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NO do not get Credit One - add a secure card from BOA or Discover if you have to, but avoid Credit One at all costs. Credit One requires an AF and a lot of fees (and grief), use you AF funds to get a secured card if you must have another card. Frankly you don't really need an additional card, you just need time for the derogs to drop off and responsible usage of those cards you currently have to improve your scores.
If you decide you need Credit One - I did the pre-qualification on their site and was approved with the annual fee and the monthly fees and all that crap. I turned it down, and maybe a month later got a pre-approval in the mail for just a smaller annual fee ($45) without all the extra fees.
At that point, I accepted it and they've tried to charge me for credit limit increases a couple of time. I've ignore the offer each time, and eventually they've ended up just giving me the CLI without a fee.
Still not the best deal, but a better deal then they originally offered.