit and it was you time with them and not your savings. Agree to disagree. Boa is more likely to give you one for the first time if you've banked with them for a while. It's not the amount but not having overdrafts they look at.

If you opened a BOA savings and put 20k I'm it for a year, they are not giving you a card. If however you have 1k in savings, have a checking that you use for a year without any returned check or overdraft fees, they'll give you one.

radautoworks:


I'm telling you something changed in your credit and it was you time with them and not your savings. Agree to disagree. Boa is more likely to give you one for the first time if you've banked with them for a while. It's not the amount but not having overdrafts they look at.

If you opened a BOA savings and put 20k I'm it for a year, they are not giving you a card. If however you have 1k in savings, have a checking that you use for a year without any returned check or overdraft fees, they'll give you one.

thats your opinion, I'm going with what my bank told me thats all. Took me only 6 months to get my first card with them , only had been with them for 6 months , most of my money went into my savings account.

Babyvet:


thats your opinion, I'm going with what my bank told me thats all. Took me only 6 months to get my first card with them , only had been with them for 6 months , most of my money went into my savings account.

And you had no return checks or overdrafts right?

Babyvet:


That part is incorrect , you mean secured credit cards.

Yes, thank you. Twitter fingers too fast. Corrected

Dremca:
How about a new immigrants who wants to access/acquire these utilities, how can he/she access/acquire them without credit score.

With large down payments and as score builds over time you get down payments back.
Guidelines for down payments (varies by state)
cellphone plan $100-500 or just use prepaid

electricity $200 up

renting an apartment first and last month's rent plus security deposit usually equal to one month rent.

buying a car 20%

house 10% up depending on lender and interest rate you are trying to reach

furniture yes/no answer

Dremca:
Its obvious operate on debt. Even when one has 20k in the account, he/she won't be eligle for a credit card. Can one whose source of income is business have millions in his/her account be eligble to have a credit card with a good credit at the same.

Exactly. Credit depends on revolving use.

You can if you set aside credit lines to use on a revolving basis.

At what point in time can one ask for a credit limit to be increased by the or is it automatically done by the bank

radautoworks:


Exactly. Credit depends on revolving use.

You can if you set aside credit lines to use on a revolving basis.

radautoworks:


And you had no return checks or overdrafts right?

of course not, I have never had that happen. I don't use checks anyways and I have never overdrafted my account.

What minimum interest rate can be gotten by minting a high credit score.

radautoworks:


With large down payments and as score builds over time you get down payments back.
Guidelines for down payments (varies by state)
cellphone plan $100-500 or just use prepaid

electricity $200 up

renting an apartment first and last month's rent plus security deposit usually equal to one month rent.

buying a car 20%

house 10% up depending on lender and interest rate you are trying to reach

furniture yes/no answer

Does the use of draft speed up credit score or is it only credit are that's needed.

Babyvet:

of course not, I have never had that happen. I don't use checks anyways and I have never overdrafted my account.

Babyvet:


of course not, I have never had that happen. I don't use checks anyways and I have never overdrafted my account.

Exactly what I'm telling you. That played a bigger role in proving responsible money usage to them. I never take checks for my accounts either.

Dremca:
Does the use of draft speed up credit score or is it only credit are that's needed.

We are talking about over drafting a bank account. Meaning spending more money than what is in the bank account. For example, if you have $100 in your bank account, and spend $200. You have now over drafted the account by $100. You may charged a penalty fee and account may be eventually closed if it happens frequently.

Dremca:
Does the use of draft speed up credit score or is it only credit are that's needed.

Overdrafts are a bad thing. They are like bounced checked. Basically money wasn't there to pay

Dremca:
What minimum interest rate can be gotten by minting a high credit score.

0% for cards, cars, furniture, 1.29% for house

radautoworks:


Exactly what I'm telling you. That played a bigger role in proving responsible money usage to them. I never take checks for my accounts either.

Just leave it alone, I know what worked FOR ME , and are you telling me that bank does not what they are talking about?

Dremca:
At what point in time can one ask for a credit limit to be increased by the or is it automatically done by the bank

Automatic reviews are done but you can request one every six months and it might be approved

Babyvet:


Just leave it alone, I know what worked FOR ME , and are you telling me that bank does not what they are talking about?

I've left it alone. I've been in both sides of the coin that's why I'm telling you what I am but you're right. It's your experience. 1 in a million but yours.

I was harping on it because that's not likely to work for others.

Predstan:
I have a Question please. I actually got an admit to study Electrical Engineering MSc for Spring 2019 but I don't have any form of financial aid yet. I just would like to know if student Visa is also a good way to travel to the US and maybe blend into the system within few years.

What is it like to study in the US without financial aid. Is it possible to work and pay $4000 in Georgia by working if at all I get the out of state tuition I am pushing for?

I think you visit , the us student visa thread, you will get more information that way.