Secured credit card???

[msdraglox]

So I was suggested on another post to obtain a secured credit card. I have a myFICO score of 586 and would like to break 640 within a few months, I only have 1 account in collection but I have lates on other accounts that I am GW'ing I also have two paid off collection accounts sitting to fall off in 2012 but I am GW'ing them also. I must say that I do have 5 store cards open and all at soon to be zero balances. 

My question is which secured card is best? I looked at BOA but they charge an annual fee??? is that normal? Should I try my credit union? I dont want to try and apply for too many cards and get denied since that will hurt my score. Should I try and call CITI (one of my paid off collection accounts) and try and re-establish my account with them? Any and all suggestions are welcomed. 

[laz98]

citi probably wouldn't reopen your account, but it never hurts to ask!  =)

i would take copies of my credit reports to my credit union & see what they say, before they start pulling your credit.

[emartin82]

citi will not open your account. most, if not all, secured cards will charge you an annual fee. i love my BofA secured card. it is set to unsecure this month on the 27th. outstanding customer service, relatively low interest rate (at 14.25%...and i do mean relatively).

[Anonymous]

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@emartin82 wrote:

citi will not open your account. most, if not all, secured cards will charge you an annual fee. i love my BofA secured card. it is set to unsecure this month on the 27th. outstanding customer service, relatively low interest rate (at 14.25%...and i do mean relatively).

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Navy Federal's secured card has no annual fee.  Not sure about PenFed's.