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Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/i-have-a-friend-who-has-recently-moved-to-the-us-15976087.aspx

Subject:  Re: Starting from scratch Date:  10/23/2001  2:09 PM
Author:  Leviathan Number:  95719 of 309666

I have a friend who has recently moved to the US from Jamaica, and has a good job in computers. I helped him open a bank account today, and the bank offered a 'secured' credit card, i.e. backed up by his savings account. My question is 'is this the fastest/only way for him to start to build a credit history?" How difficult will it be for him to buy a property with a mortgage? He's on a work-permit visa.

It depends on how long it will be until he buys it. If he's purely interested in having a higher credit score and a history, then a secured card, which I hate because they are charging you interest to borrow your own money, is