Best Secured Credit Card for REALLY low score?

[DesertLife]

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@tattooedhusker wrote:

I have an OpenSky secured card, no credit check with them.

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Open Sky has a $50 annual fee compared to First Progress' $29 (platinum elite), $39 (platinum select), or $44 (platinum prestige) annual fee.

[Ravensfan2001]

State Department Federal Credit Union has a rewards Visa with no credit check, no annual fee, and 6.99% APR. You have to open an account with them (I opened mine online) and apply for the card via phone.

[Repo-ed]

www.whogavemecredit.com

[Wolf3]

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@RedHead1 wrote:

Hi all,

As you can see below, I have an abysmal score. I've been wanting to open a secured card for the following reasons: 1. I can now control my spending and can use it responsibly, 2. increase my debt to credit ratio, 3. have a card with a good, clean slate. Problem is, I only want to apply ONCE, so I don't have any additional credit checks. Is there a card that has a good acceptance rate for people with as low a score as mine? PS- I have bad history with Barclays, Capital One, and Citi, if that means anything.

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I think you need stages of secured cards.   First try the sub prime ones that don't pull credit, others have mentioned here.   Then after a year or more, you can probably add a secured card from a major bank or credit union.   Cap1, USBank, BofA, CITI are all likely to deny at this time, but would be likely after you improve. 

US Bank denied me 4 years ago when I started rebuilding and my credit was not nearly as bad.   Then I started with Open Sky secured, added HSBC secured at six months, Capital One secured at a year.   When secured cards were 1.5 yrs old, I got unsecured cards from the same banks. It takes several years to rebuild.

[GreatCreditFor2012]

Yea the others post are correct. It takes at least 2 years to build maybe even more to rebuild. But yea Opensky is Kool... You can deposit $200-$3000, no credit check, and they report to all 3 CRA, Also a low APR 14.5%. Downside is the Annual Fee is $50 and it will never turn into a unsecured Card. But its Kool to put your foot in the Credit door again. Good luck on your Credit rebuild journey!