If you are like many millions of other Americans who saw their credit histories destroyed after experiencing a foreclosure, then join the club—I sit right next to you at the bleachers drinking diet Coke my friends. However, where there is a will there is way folks and the surest way to rebuilding your credit rating to what it once was is by using secured credit cards. Now if you are unaware of just what secured credit cards are, then let me bring you up to speed really fast.
Basically secured credit cards of kind of like a prepaid credit card account—you dump money into the account and whatever you add is what creates your credit limit. Then once you have spent that credit limit it is time to add more funds to your account. This is why they are called secured credit cards; they are secured with your money. Over time the bank will add a limit over and above what funds you have added, as you pay on time and your credit score increases, one day you will be back to where you were.
