Once you have begun paying down debt with the extra cash you are raising it is time to list all the credit accounts you believe will offer you more value (cash back, points, rewards, etc) in addition to convenience. This list will be important for step 7 and it will strongly support your efforts in step 5.

     You can use websites like www.cardweb.com and www.creditcards.com to find credit account options. Those sites will list cards that offer various incentives. In some cases they will also tell you what kind of credit you will need to get the account (average, good, excellent).

     Again, don't give into general perceptions here. I know many people that believe they don't qualify for perks, rewards, no fees, or better offers because they don't come to them in the mail! You have to actively go look for the deals. Use the internet. A good place to start is your own bank. If you have a checking or savings account there, go visit them, and ask the customer service supervisor what kind of offer they can give you on a bank issued credit card. Banks have "sales" from time to time as well in order to generate new accounts.

     During this step you need to reassess your needs and your lifestyle. There are hundreds of credit accounts out there created for many different people. You need to decide what it is you are trying to accomplish. The account for someone who has recently had poor credit and is trying to get back on his feet is much different than the card for the person who has excellent credit and buys online often. Even if you only qualify for a "secured" credit card it is a good start (www.creditcardguide.com).

     Match your goals to the credit account offers. Take your time to find different options. Keep in mind this can include credit for refinancing your mortgage or car loan. Regardless of what kind of perks, rewards, or help you are looking for there are some things you should not want. Avoid membership or annual fees if at all possible.