Rebuilding credit after a bankruptcy or another negative event is a tough business. A situation where you need to have credit first in order to build credit is a typical Catch 22 situation. However, you still have options. Secured cards and high-risk products are some of them.
Here're our editor’s picks for cards that will help you establish or rebuild credit:
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See if you Pre-Qualify without harming your credit score
1% cash back on gas & groceries, terms apply
This is a fully unsecured credit card with no deposit requirement
Generally, whatever option you choose, these are the main principles:
In most situations of bad credit, the only choice is the secured card. A secured card offers you a credit limit that is secured with a deposit that you put in a bank as collateral.
Some of the good secured cards are:
$25 annual fee
$0 first-year fee
reports to credit agencies
24 days grace period
unsecured card offer after 12 months
If your credit score is not damaged but rather nonexistent, it is much easier because you have more options – typical newcomer products like Capital One Platinum, Credit One Platinum or some of the Discover cards can help you to jump-start your credit score building.