What Is The Best Credit Card To Get After A Foreclosure Or Bankruptcy?

This is a frequently asked question, where do I get one and which one is the best for my situation? Remember, after a foreclosure it is critical that you reestablish new credit immediately. That's muy pronto!

After an event like a foreclosure, you need to reestablish credit with three new credit cards! Not 1, not 2, but 3.

It is okay to apply for two or three of the same credit cards, as long as all of the credit cards are reported to all three credit bureaus.

According to Philip X. Tirone, author of 7 Steps to 720, Public Savings Bank Classic Visa Secured Card is the best secured card available today.

Here is why:

* 0% APR on Purchases for 6 Months
* No Annual or Monthly Fee
* No Credit, Income or Employment Requirements
* Reports to ALL three Credit Bureaus
* Use this Card Everywhere you see a VISA Logo
* One Time Set up fee – $79

Most banks charge yearly or monthly fees for their secured credit cards, which is why this one is superior to most others.

A crucial question that must be asked is:

After the foreclosure, how many new credit cards have you applied for?
If the answer is 0, apply for 3 Public Savings Bank Cards, (read important note)
If the answer is 1, apply for 2 Public Savings Bank Cards, (read important note)
If the answer is 2, apply for 1 Public Savings Bank Card.
If the answer is 3 or more, don’t apply for more credit!

Important Note: If you need to apply for more than one Public Savings Bank Secured Visa Card, you do not want to apply for them all at once. Instead, apply for one secured Visa card every 2 weeks.

According to Tirone, if you follow these steps you will have a 720 Credit Score 4-5 years sooner than that foreclosure or bankruptcy falls off your credit.

Unfortunately, secured cards are no longer converting to regular credit cards. That being said, don’t worry about that, when you get to a 720 credit score, you will have creditors tracking you down!

In the end, remember why you are applying for this credit card – to build credit, not to use it.

Guard your credit closely!