Those who had to take this step should now work to rebuild their credit. This typically involves making on-time payments and being overall financially responsible. You may ask yourself whether you should get a credit card at this stage? And what kind of options are available to you?
Secured Cards Are a Way to Go
Getting a “regular” credit card won’t work for you as most banks won’t provide you with one. Perhaps worse, you may get a credit card with rates so high that its use is hard to justify. So you are better off getting one of so called secured cards, which require a security deposit that determines your credit line. Generally speaking, the amount of deposit is equal to the credit you can use. So in a way, a secured card acts like a debit card with an option to access more credit after a year (or so) of making on-time payments. By doing so you will also be working towards improving your credit score, and eventually be able to get a “real” credit card. In the meantime, let’s look at…