Opensky CC

[Denny33142]

If you have exchausted all of your options then i guess you can go with the Open Sky, I will admit that the 14.25% APR is one of the lowest i have seen for a card in it's class.

Your profile is very similar to what i had when i first started off 2 years ago, but in addition to the 2 collections i also had a charge off and no credit at all. 

[2FixMyCredit]

Same here, two collections and one charge off from a bank loan.  All less than $1300 combined and all three years old at this point. 

From your siggy your credit has certainly improved

[Wolf3]

OpenSky is a very good choice for you.   Once you build some history (over 6 months),  you can probably get a secured card with good terms.    That is what I did.

This card has no grace period so keeping the daily balance low is important to mnimize interest charges.  So you should charge some things and then immediately make a payment.   

[ryanbush]

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@2FixMyCredit wrote:

I can't get credit ANYWHERE! LOL Its kind of sad but it is what it is!  I don't have an option to get it anywhere else that pulls your credit because as soon as they do they say no.  I am trying my best to rebuild but it seems impossible to since I can't even get approved for a secured card!  That is why I feel Opensky is the only choice I have left at the moment.

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I think at this point you should worry more about paying your collections and getting headed in the right direction before you worry about getting a new tradeline.

use the money you would for the deposit and save if necessary and negogiate the collection agencies for a pay for delete.  this is the right way to do things and will be way more beneficial in the long fun then adding new credit will.

[Burned2manybridgesB4]

I haven't read through everyone else's posts, following the OP, but try First Progress. They don't have any hidden fees except an annual fee paid yearly ($39???), and you don't incur finance charges from the date of purchase, unless you don't pay the bill in full when due.

[Denny33142]

His main problem right now though is that he has no credit, i agree that he should tackle those collections but he can also start building a credit history while doing that.

[Burned2manybridgesB4]

Tandem. Build AAOA, while killing CA/CO's... That's the road I took.

[alexhortdog]

I'd have to agree with the poster who said to pay off collections at this point.  In one year's time, I went from paying a boatload of collections to just paying off the last BAD debt I had. 

You need to be patient with yourself.  Don't hesitate to do PFDs, GW letters and such.

Let me ask this question - do you have a 401(k)?  Some will let you take a loan out on your 401(k) - which is different from a withdrawal, which you would be penalized for doing.  That's how I paid off a bunch of my sfuff last year, along with taxes.

Now, I contribute to my 401(k) and have a very small payment coming out for the remainder of my loan.  Any extra monies I get I put towards the principal of my loan.

[SFernandez13461]

I agree it's not a great card, but I was in your situation two years ago -- declined for a secured card by my own bank -- and I used it as a building block. In my case, they wouldn't convert to an unsecured card or increase the limit after 12 months, so I got better cards and closed it. If you don't have any other options, at least you can use this card to start building a positive history. 

[2FixMyCredit]

No, I don't it certainly would make this process a little faster.  

For those saying to pay the collections before I get a new CC, for me and this is my own personal opinion about my situation as I'm the one living it...it is better to get some sort of positive credit going while getting them deleted off.