₦airaland Forum

Angelfrost:
That lack of Credit System is what I love about living in Nigeria...!

My friend that relocated abroad almost got roped into debts by their system, till he remembered and returned to his Naija orientation.

Don't get me wrong, there is nothing bad about helping people get things upfront and paying later or in instalments, but systematically compelling people to use the system by that criminal Credit Scoring process is what I find abhorrent.


This is what happens when criminal bank and financial cartels run nations.

There many ways to build credit score without borrowing.

Your house rent can build you credit score and other things.

Onewazobia:
Inside ikorodu? Ha Oga pls easy
Aren't you ashamed? So basic amenities is a big thing to ask for now

Man! From Agric to Odoguyan to Ogijo any land within rang of 500k is inside bush or swamp don't think you are talking to a novice

What do mean basic amenities? Inside bush you mean. This is the mentality that made me missed out on present lekki when a plot was sold for 300k around 2000. I just told you that the land is not your primary residence. You only invested to sell water to people around who are coming to build and do other things that need water. There are always people in those areas who are willing to take the responsibility and make remittances as agreed.

AllenSpencer:
The west is better but to an extent. The richer you become, the more financial burden you will have, which is not guaranteed to survive after your demise.

Let me explain to you in lay terms. Let’s imagine your child is inheriting a 500k property. Coupled with his own tax burden, he is only adding to it even when the house is fully paid off but has an advantage if using it for business. In cases where the house is paid off, most sell it off cos it becomes a liability. The system was designed that way.

Story. JJC Economics.

There’s a reason most US business people tell you to own property if you want to grow wealth, but you need wisdom. First of all, if it’s good property, whether the property is used for business or not, the rise in property value will outpace any kind of expense you’re paying on it. If you decide to sell, you may still qualify for capital gain tax exemption.

Owning property gives you access to loans that can be either used to start a business or raise capital for stock investments. Most diaspora Nigerians I know who own businesses in Nigeria first owned a home and used it to raise capital to start a business in Nigeria.

You people criticize the credit system because you don’t understand it. You cherry pick negative examples from addicts, poor people and the financially reckless and use it to justify nonsense. Credit was designed to declog static money, encourage enterprenurship and grow the economy. It was not meant for you to spend above your inflow or make poor investment choices. That’s abuse

Only salaried rich people like sport stars etc can have financial problems when they fail to divert their cash flow. A good businessman can never have such problem. How many business men have you seen their net worth valuation decline? Businessmen are even not required to pay off their loan as long as their net worth is good. After you die, part of your assets will be used to service the loan. That’s how it works.

Countries with a credit system will always outpace countries without it. 4% of New York are dollar millionaires. I’m sure 0.5% of Lagos is not even earning 2m Naira a month.

All these has nothing to do with culture shock

motymop:
this write up does not make any sense. and does not even relate with what i wrote down.

so i have no answer for you.

Definitely not surprised it flew over your head.

Ordinarily, you should not expect someone who calls insurance and credit a scam to have any form of financial intelligence.

JohnBullMySon:
Story. JJC Economics.

There’s a reason most US business people tell you to own property if you want to grow wealth, but you need wisdom. First of all, if it’s good property, whether the property is used for business or not, the rise in property value will outpace any kind of expense you’re paying on it. If you decide to sell, you may still qualify for capital gain tax exemption.

Owning property gives you access to loans that can be either used to start a business or raise capital for stock investments. Most diaspora Nigerians I know who own businesses in Nigeria first owned a home and used it to raise capital to start a business in Nigeria.

You people criticize the credit system because you don’t understand it. You cherry pick negative examples from addicts, poor people and the financially reckless and use it to justify nonsense. Credit was designed to declog static money, encourage enterprenurship and grow the economy. It was not meant for you to spend above your inflow or make poor investment choices. That’s abuse

Only salaried rich people like sport stars etc can have financial problems when they fail to divert their cash flow. A good businessman can never have such problem. How many business men have you seen their net worth valuation decline? Businessmen are even not required to pay off their loan as long as their net worth is good. After you die, part of your assets will be used to service the loan. That’s how it works.

Countries with a credit system will always outpace countries without it. 4% of New York are dollar millionaires. I’m sure 0.5% of Lagos is not even earning 2m Naira a month.

You are diverting from my point. While you are alive, it is useful to you. It’s not generational except you are in the top 1%

Yes, you will use credit to achieve a lot, get loans and build good cash flow. What happens to your good debt after your demise? You think those kids will take responsibility for it coupled with theirs? I do real Estates in two countries apart from Nigeria and know very much about what I am talking about

I never said credit is not good, I am talking about survival after your demise.

