Q: After a divorce, I lost my 846 credit rating. Now, six years later, all bills are paid off. What would be a good card to start building my credit again?
A: It depends on your current credit score. Credit cards for bad credit are designed to help you rebuild your credit rating. These cards come in two flavors: secured and unsecured. You won't know which you qualify for until you apply.
The details of your question indicated that it's been six years since your divorce and the loss of your once-high credit score. So it's very possible that you could qualify for an unsecured credit card.
Both types of credit cards for bad credit can help you rebuild your credit rating. But it's your current credit score that's likely going to determine the card for which you'll qualify. So the first step is to get your credit report and make sure it is error free.
The good news is that a big part of your credit score is determined by your payment history over the past two years. So any flubs you might have made in the distant past ,and the financial difficulties you had six years ago are less important today, and are less likely to derail your chances of getting a credit card.
Ultimately, though, you won't really know what kind of credit card you can get approved for until you pull your credit report, correct any errors, and actually apply for a card.
You may qualify for the Capital One® Secured MasterCard®. With good credit management from you this card can help you rebuild your credit rating.
Equally important, this credit card issuer tracks your payment history and reports your on-time payments (as well as your slip-ups!) to the credit bureaus.
But as long as you make your monthly payments on time, you should have nothing to worry about. Even a secured card can help you begin to restore your credit to its previously healthy level.
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