Since most can't get Navy FCU... I highly reccomend Discover.
My response will partially depend upon where you live.
If you live in roughly along the eastern seaboard in an area serviced by TDBank, I cannot recommend the secured version of their TDCash card enough; I opened one of their cards a year ago next week with a $5,000 deposit. The card showed up in the mail just after the 4th of July holiday last year and I started charging on it instantly. Six months to the day after I made my first charge, the card graduated to unsecured, the savings account used to secure the card was unlocked, and half of my annual fee was refunded. Here are the particulars:
- 1% Cash Back Rewards (the card earned $114.74 in the six months while it was secured)
- $29 Annual Fee (a prorated portion of the annual fee is returned when the card graduates as their unsecured cards have no AF; my refund was $14.50)
- $0.59 Interest paid on the security deposit
- By virtue of the fact I set the limit for the card at $5,000 with my deposit, when it graduated, the card was automatically elevated to a Signature Visa.
If you don't have the luxury of having any TDBank branches in your area, folks here give good reviews on the NFCU nRewards secured card, and other folks have given similarly positive reviews for the Discover secured card. One other frequently used secured card is the CapitalOne card; I had one last year and it was a less than fulfilling, to say the least; that said, if you're okay with a credit limit of $1,000 or less, it might make a passable card.
I say get a secured credit card that won't give you an hard inquiry such as OpenSky. I think when you're rebuilding your credit you don't want to have unnecessary inquiries. Just my thoughts
Starting Score: 757
@Anonymous wrote:I started with CapitalOne Secured Card because there was no annual fee like others i wouldnt recommend paying a annual fee on a secured card. Ive had no issues with capital one it help me tremendously starting off a year ago. But If you have any Military family members or friends I would highly recommend Navy Federal Nsecured Card. Im a vet but i didnt know about Navy Federal Products at the time of my rebuilding process.
Regarding the "no Annual Fee" thing for secured cards, as a general rule I agree with you. That said, last year I switched from a no AF CapOne secured card (which pays no rewards or interest on the security deposit) to a secured TDCash card which charges an annual fee of $29, and I came out WAAAAY ahead because of the switch. As I wrote above, in the six months my card was secured, I paid $14.50 for my AF, and in exchanged, I earned $114.74 in cash rewards plus another $0.59 in interest; by my math, that put me $100.83 ahead of where I would have been if I'd stuck it out with the CapOne card; sounds like a pretty good deal to me. 
Discover is pretty much the best as it's basically a secured version of the regular card. In addition, you can add more money at a later time if you need the spending power, which can't be said of many secured cards. Drawback is they have to approve you for a larger secured limit.
Also, your situation doesn't sound pathetic. Medical debt is the leading cause of bankruptcy and many people, such as myself, have had to rebuild after a lengthy or expensive medical issue.
@Brian_Earl_Spilner wrote:Discover is pretty much the best as it's basically a secured version of the regular card. In addition, you can add more money at a later time if you need the spending power, which can't be said of many secured cards. Drawback is they have to approve you for a larger secured limit.
Also, your situation doesn't sound pathetic. Medical debt is the leading cause of bankruptcy and many people, such as myself, have had to rebuild after a lengthy or expensive medical issue.
I don't know if I'd go so far as to say the Discover secured card is "pretty much the best", it has a lower max limit than many other cards, and takes at least 8 months before being elligible for graduate graduation. Is it one of the best? Definitely.