Okay so I see a lot of negative reviews that I think mostly stem from Open Sky not clearly communicating the process/when they report to bureaus etc. Here's the deal. If you want a boost in your score quickly, apply for the card around the 15th-20th of the month. Open Sky reports to the credit bureaus on the last business day of the month (then sometimes it takes a week or so after that for the bureau to reflect the change). It takes 3-4 days for your $200 (or whatever) deposit to go through, and for the card to be shipped, after approval. Your account isn't considered open until the date the card is shipped. The card comes with the $35 annual fee already tacked onto the balance and if you ordered your card mid-late in the month, that $35 won't be due until the end of the next month (but it will count towards utilization when reported to the bureus, which is a good thing, as long as you keep utilization under 30%. $35 out of $200 is 17.5%). Each month, your bill is due on the 28th. So to absolutely optimize the credit boost you can get from this card: order it around the 18th of the month. The card will probably ship out around the 22nd. Don't worry about paying the $35 fee the second you get the card - you can activate it with the $35 fee on there. Let the utilization work for you when they report to the bureus on the last business day of the month, then on like the 5th of the next month, pay the $35 off. Now, set up a monthly small charge, like Netflix or something, to come out mid month, and DONT use your card other than that monthly charge. When you get your bill in the beginning of the month each month, pay off the last month's balance in full. I've had the card for a couple months, and that's all I've learned from research/talking to their customer service. It's worked well for me so far!
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR Not Applicable
- Annual Fee $35
- Purchase Intro APR Not Applicable
- Purchase Regular APR 18.39%* Variable
The OpenSky® Secured Credit Visa® Card is a good choice for people who are looking to build their credit without paying too much in fees.
What to Like
The OpenSky® Secured Credit Visa® Card reports regularly to all 3 major credit bureaus, making it useful for building credit. The $35 annual fee is relatively low for a card aimed at people with limited credit history, and there are no other processing, servicing or application fees. There’s no credit check for applicants.
Look Out For
There’s a slightly higher penalty APR for cardholders who have missed a payment. This is also a secured credit card, meaning you’ll have to put down a deposit equal to your credit line in order to get access to credit.
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Most Helpful Negative Review
I've had this card a little over a year now. I try to remind myself that it is only a tool in my toolbox. And bearing that in mind, they are very good at reporting your balance and payment data every month. But here are a couple of things that you may benefit from knowing:
1. They report your balance/data near the end of the month (the 28th or so). That's when they do mine. Ask them when they do yours. Make your payment so that it processes through before your reporting date, then don't add anything else to the account until after the reporting date. Your balance will be lower, and your utilization percentage will be it's most favorable, at that time than any other time during your billing cycle. Make sense?
2. The only way to get your secured deposit back is to close the card.
3. The only way to get a credit increase is to deposit more money into your account.
4. If you get frustrated and close your account, it's going to affect your CR in a negative way. Primarily because you have reduced your overall creditworthiness (one less open account). I have one, my son has one. I think once I've accumulated a few other accounts for 2+ years, my CR will be strong enough to take the ding from closing the account.
So, that's what I've learned first hand from having this card. And what I wish someone would have passed on to me. It's a good "last resort" to have in your toolbox, just remember it is a tool and the goal is to get better cards down the line.
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