Let's start off being honest, shall we? If you're here it is because you don't have the best credit and you're looking for a credit option that you can get approved for. The fact of the matter is that there are few good options available in the card marketplace for consumer with bad credit. Many products will offer high annual fees and high APRs that borderline on being predatory. We're looking at you First Premier, with your 36% interest.
With that being said, you need to start rebuilding your credit, and you're taking the right first steps by gathering more information. A secured card is a nice place to start for a couple of reasons. First, you're likely to get approved if you can put down a security deposit. This will help you applying for credit cards you are likely to be declined for. Believe it or not, applying for a credit card and getting declined hurts your credit score.
Secondly, it makes it harder to fall back into bad habits that damaged your credit to begin with. Your line of credit is secured by a security deposit you put down when you open this account. Deposits start as low as $49 dollars and go up-to $200. This will secure your initial credit line of $200. After you make 5 monthly payments on time, Capital One will increase your credit line. This helps you establish responsible payment practices, and limits your exposure to taking on a bunch of new debt that you won't be able to pay for.
To help you along your credit journey, Capital One will provide you with CreditWise, a credit monitoring tool. They'll also report to all three credit bureaus as you make payments. This will help you establish positive payment history and build your score. As your score improves, you may be eligible for an upgrade to an unsecured Platinum card, or even the cash back earning QuicksilverOne.
Unlike some other products in the secured card category, this card doesn't have an annual fee, and the interest rate is 24.99% variable. The interest rate isn't the best, but it's also not the worst. Just remember to pay your bill in full each month to avoid interest charges an putting yourself deeper into debt.
The Secured card isn't flashy. Your best bet with this card is to establish credit with Capital One, and then try to graduate into an unsecured credit card like the QuicksilverOne.
This card is best meant for those looking to recover from a credit mistake. Maybe you've missed some payments and you're trying to get back on the right track. This card will help you re-establish good spending habits and build a relationship with a major bank.
If you can afford a $25 a month payment we highly recommend Self Lender. Self Lender is a credit building savings plan. They report to all three credit bureaus, and in 24 months you receive a check for the amount you save. This is a great product to use while you use a secured card to give your credit score a 1-2 punch in the right direction!
If you have a slightly higher credit score, but you're not quite sure what you'll get approved for we'd advise you to head over to CardMatch to see if you have any pre-qualified offers from any banks (including Capital One). This will help you make sure you are applying for the right offer for you. CardMatch will use a soft credit inquiry (which doesn't damage your score) to match you to credit card offers from banks. You'll need to apply for cards after you've been matched, but your approval odds are higher after matching. No more applying for cards in the dark and injuring your credit score further!