My mum left 3 houses for me in Lagos, I have never paid a dine or neither is it a financial burden upon me. It takes absolutely nothing for me. I have held properties for over 10 years that cost me nothing to hold on to. Does that apply in US? You creating more burden EXCEPT you super rich. When the devil wants to mess you up, a big development comes to your neighborhood and taxes go haywire, what happens? You are forced to sell cos you cannot meet up. Yes, you are at profit, but cannot hold for long.

Do you know the tax implication of the house Tyson sold to Rick Ross, he had to cos he was going broke. Imagine if his son inherited that house, he def will be selling it. That’s how it happens. The tax keeps going up and when you cannot meet up, it’s gone.

In Nigeria, with just C of O, you can hold 1 million acres without any burden. A generation will live off it without paying a dine. Why is very easy to build generational wealth in Nigeria cos it comes with little to no implications. My great grandfathers house that I never knew is still standing and the family pays nothing.

donleo92:
I be rivers guys but I swear lagos fine dieeee

Is this supposed to generate some form of argument here?

Talking abt serene villages, why not suggest he visit Iragbiji?

rinzaugustine:
Most of the luxury cars he is seeing are the proceeds of crime. You don’t have to become a criminal scamming people online to drive a luxurious car in a western country as good credit takes care of that as long as you are working . He should visit Abuja. Lagos is an unplanned chaotic city , full of traffic jams, no drainages, loud noise and those smelly black water dirty creeks a simple water management expertise would have easily taken care. He should have visited the serene villages of Oshun, Oshogbo, Ado ekiti , Akure, Ibadan villages to enjoy Nigeria

Skydivine:
What do mean basic amenities? Inside bush you mean. This is the mentality that made me missed out on present lekki when a plot was sold for 300k around 2000. I just told you that the land is not your primary residence. You only invested to sell water to people around who are coming to build and do other things that need water. There are always people in those areas who are willing to take the responsibility and make remittances as agreed.

You shift from the main subject of the post.
We are not talking about investment here

There can't be a credit system since there is no adequate data base

Angelfrost:
That lack of Credit System is what I love about living in Nigeria...!

My friend that relocated abroad almost got roped into debts by their system, till he remembered and returned to his Naija orientation.

Don't get me wrong, there is nothing bad about helping people get things upfront and paying later or in instalments, but systematically compelling people to use the system by that criminal Credit Scoring process is what I find abhorrent.


This is what happens when criminal bank and financial cartels run nations.

There's nothing criminal about Credit Score. You just gotta give yourself some brain if you want to stay afloat.

How did I manage to build my credit?
I don't go on buying spree simply because I have the money on my cards. I buy what I need and can afford with my cards and I pay them off immediately or right before the next closing date. I don't ever have more than $1,000 debt in all my cards combined.

It's all about discipline. People wey wan do pass themselves, na them dey fall inside credit shitholes.
Any true Nigerian that's used to the cash and carry ways of transaction shouldn't have any problems with credit scoring system.

Kobicove:
Also tell him that here in Nigeria our teenagers don't take guns to school to go shoot up the place and kill innocent people

Also tell him most of your teenagers are doing yahoo and fraud

uniquelyspecial:
Is this supposed to generate some form of argument here?

He's not.even ashamed, that with all the money the governors can't beautify the state

snowland:
There's nothing criminal about Credit Score. You just gotta give yourself some brain if you want to stay afloat.

I started with a credit limit of $750 from Discover Card but at the moment, I have 12 credit cards with a combined credit limit of almost $450k and credit score of 838.

How did I manage to build my credit?
I don't go on buying spree simply because I have the money on my cards. I buy what I need and can afford with my cards and I pay them off immediately or right before the next closing date. I don't ever have more than $1,000 debt in all my cards combined.

It's all about discipline. People wey wan do pass themselves, na them dey fall inside credit shitholes.
Any true Nigerian that's used to cash and carry ways of transaction shouldn't have any problems with credit scoring system.

You're absolutely spot on! Credit scores aren't inherently criminal or problematic; they're tools that, when used wisely, can significantly enhance financial flexibility. Your story perfectly illustrates the power of discipline and financial prudence.

Starting with a modest $750 limit and growing it to $450k across multiple cards with an excellent 838 credit score is no small feat. It shows that understanding the system and playing by its rules can lead to great benefits.

The keys to your success—buying only what you need, paying off balances promptly, and maintaining low utilization—are exactly what many people overlook. Credit isn't "free money"; it's a tool to manage expenses and build a financial reputation.

For Nigerians familiar with "cash and carry," the credit system may seem foreign, but it aligns with the same principle: don’t spend what you don’t have. With discipline, anyone can thrive in this system without falling into the debt trap.

Your advice is gold: Na greed dey push people enter wahala. Keep it up, and thanks for sharing your insight.

