₦airaland Forum

musicwriter:
To you all Africans..

Whatever you do, try your possible best to avoid the life of credit while in the US. Cause once you begin taking credit cards, there's no going back as you'll see it as a lifestyle. Eventually, you'll gradually owe a stockpile of debts that you will not be able to pay back. The purpose of credit is not to help you, but to lure you into poverty. That's the original idea.

This was originally a capitalist trap set for black slaves in the cotton fields, in order to keep them in perpetual debt and unable to make savings, and unable to free themselves from poverty. But, it unfortunately permeated into US culture.

See "The hidden history of US credit card empire" http://www.africason.com/2015/06/the-hidden-history-of-us-credit-card.html

A word is enough for the wise.

Believe me, I understand the credit system and its pangs better than you think. In as much as some people get credit cards and mismanage them, more other people obtain theirs and use them well. Some people go to school and graduate (good reading habits), some don't graduate (bad reading habits). The same applies to finance. However, we don't assume that some people we know failed out of school therefore it deters us from going to school or makes us warn others not to go to school.

All the woes and 'doomsday prophesies' about having a mere credit card is amusing and I think we are really over-flogging the issue, maybe because we don't understand how it works.

Irrespective of the origins of the credit card system, that is totally irrelevant to our modern day's market and economy.

DeeTus:
Hey, you have a lot of facts.

I really do not value citizenship a lot. What I value most is job. If I work and get little connections is okay for me.

Most people think having a US citizenship, all their problems in life are solved.

What matters most in life is good health and having enough money to take good care of your family.

Right. Last year, over 3,500 US citizens gave up their US citizenships, and this trend has been rising steadily over the years.

Having a citizenship doesn't even solve life problems in the US. It mostly makes getting jobs easier for you.

DeeTus:
Hey, you have a lot of facts.

I really do not value citizenship a lot. What I value most is job. If I work and get little connections is okay for me.

Most people think having a US citizenship, all their problems in life are solved.

What matters most in life is good health and having enough money to take good care of your family.

JOENICE;..

bigfrancis21:
FAFSA has no direct loan package for international students but as an international student who has been using a credit card for sometime, say 1 year, and has built some history of on-time payment, you could qualify for a loan from a bank. Without that, the odds against you are high as an international student. Like I mentioned before, one of my friends, an international student, was in dire need of tuition money, and he applied to a bank for loan and he was approved instantly because he had a credit history, which was pulled before him right there in the bank. This would not have been made possible had he not had a credit history.

The thing people fail to understand about credit history is that it is just a way to show that someone is financially responsible. Your credit history is the length of time from the very first day you started using a credit card till date and shows how you've managed your finances all that time. Or maybe the 'credit' in front of 'credit history' makes people ignore the 'history' and what it means. Or have we forgotten the simple definition of the word, 'history'? It is simply a history of your finance management. Your credit card does not have to be $5000 in limit, it could be $300 or $500, you spend $50 averagely per month and pay back the $50 on time (this is especially for those 'frightful' of over-spending on a credit card. It doesn't have to be a huge-line credit card. Go for smaller credit lines, to make it easy for you to manage). Do this for 12 months, and you have 1 year of credit history and on-time payments. When in dire need of a loan to solve a pressing issue, you go to the bank, your having a credit history helps you in getting past the initial doubt of if you are a worthy borrower or not quickly and onto the next stage of how much loan you could obtain.

Now, we all know how difficult it is to get a loan from banks in Nigeria except you have a collateral such as land or landed properties. Think of how easier obtaining these loans in Nigeria would be had we a credit system in place and all you needed to do is establish at least one year of borrowing and on-time payment of your expenses to make you eligible to walk into any bank and request for a loan. The credit card system helps to weed out those bad at finances from the ones really good at managing their finances. That's just the point.

Credit history shows your credit worthiness. How else can you prove to someone that you are good in borrowing money and paying back on time as at when due? We as individuals all have that one or two friend (s) that we would readily lend money to anytime they ask because they have always paid back their debts to us as promised, thus they are credit worthy. In other words, they have established a credit history with you and are safe borrowers. 'Safe borrowers' is the key phrase here. On the other hand, we have that one friend who would never pay back money borrowed from you even with force or some that delay to pay back and we are always reluctant to lend money to them should they ask.

Or maybe we are just fixated at credit history from one angle - our point of view. Put yourself in the position of a money lender or bank. Who would you rather lend money to - someone who has established history of borrowing and paying on time (thus less financial risk and more likely to pay back your money) or someone who has no history at all (how sure am I that he would pay back on time or at all? More financial risk).

Now don't get me wrong. I am not asking anybody to get a credit card if they don't need one at the moment. You don't have to have a credit card anyway if you don't want to but for the sake of future needs to borrow money for pressing needs, especially if you plan on staying behind in this country, having a credit history helps get you through the process much quicker than those who don't have one. Just bear that in mind.

By the way, darklight isn't even eligible for a credit card to start with as he just arrived the US and does not even have an SSN needed to apply for one.

Ermmm... You don't need a SSN to to get approved a credit card! I know this for a fact!
So far you have been making transactions with your debit card, after three months you can qualify for one. If you've had a lot of cash flow with your debit card they can even waive the 3months requirement and issue you one sharp sharp.

