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How to get a credit card, a bank account and how to pay for a car, it's all in this section of the website.

More Information:

  • Credit history

    This is one of the most important things to look into. It is a very frustrating catch 22 situation. You cannot get a credit history until you can prove you can pay off loans and no lender will offer you money unless you have a credit history.

    Many options are closed to you if you have no credit history. In my experience the banks in LA only care what your financial history is, within the USA. This means that if you have an account with the same bank in another country, they will not take this into consideration. Basically you are starting all over again. NOTE: Building good credit takes time. You can check your credit history online, this can be found by an internet search.

    One solution for improving your credit history is by having a loan. By having a good credit history you can get better terms on a loan. In order to expedite this, you can apply for a secured car loan. Effectively you pay the cars value to the bank and then borrow it back. It is easier to buy the car outright but by doing it this way you will have a positive effect on your credit.

  • Credit card

    Be prepared to start with a low limit and with a secured credit card. My bank refused me a card until I gave them the agreed amount to hold in a secure account. NOTE: Check the interest is paid to you. Therefore if I was to default on the payment, the bank could use my security to settle the bill. You know when your credit history is improving because all manner of lenders will send you junk mail offering credit cards, but this does take time.

  • Bank accounts

    A "Checking Account" is the standard account in which day to day finances are processed and features an ATM Card. An ATM Card looks like a credit card but when used to purchase items the money is debited directly from your Checking Account. These cards can also be used to extract money from ATM Machines (or "cash machines"). Some banks may allow you to open an account if you have no local social security number and do not hold a US passport. Washington Mutual offering a free account, you will need your passport and a Californian address. Further information can be found at www.washingtonmutual.com

  • Buying or leasing a car

    As a new arrival to LA, if you have no credit history many lenders will not authorize you a car loan, or if they do the interest rate will be high. A lease would also depend on your credit history, basically this means you are renting the car. Many people lease in LA; it's a car culture and this enables people to drive a better car than they could normally afford. The downside is you have to return the car at the end of the contract. NOTE: A lease can be a tax write off depending on how your income/business is assessed by the tax authorities.