Skip to comments.Undocumented Immigrants Now Offered Credit Cards, Loans
Posted on 04/09/2005 12:39:46 PM PDT by endospace
SAN FRANCISCO---When Ronaldo Labindao came up to the bank officers desk on Monday, he looked like any other person here applying for a credit card. He signed a few papers and couldnt wait to buy a new computer.
But Labindao is neither a U.S. citizen nor legal resident. He came to this country from the Philippines in 1995 and illegally overstayed his visa.
Labindao is one of the beneficiaries of a new program by Californias Wells Fargo Bank, which gives loan opportunities to individuals without a Social Security Number.
You dont need to have a credit history to get approved. Not many people are aware of our program, said Stephanie Wong, a Filipina desk officer at Wells Fargo, in San Francisco.
Wong said that Wells Fargo normally offers clients without a Social Security Number a $300 credit card limit. After a year, if the credit card holder maintains a good record, the bank will increase the credit limit.
In a CNN report last week, a Wells Fargo spokeswoman said the bank doesnt deal with their clients immigration concerns.
Nationwide, an increasing number of financial institutions offer such programs, including mortgage loans. According to the National Association of Hispanic Real Estate Professionals, the nations roughly 6 million undocumented Latinos alone are a potential $44 billion market for homes.
The number of people using taxpayer identification number (TIN) has increased over the last decade, an Associated Press report said. The IRS accepts their tax payments, and financial institutions seek them out as customers, despite their having no legal right to work or remain in the U.S.
These are our best-performing assets, James Maloney, chairman of the Milwaukee-based Mitchell Bank, told the AP. These are folks who are appreciative of the fact that were willing to take a chance on them.
These are folks who are appreciative of the fact that were willing to take a chance on them.
And the bank is happy to get them under their thumb.
Well, in a way, this makes sense. I guess these people are like our forefathers. They appreciate the freedom that this country offers and the opportunities that they have to make something of themselves. They work hard, pay their bills, and move up in the social and economic levels.
However, they should come in legally. Since they are in, they should apply for citizenship. Let's keep them and send some of these blasted liberals who don't love and appreciate the United States out of the country in their place!
The interest rate on one of those things has to be over 20%
Hey, now that's a comment I understand. This is capitalism at its' best. I just can't agree with blaming all immigrants for the devastating effects liberal policies have had on our states.
That's funny because it makes me want to OPEN an account with them. Maybe I could sell my soc.sec. number to one of the immigrants.
unserviceable debt with the expectation of being bailed out by U.S. taxpayers...
That's similar to my proposal years ago that we trade even with Mexico; we'll take willing workers but they have to take leeches and thugs in return!
Great minds and all that! LOL!
I agree. Let's just have an auction on social security numbers.
Yep. I agree with you. After all, we all came from somewhere else way back when unless we were Native Americans.
"They work hard, pay their bills, and move up in the social and economic levels. "
Many if not most are paid under the table so they don't pay taxes. The ones that do pay taxes have stolen someone else's SS number which is a crime. Their children get free education, they get healthcare at emergency rooms, their housing is subsidized in many locations, they get food stamps, WIC, etc, etc. They import many diseases which were eradicated here.
If I was subsidized by stealing someones tax money then maybe I could move up the socio-economic ladder a few rungs. Our compassion will be the death of our culture because the illegal alien criminals have no such compassion for us nor do the traitor enablers in our government. Stupid, bleeding heart gringos, you are all women.
And the bank is happy to get them under their thumb.
Are the loans insured? I don't know enough about banking to know why the bank is willing to do this but I do know they aren't doing it out of the goodness of their heart.
I feel the same way about thisas I do about Spanish advertisement: Private businesses are free to court whichever customers they want.
The banks would be fools not to have them insured. That way we can all pay up on the defaults.
I bet I couldnt walk in there and get an account without a SSN.
Wait just a doggone minute! I am not a stupid bleeding heart liberal. Did you read that article? It said that those particular people had "Tax Identification Numbers," not social security numbers. The tax identification numbers were given to them for the purposes of paying taxes. I don't know how that works, but they did not have to have social security numbers apparently to do it. Those who steal social security numbers should be arrested and prosecuted, just like any other criminals. They should also be deported. If these people can get jobs and move up in the world as undocumented citizens, what is holding you back? You have all of the advantages that they do not.
