The Wall Street Journal reported today (2/13/07) that Bank of America has rolled out a program in Los Angeles county offering credit cards to those without social security numbers or credit histories. They hope to go national with the program this year.
In recent years, banks across the country have been offering checking accounts and even mortgages to undocumented immigrants, most of whom are Hispanic. Is this a good idea? What do you think will be the long-term effects?
2007-02-13 08:31:58 · 4 answers · asked by lizzgeorge 4 in Business & Finance ➔ Credit
I'm very surprised BofA would, let alone could, go this way. Part of the reason that BofA has been so successful in the credit card business is that it is good at determining which people to grant credit to, based in large part on our credit bureau system. Add to that the "fear factor" that Joe Consumer has of getting his credit ruined if he doesn't pay BofA.
Illegal immigrants don't have that credit history, so I'm not sure what BofA is determining credit worthiness from, and they have no one to report to in case of delinquency or default.
Very odd choice...
2007-02-13 09:01:28 · answer #1 · answered by Jason 3 · 1⤊ 0⤋
I can't even believe this at all. I can't get a credit card cause my credit is crappy, but some illegal alien can waltz into the country and go to BoA and get a credit card???
Can I just go to them and say I don't have a social security number and get some credit please?
One more thing...Why are they so much more credit worthy then anyone in the US? They could get deported back to where ever and leave us with the debt and it'll never get reported on a credit report. It'll never get collected either. If they want to do something nice give credit to people who have a bad credit history, but that are AMERICANS!
Sorry....this is un-friggin believable!!!
2007-02-13 08:55:56 · answer #2 · answered by ♥ Mary ♥ 4 · 0⤊ 0⤋
absolutely unbelievable! all i know is that if they roll out the program nationally, i will no longer be a bofa customer.
the guy who answered that its part of the american dream is out of his mind. what about my american dream? last i checked it didnt involve paying down the debt of an illegal imigrant who racked up a bunch of credit card debt and then dissapeared with no way to contact them because they dont have a freaking social security number! for that matter, it didnt involve paying for their medical care or for their children to go to school. people who are not in this country legally have no right to the american dream. you have a mental disorder to think otherwise.
2007-02-13 12:58:20 · answer #3 · answered by whosajiggawhat? 2 · 0⤊ 0⤋
I think that it is awesome!
I am going to call bank of america and switch my business to them.
The american dream should be available to everyone.
Some of the illegals work just as hard if not harder than some people who have lived her for a lifetime.
This new policy really does not affect me either but I think that it is a step in the right direction for equality for all!
KUDOS to BofA
2007-02-13 08:59:35 · answer #4 · answered by kissmymiddlefinger 5 · 1⤊ 1⤋