SoftSport:
You're absolutely spot on! Credit scores aren't inherently criminal or problematic; they're tools that, when used wisely, can significantly enhance financial flexibility. Your story perfectly illustrates the power of discipline and financial prudence.

Starting with a modest $750 limit and growing it to $450k across multiple cards with an excellent 838 credit score is no small feat. It shows that understanding the system and playing by its rules can lead to great benefits.

The keys to your success—buying only what you need, paying off balances promptly, and maintaining low utilization—are exactly what many people overlook. Credit isn't "free money"; it's a tool to manage expenses and build a financial reputation.

For Nigerians familiar with "cash and carry," the credit system may seem foreign, but it aligns with the same principle: don’t spend what you don’t have. With discipline, anyone can thrive in this system without falling into the debt trap.

Your advice is gold: Na greed dey push people enter wahala. Keep it up, and thanks for sharing your insight.

The bolded summarized everything that's needed to build good credit. Nobody can tell me otherwise.

Weldone.

rinzaugustine:
Most of the luxury cars he is seeing are the proceeds of crime. You don’t have to become a criminal scamming people online to drive a luxurious car in a western country as good credit takes care of that as long as you are working . He should visit Abuja. Lagos is an unplanned chaotic city , full of traffic jams, no drainages, loud noise and those smelly black water dirty creeks a simple water management expertise would have easily taken care. He should have visited the serene villages of Oshun, Oshogbo, Ado ekiti , Akure, Ibadan villages to enjoy Nigeria

You are just bitter that you arecpoor and can't make it in life. It's not everything that do illegal activities. So talking bD about your country. Ewu

poweredcom:
Notin new ok , nigeria city cant even be compared to just one state city in yankee

You are a pathetic Liar. I live in both countries.

Onewazobia:
You shift from the main subject of the post.
We are not talking about investment here

The theme of post is on comparison of the economic differences / ease of living between the two countries.
This would include discussion on economic opportunities that exist in one and not the other .
So, there if no “shift from the main subject” . Rather, it is an extension of topic.

rinzaugustine:
Most of the luxury cars he is seeing are the proceeds of crime. You don’t have to become a criminal scamming people online to drive a luxurious car in a western country as good credit takes care of that as long as you are working . He should visit Abuja. Lagos is an unplanned chaotic city , full of traffic jams, no drainages, loud noise and those smelly black water dirty creeks a simple water management expertise would have easily taken care. He should have visited the serene villages of Oshun, Oshogbo, Ado ekiti , Akure, Ibadan villages to enjoy Nigeria

See as u spell Osun. You still mentioned the state and capital as different places the American could have visited. You lack common knowledge.

Glimpsetv:

https://www.youtube.com/watch?v=BK5TAmnbiwA?si=JwH-OiaOWLxmA4zx

Hmm.

Culture shocks.

BoldBrainz:
That very horrendous credit system is what your current president is fighting tooth and nail to implement as one of his policies, claiming it makes for a better society and people are applauding him .

I really do not understand what is horrendous about credit system. Any issue with the credit system is basically on the individual. It's like having a car and blaming the car for an accident while it is being driven. Anyone who is not financially disciplined, or does not have the knowledge will make a mess of, or abuse the credit system.

I started with $1000 RBC credit card and I'm now on $12000 limit. I have a limit of $11500 on my TD Bank card which I grew from $4500. I don't waste time paying off balances on both credit cards because I understand the implications of missing payments. My credit score is 825, I used my TD card to buy my flight ticket of $1750 to Nigeria in July and I paid it off just yesterday. If you're not greedy and a spendthrift, the credit system will help you stabilize at a time when you're cash strapped.

JohnBullMySon:
Definitely not surprised it flew over your head.

Ordinarily, you should not expect someone who calls insurance and credit a scam to have any form of financial intelligence.

hahaha

you call going into debts to get short term needs and pleasure a form of financial intelligence

you are so "smart".

do you realise that there are lot of american economists who are against the debt system. obviously you dont know about that because you are narrow minded

even dave ramsey a popular US radio personality talks about being debt free.

you have no clue. Going into debt isnt only the way to get the things you want in life.

JohnBullMySon:
Story. JJC Economics.

There’s a reason most US business people tell you to own property if you want to grow wealth, but you need wisdom. First of all, if it’s good property, whether the property is used for business or not, the rise in property value will outpace any kind of expense you’re paying on it. If you decide to sell, you may still qualify for capital gain tax exemption.

Owning property gives you access to loans that can be either used to start a business or raise capital for stock investments. Most diaspora Nigerians I know who own businesses in Nigeria first owned a home and used it to raise capital to start a business in Nigeria.

