Hello!
New to the forums, please be gentle. 
I just pulled my credit report from all 3 bureaus and my score roughly 570. I have only 1 open account which is about to be paid off this month. Given my credit score, I know I am not able to acquire a credit card from like Bank of America or Chase. A friend of mine told me to go with a secured credit card with Applied Bank. http://appliedbank.com/cards.html
Not sure what is the difference between these credit cards. Are there any other credit cards I should be on the look out for? Any help is appreciated, Thanks!
@shimabuku wrote:Hello!
New to the forums, please be gentle.
I just pulled my credit report from all 3 bureaus and my score roughly 570. I have only 1 open account which is about to be paid off this month. Given my credit score, I know I am not able to acquire a credit card from like Bank of America or Chase. A friend of mine told me to go with a secured credit card with Applied Bank. http://appliedbank.com/cards.html
Not sure what is the difference between these credit cards. Are there any other credit cards I should be on the look out for? Any help is appreciated, Thanks!
Bank of America and Chase are Very prime credit cards... Meaning they have strict lending credentials... a credit score of 570 will def not get you a prime card right now... good news is though you can now start to raise that score up! Do you have any recent inqs? Any charge offs? Lates? Give us a breakdown of what your credit reports look like and we can better determine what you should be doing..
@shimabuku wrote:Hello!
New to the forums, please be gentle.
I just pulled my credit report from all 3 bureaus and my score roughly 570. I have only 1 open account which is about to be paid off this month. Given my credit score, I know I am not able to acquire a credit card from like Bank of America or Chase. A friend of mine told me to go with a secured credit card with Applied Bank. http://appliedbank.com/cards.html
Not sure what is the difference between these credit cards. Are there any other credit cards I should be on the look out for? Any help is appreciated, Thanks!
Chase and bank of america (to a lesser extent) are considered prime lenders. They both offer unsecured cards that have more favorable terms (lower interest rate, rewards programs,etc). Your score is a minimum of about 80 points from qualifying for these types of cards, but 700 is really a good target number to be approved for these types of cards.
A secured card like the one your friend suggested, requires you to put down a deposit with the lending institution. In exchange you get a line of credit that is usually equivalent to your deposit. As you can imagine these types of cards are easier to qualify for, since there is little risk on the.part of the lending institution. They are beneficial for those looking to establish or reestablish credit, as positive payment history with them will allow you to eventually move on to unsecured cards.
As far as which secured cards are better than others, I honestly don't know but I'm sure someone else will be able to help in that area.
Also, where did you get those three scores from? I'm guessing they aren't fico scores since an actual experian fico cannot be purchased and you said you pulled all three. If those scores aren't fico, then yiu might want to look into the scores available on this site since they give you a more accurate (actual fico) score.
You can't remove all the baddies. But you can build the goodies My suggestions, in addition to your GW, PFD, repair work is:
1. Establish a savings account with a credit union that offers secured loans (make sure rate is not more than 3% above the savings rate) and secured credit cards.
2. Deposit $500 to $1000 into a savings account.
3. Take out a "secured" personal loan. This is a good addition to mix as an installment loan.
4. When you get the loan check (the money you borrow), deposit it back into savings.
5. You now have doubled your savings balance (example: you deposited $1000, then borrowed $1000 which you deposited into savings giving you $2000). The amount of interest you collect on $2000 should be equal to or higher than the interest they charge you for the loan on $1000....so essentially you are not out (of pocket) any cost to build your credit with this loan.
6. Ask for a secured credit card. If they won't approve initially, ask again in 6 months.
7. Once you obtain the secured credit card, only use it for items you PIF each month (don't accrue interest)
8. Pay off the loan at 12 months.
9. At 12 months ask to unsecure the card.
10. You have established to great credit references and credit TL's and built a relationship with a solid credit source....credit union.
11. During the course of the year above, continue working on the repair side of your credit.
12. You may also obtain other builder card such as CapOne or Orchard to add an addition TL and CL.
13. After you pay off the loan to the credit union, continue to make regular deposits to saving, just like you were still paying the loan off. This is a financial habit that you need to continue, and it gives you your emergency fund and savings that protect against unforseen events which can take you by surprise (and hurt your credit if you are short on cash).
Starting Score: 560
+1
Just try for a card with Cap1 and see if you get approved. If you do, use it wisely and PIF each and every month. After a year, get another card and do the same. it will take some time for your scores to improve, but it will happen with responsible use. Good luck! 
The best financial institution for secured credit cards are credit unions. They will give you much better interest rates and may even give you rewards, which is rare for secured cards. If you can build a good relationship with a credit union, it will pay off as you rebuild your credit. You'll be able to get rates for loans at rates far superior to commercial banks.
Starting Score: TU: 566
State Department FCU is a good place to start. Anyone can join (they explain how on their website). I opened a savings account and regularly deposit there. They have a secured Visa card with 6.99% APR, no annual fee, and a rewards program. If you call them to open a credit card, there is no credit pull at all (there is a hard pull if you apply online). And they report to all 3 CRAs as a secured card. I opened mine last month. So far so good. Good luck!
@shimabuku wrote:Hello!
New to the forums, please be gentle.
I just pulled my credit report from all 3 bureaus and my score roughly 570. I have only 1 open account which is about to be paid off this month. Given my credit score, I know I am not able to acquire a credit card from like Bank of America or Chase. A friend of mine told me to go with a secured credit card with Applied Bank. http://appliedbank.com/cards.html
Not sure what is the difference between these credit cards. Are there any other credit cards I should be on the look out for? Any help is appreciated, Thanks!
I would consider a local credit union or Cap 1. Applied Bank IMO is not a popular secured card to get, loaded with fees.
