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Let's be honest. Foreclosure is just about the worst thing that can happen in your life, and is also a terrible blow to your credit. You will find it difficult to get traditional credit cards for a while. This causes two problems. First, you won't be able to use a credit card, even for things like renting a car. Second, if you can't get credit, you can't build your credit, and that's problematic. One option, in terms of strictly having a bank card you can use to reserve a hotel or rent a car, is to get a debit card attached to your bank account. This is a good first step, and will allow you to have a card for purchases, without making those purchases on credit. Getting a credit card after a foreclosure can be difficult, but there is also something to consider. Credit cards can lead to problems for some people, so you may be better served with a debit card. If you feel you want to get a credit card and start rebuilding your credit card, it is possible. The first route you should try for getting a credit card after foreclosure is to research credit cards for people with credit challenges. CreditOne, Orchard and FirstPremier offer credit cards to people with less-than-stellar credit. By getting one of these low-limit, “rehabilitation” credit cards, you can begin to demonstrate a positive credit record, and eventually move up into a better credit card with better interest rates and terms. If you can get a low-limit credit card, that is not a prepaid card, use it carefully and make timely payments on it, that card will help you rebuild your credit to the point that you can upgrade to a better card. If you are not able to get a credit card that is not a prepaid card, you should carefully examine the terms of prepaid credit cards. If your goal is to improve your credit with some good credit accounts, you need to make sure that the prepaid card you're considering is really a prepaid credit card, and not a debit card that you load yourself. A prepaid credit card can help you overcome your credit challenges, but a debit card cannot, so you need to be sure. Your most dependable way of getting a credit card is to go with the low-limit cards for people with poor credit, use it and pay on it each month, keep it in excellent shape, ask periodically for credit limit increaseas, and leverage that card into a better card and a better credit score. Biofuel articles 3-5
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