When my youngest brother who is now based in Florida migrated, one of the first things my oldest sister helped him with was to get credit. While Nani never owned a credit card here in the Philippines, my sister advised him that it was crucial for him to get a credit card in the U.S. to build his credit history. If plans go smoothly for my brother, soon he will be applying for a car loan and a housing loan for his family. The first thing banks and creditors will look at is his credit history.
My sister firmly reminded Nani to take care of his credit history or he will never be able to get another loan in his life. While it's good advise to take to heart, it is not exactly true. There are companies who do still give credit to individuals with bad credit history. I hope that this never happens to Nani, but in case it does, there are bad credit loans that he can avail of. But since he will be working to rebuild his reputation (so to speak) and his confidence, he would need advise on the best options he has for credit cards, car loans, and housing loans. He will need assistance in comparing the pros and cons for every bad credit loans he receives. If ever the unfortunate happens and he has no other recourse, it will then be my turn to advise him to look to such informative sites as this one.
God bless him, and I hope he is not getting into debt because he is buying scrapbooking stuff for me. Although I must confess I sometimes borrow his credit card to shop online. Shame on me. :-)
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