Q:
Hello,
I have run into credit problems during the last 2 years. Once the economy in the real estate industry went bad, I had to let all my credit cards go. My credit report is ruined now along with my once good credit score. I have starting settling on all my credit cards which everyone has been eager to do. What I need to do now is re-establish my credit again since everything went to collection. What credit card do you recommend I apply for? Can I even get a credit card with my credit scores the way they are now?
Bob Lutz
A:
Hi Bob,
Sorry to hear about the real estate affecting your credit report. You are not the only one that has felt the affects of what has gone on in Real Estate. Since you are settling on your debt currently your credit score will eventually go up. Make sure that you get letters from these creditors stating that you have settled on all your debts. I just thought I would mention this. In order to get a credit card, you will more than likely need to apply for a secured credit card it does not sound like Credit Card Company will extend un-secured credit to you for while with all the recent credit card collections. Go here and select the Orchard Bank credit card. This is a low fee secured credit card. Also under the creditscorequick.com/reward_cards site there is a button for bad credit credit cards. You might also select one more within that link. You really need a couple new cards to get your credit in the right direction again.
CreditScoreQuick.com
