It might help your FICO score, but it won’t help you prosper personally.
If your goal is to have a good FICO score, you should ask yourself why. All that score measures is your profitability to banks and other debt sellers. Having money will always trump having a good FICO, but “building credit” makes it harder to hold on to your income.

A secured credit card is indeed an excellect, smart, and preferred way to build credit. Stay away from those subprime cards from banks you never heard of that may offer you a measly $300 credit line, but also already come loaded with up to a $275 balance even before you use the card!

The following banks offer secured cards: Wells Fargo, Bank of America, Fifth Third, HSBC Bank/Orchard Bank, and US Bank, amongst many others.

Secured cards offered by these banks generally carry an annual fee of less than $30, and have interest rates of 16-19%, IF you carry a balance (though if you are serious about rebuilding your credit, you will indeed want to use the card, but also pay it off monthly).

Another great option is to check with a credit union that you may be eligible to join. Most people that are not members of a local credit union may not realize that there is probably a local credit union that they are eligible to join, and almost all credit unions offer secured credit cards. Before joining and applying to a credit union, though, make sure that they indeed report your account to ALL three credit bureaus. If they don’t, then the card will be useless for its main purpose of helping you rebuild your credit. Check another credit union if they don’t report to all three credit bureaus or go with one of the big banks I mentioned above. The good thing with going with a credit union, though, is that they generally offer secured card with lower interest rates and terms, and some even without an annual fee.

Handle your account properly and responsibly, and most banks will graduate you to an unsecured card after a year of “good” behavior. You will then have to money you can save and turn to FIRST before your credit card in case of an emergency, or at least put into a retirement fund.

FYI: there are awesome articles on using secured cards wisely and rebuilding credit at.

It is very hard to get an unsecured credit card with such bad credit. You can try to apply for one of those credit cards designed for people with bad credit. If fail, my suggestion is to get a prepaid credit card and start rebuilding your credit over time.

If I were you I would try to dispute all of the negative items on your credit reports. You can do it pretty easily. You can do it online, over the phone, or in the mail via certified return receipt. It never hurts to try disputing it because that will help your credit a bit as well. I would also go with the secured credit card because it shows an active line of good credit. The fact that you have the secured credit with the proper payments made each month will be a benefit. I hear that the orchard bank card is a good secured card and it is easy to qualify for.

Check this site : for the list of credit cards for people with bad credit.

Hope this can be helpful to you

Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - creditreport.imess.net