You will hear stories of how they have found themselves in financial trouble. It may have been trying to live beyond their income level but it could have also been job loss, illness, or some other catastrophic event.

If you are one of the unfortunate, then rebuilding your financial history has become a priority. You might be asking this question: “The reason my history is ruined is because of credit cards so why would I apply for another to fix it?”

While that is a legitimate question, the answer is may be simple: In order to rebuild your history you often have to start with small steps and create some positive marks before bigger loans are available. If you are looking to get a bad credit Visa, you will probably be approved for a secured card.

These require you to have a balance in a special account held by the issuing bank. The balance in that account is equal to the limit on your card.

These accounts have perks to help you. First, all it will report your positive payment history to the three major reporting agencies. Next, many offer educational articles, podcasts, and seminars to teach you how to better manage your money.

Another card that is often used are prepaid. These allow you to directly deposit money and use your card to make purchases.

This will give you the purchasing power to; reserve airline tickets, rent a car or book travel lodgings. Having access to a major credit card makes the act of paying or reserving a product or service much easier.

To find the right choice for you, do as much comparison shopping as you can. There is no absence of prepaid accounts without an annual fee but if you look at a secured or unsecured account, the fees may be quite high.

In addition many of the sub prime lenders have stopped lending. This is primarily due to the credit crisis.