Stewee:
Ermmm... You don't need a SSN to to get approved a credit card! I know this for a fact!
So far you have been making transactions with your debit card, after three months you can qualify for one. If you've had a lot of cash flow with your debit card they can even waive the 3months requirement and issue you one sharp sharp.

which bank does this?Cause,I know my bank did not tell me this..

kellycute:
my nairalanders, I hail o. You guys should wish me favour, interview loading... Let the word of prophesy start pouring upon me. Am not even feeling the tension at all. I'm actually excited about the whole thing lol. Hope am alright sha.

You are very alright bro...Na over preparation dey worry you... You are good to go

Your visa is already approved

.

bigfrancis21:
Believe me, I understand the credit system and its pangs better than you think. In as much as some people get credit cards and mismanage them, more other people obtain theirs and use them well. Some people go to school and graduate (good reading habits), some don't graduate (bad reading habits). The same applies to finance. However, we don't assume that some people we know failed out of school therefore it deters us from going to school or makes us warn others not to go to school.

All the woes and 'doomsday' about having a mere credit card is amusing and I think we are really over-flogging the issue, maybe because we don't understand how it works.

Irrespective of the origins of the credit card system, that is totally irrelevant to our modern day's market and economy.

If you think I don't understand how it work, then it's clear you don't have the statistics on how many Americans are in debt. Average debt on the head of every American is about $6,000 (google it). Well, I forgot to add, not everybody is cutout for credits. Yes, some people can manage it well and it was said in that article.

Well, the purpose was not to doomsday but to encourage Africans to live within their means. If you'll live within your means, you'll have no problem with credit cards. As long as this's understood, I'm fine.

stevecrun:
which bank does this?Cause,I know my bank did not tell me this..

Bank of America

Pls I nid a u brodas to hlp me edit my new organized transcript before my interview

Stewee:
Bank of America

I thought as much...Am thinking of opening a BOA account,I've been banking with Wells Fargo since I got into America,the problem I have with them is asking me to swipe my card 10 times in a month,as if I don't have anything else to do..

DeeTus:
I only use one moniker whenever am online while others who use two, three, four monikers are also here and you kept quiet?

I am too busy to be calling out names and you know it.

Only jobless minds check monikers. Busy minds don't.

How then did u know that two to three Pple are using diff monikers?

stevecrun:
I thought as much...Am thinking of opening a BOA account,I've been banking with Wells Fargo since I got into America,the problem I have with them is asking me to swipe my card 10 times in a month,as if I don't have anything else to do..

Go open chase bro..Chase...You can thank me later

stevecrun:
take heart..I knew it would grow worse..I bought dollar 189 during my time..it's well

Thank You my brother

Stewee:
Bank of America

You need to have SSN before you can get credit card from BOA.You can always confirm this from the bank.

texrem:
How then did u know that two to three Pple are using diff monikers?

Quite a lot of factors but revealing the intrigues here is not really good. Because those who are involved will feel somehow victimized.

I'm not here to make anyone feel sad. But those who give false impression about me is doing so out of character so to speak

We're only here to help each or one another achieve success. And I do hope somebody, majority of us will have the course to smile, get together and thank the moderator.

tayhur009:
Fowl play koh ten-ten ni? Ask other people on here about the site Quora it's just like nairaland. Plus you can use Google as your next tab and check.

Ahahhahhahahahhahahhaha....owk bro, but that "ten-ten ni" gat me laffing

bigfrancis21:
How do you mean 'have a doctor in the US'?

I am not too familiar with the health insurance policies of the United States but I do know that to medical consultations with a doctor incur bills, which are often expensive, and this is where having health insurance comes into play because they medical company pays most of your medical bills on your behalf and you take care of the remaining tiny bit left. In that regard, I think that even to see a personal doctor will still incur bills and you would definitely need health insurance to help out with the bills because the doctor has to feed as well, except the doctor runs medical services pro bono.

Once again, my distant opinion.

Bigfrancis and LagosNIV...I dope my cape for u people! I just love people that answers questions in d simplest way possible. Keep the it going sirs...some us are looking up to you.

I WAS GONNA QOUTE YOUR EXPLANATION TO LOAN INCUREMENT

BigFrancis21 I sent that thing

My month of approval

profojah:
Abeg Who is JoeDeetus?. Pls don't send me any mail again, I take God beg your papa!. Send your mails to Slimmy05, Djmakson, Walspring and SirRiddy. They have money and recharge card to give out!

LMAO...Profojah you no nice o. Why my moniker na?

djmakson:
LMAO...Profojah you no nice o. Why my moniker na?

One of my critics created the moniker above. Don't let that bother you.

Stewee:
Ermmm... You don't need a SSN to to get approved a credit card! I know this for a fact!
So far you have been making transactions with your debit card, after three months you can qualify for one. If you've had a lot of cash flow with your debit card they can even waive the 3months requirement and issue you one sharp sharp.

You mean bank of America or which one

August, my month of approval and favour...Amen

happney65:
Go open chase bro..Chase...You can thank me later

Chase;never liked them..

DeeTus:
Quite a lot of factors but revealing the intrigues here is not really good. Because those who are involved will feel somehow victimized.

I'm not here to make anyone feel sad. But those who give false impression about me is doing so out of character so to speak

We're only here to help each or one another achieve success. And I do hope somebody, majority of us will have the course to smile, get together and thank the moderator.

Please save us the stories! It's a faceless forum and revealing those with different monikers would do a lot of peeps here good and help us to be more careful in who we deal with. Or you probably you have some skeletons in your cupboard. I see no sense in having different monikers except you are a mischievous individual.