You people criticize the credit system because you don’t understand it. You cherry pick negative examples from addicts, poor people and the financially reckless and use it to justify nonsense. Credit was designed to declog static money, encourage enterprenurship and grow the economy. It was not meant for you to spend above your inflow or make poor investment choices. That’s abuse

Only salaried rich people like sport stars etc can have financial problems when they fail to divert their cash flow. A good businessman can never have such problem. How many business men have you seen their net worth valuation decline? Businessmen are even not required to pay off their loan as long as their net worth is good. After you die, part of your assets will be used to service the loan. That’s how it works.

Countries with a credit system will always outpace countries without it. 4% of New York are dollar millionaires. I’m sure 0.5% of Lagos is not even earning 2m Naira a month.

bla bla you accuse someone of cherry picking while you also cherry picked your information. According to you, everyone not financially in a good position in america is either an addict, poor or financial reckless of which it is not true.

you claimed property value always go up in price, that is not always true.

a recession could devalue a property.

And, how about people losing their jobs and going homeless

Stop acting like the credit system is the only way to get rich

In nigeria, people do not have access to credit but they save to own things and they own it even if it takes them 5-10 years to get what they want.

i can not say the same thing for an individual living in a credit based society, they literally own nothing and what they have can be collected from them once monthly payment is missed.

Simple.

JohnBullMySon:
And how many assets do you own?

Most of these comparisons are lopsided. Comparing the absolute worst in the West with the financially buoyant in Nigeria.

If you cannot compare the poor in Naija with the equivalent poor in the US and do these with rich as well. Then you’ve indirectly made the point that the West is better, while trying to prove the opposite.

Tell me your economic status in Nigeria and I’ll show you that your equivalent in America is better off.

rinzaugustine:
Most of the luxury cars he is seeing are the proceeds of crime. You don’t have to become a criminal scamming people online to drive a luxurious car in a western country as good credit takes care of that as long as you are working . He should visit Abuja. Lagos is an unplanned chaotic city , full of traffic jams, no drainages, loud noise and those smelly black water dirty creeks a simple water management expertise would have easily taken care. He should have visited the serene villages of Oshun, Oshogbo, Ado ekiti , Akure, Ibadan villages to enjoy Nigeria

Crazy and stupid Nigerians always has lighting their country! Go to Guatemala, Afghanistan, Lebanon you will appreciate your country despite all our problems. A foreigner is appreciating your country but you are here gas lighting it as if you a citizen is not part of the problems.
I am sure you have never stepped out of Nigeria if not you would have known that there are places in America that are worse than those places you mentioned in Nigeria.
If you don't know these people are told that there is no single good place in Nigeria or Africa as a whole so seeing some good places surprised him.
Go to some places in New York, Los Angeles, Houston etc and see the terrible state of environment.
Whoever told you that Americans are not fraudulent or don't buy cars with fraudulent money? Most car on Nigerian road are bought thru people's hard work. How many exotic cars do we even have compared to the population?
Ignorant set of people!

I always tell my white friends to learn from Nigerians how to club, socialize, and enjoy life. We beat Onyibo for that one nor be all the yeye potlucks.

I see pains. So no legit hustlers in Nigeria? everyone in luxury car is a fraudster in the eye of poor. Better deviate from the traditional way of making money which school taught you and align yourself with modern way, develop a high seeking services and provide what people need.

rinzaugustine:
Most of the luxury cars he is seeing are the proceeds of crime. You don’t have to become a criminal scamming people online to drive a luxurious car in a western country as good credit takes care of that as long as you are working . He should visit Abuja. Lagos is an unplanned chaotic city , full of traffic jams, no drainages, loud noise and those smelly black water dirty creeks a simple water management expertise would have easily taken care. He should have visited the serene villages of Oshun, Oshogbo, Ado ekiti , Akure, Ibadan villages to enjoy Nigeria

rinzaugustine:
Most of the luxury cars he is seeing are the proceeds of crime. You don’t have to become a criminal scamming people online to drive a luxurious car in a western country as good credit takes care of that as long as you are working . He should visit Abuja. Lagos is an unplanned chaotic city , full of traffic jams, no drainages, loud noise and those smelly black water dirty creeks a simple water management expertise would have easily taken care. He should have visited the serene villages of Oshun, Oshogbo, Ado ekiti , Akure, Ibadan villages to enjoy Nigeria

What's with the bitterness?

Tjra:
Those places you call villages are more developed than your shit hole region. I won't be surprised you hawk gala in one of the states.





You don't know that guy? He is a well known tribalist here. He is from Aba.

You are not sensible at all Owerri is far more developed and better than Abeokuta, Akure and Ekiti combined. Didn't even mention Enugu. Also how did you know the guy is from Aba, and he didn't even bash your region he went as far as saying that the American should visit places in SW, but your hate filled tribalistic mind couldn't even fathom it.