Sorry, I didn't mean to imply you are a liberal. My apologies.
make all debt issued to illegals uncollectable AND make it illegal to charge the debt off on any taxes or accounting.
you call IRS you get tax id number. That simple.
if you really want to be creative, for a few hundred you start a corporation and then get a tax ID for the corporation.
The corprate tax id # is STUPIDLY identical in numbers to a SS#. A tax ID number should be more numbers and include letters to be DIFFERENT from SS#'s.
Thank you for the info.
Stop living in the past. I was born here and as a citizen am damn sick and tired of these criminals sneaking in by the millions and turning my city into a third world hellhole.
1- They are NOT undocumented immigrants, they ARE illegal aliens. That's CRIMINALS to those of you on the left coast.
2- These are the same mealy mouthed people that call terrorists "insurgents".
3- See #1. No further discussion needed.
I am not living in the past. If the people in your town are criminals and breaking the law instead of contributing to its growth, then do something about it!
If you need a number for tax purposes and you are not authorized to work in the U.S., you can apply for an Individual Taxpayer Identification Number from the Internal Revenue Service (IRS). Visit IRS in person or call the IRS toll-free number, 1-800-TAXFORM (1-800-829-3676), and request Form W-7, Application For An Individual Taxpayer Identification Number.
Lawfully admitted noncitizens can get many benefits and services without having a Social Security number. You do not need a number to purchase savings bonds, conduct business with a bank, register for school or apply for educational tests, obtain private health insurance, apply for school lunch programs or apply for subsidized housing.
You may apply for a Social Security number if you do not have permission to work:
* If a federal law requires that you show your Social Security number to get a particular benefit or service; or
* If a state or local law requires you to show your Social Security number to get general assistance benefits.
To get a number to meet a state or local government requirement, you must provide a letter, on letterhead stationery (no form letters or photocopies), from the government agency requiring you to get a number. The letter must:
* Specifically identify you as the applicant; * Cite the law requiring you to have a Social Security number;
* Indicate that you meet all the agencys requirements, except having the number; and
* Contain an agency contact name and telephone number.
If you are assigned a number for nonwork purposes, you cannot use it to work. If you use it to work, we may inform DHS.
You will receive your number and card as soon as we verify your immigration status with DHS. Your employer can use your immigration documents as proof of your authorization to work in the U.S.
An ITIN, or individual Taxpayer Identification Number, is a tax processing number that is available for certain nonresident and resident aliens, their spouse, and dependents. The ITIN is only available to individuals who cannot get a Social Security Number (SSN). It is a 9-digit number, beginning with the number "9", formatted like an SSN (NNN-NN- NNN). The temporary IRS Number previously assigned is no longer valid.
What is the purpose of an ITIN?
ITINs are only used for federal income tax purposes. The issuance of an ITIN does not:
* entitle the recipient to Social Security benefits or the Earned Income Tax Credit (EITC);
* create an inference regarding the individual's immigration status;
* give the individual the right to work in the U.S.
When completing the tax return (1040, 1040A, 1040EZ, 1040NR, 1040NR EZ), the individual will enter their ITIN in the space for the SSN.
Well, if they have shown themselves to be good citizens, why not?
I agree with you. I just didn't know that anyone who wasn't a LEGAL citizen could get any kind of Individual Taxpayer Identification Number.
I am sure that if some undocumented visitors in your home will show themselves to be good roommates (by washing dishes for example) you will put them on the lease.
Do not forget to unlock your doors and advertise your address.
Now really, that is being a bit too sarcastic, don't you think? I would give one a job, though. I can't pay a lot, but I need some help with my lawn. It is big and I can't do the really heavy stuff my late husband used to do.
No, no. Before you help "undocumented" guests to settle in the common home (the country) for your convenience, it is only proper that you start your hospitability by sharing your own private property and home.
Hey, you illustrated my point better than anybody could.