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New Visitor
Posts: 1
Registered: ‎08-29-2012
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First Progress or Open Sky secured; also PNC or US Bank secured rewards

Trying to rebuild with secured cards for now, already have Cap-1 which is good.  Both Open Sky and First Progress seem to offer guaranteed approval and expedited processing-can apply, open, and fund online with debit card, bank account, or Western Union.  Which one of these is better?  Can you add to the deposit to increase the credit limit, and if so, how is that done and how long does it take?  Do either of these offer expedited, guaranteed payments such debit card or Western Union so payments aren't held for up to 10 days?

 

Also looking at PNC and US Bank secured cards.  How difficult are they for approval, do they look at Chex (credit unions are out here), and do you have to have an existing account with them?  Can you also add to the savings deposit to increase the limit, and how long does this, and the application process take?  Do they also offer expedited, guaranteed payments?

 

No BK but lots of baddies to clean up, scores around the high 400s-low 500s.

 

Thanks in advance!

New Contributor
Posts: 91
Registered: ‎10-11-2010
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

Don't apply for the Open Sky Secured Card, they are terrible, I used to have it, the card was issued by Public Savings Bank before but then it was sold to Capital Bank. They took like 3 months to return the deposit when I closed it

Established Contributor
Posts: 710
Registered: ‎06-01-2012
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

I have a PNC secured card. Its $3 per month. basic card. You can add money at any time. I havent had any issues, but I dont really use it. Actually thinking about closing it now that I have 2 CCs reporting with no AF. Why not? lol

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

Since you are approved for Capital One, I don't think you need to use secured cards with expensive terms.

 

I think a better plan is to increase your deposit on Capital One to the most you can afford and get at least 6 months of good history.    Then you would have a chance for unsecured card or a better securd card with good terms.

 

I used 3 secured cards to start rebuilding.   I now think 1 good secured card with very large CL is better way,    Then wait and add a 2nd secured card , when funds available, if you really need it.

 

US Bank is not easy secured card for people with lot of negatives.      

 

  

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

2nd card of any size will give you a bump in FICO.  Out of two, go with First Progress.  Open Sky/Public Savings was okay when run by Public Savings.  Now Open Sky has no grace period so interest racks up right away.  First Progress has okay terms for an "anyone can get" credit card (grace period, 14.99% APR, 39 AF).  Here is the deal with all these bottomfeeders.  Do not expect good customer service or any favors.  You need to be on top of payments.  Expect payments to post slowly so get them payment as soon as you get the bill.  Given First Progress' relatively generous terms, the various fees like late fees are probably where they make their money so careful.

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New Visitor
Posts: 1
Registered: ‎08-30-2012
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

@nelsondavidd

I apologize for the experience you had when closing your Open Sky(sm) Secured Card.  Once a customer pays their balance in full, refunds are generally processed after 4 weeks to ensure there is no trailing activity or return payments.

Established Contributor
Posts: 710
Registered: ‎06-01-2012
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

Just an FYI, I asked PNC how long for the funds to be received if I decided to close the account. She said 60-90 days, but she also informed me to pay bills and fill my gas tank etc. to bring the card close to its limit then close it. that way you arent waiting for a $500 check in the mail, but instead a $10 check or so. Maybe its the same at others as well, whatever you decide... just wanted to throw that out there.

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
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Moderator Emeritus
Posts: 12,898
Registered: ‎12-30-2011
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Re: First Progress or Open Sky secured; also PNC or US Bank secured rewards

[ Edited ]

Wolf3 wrote:

Since you are approved for Capital One, I don't think you need to use secured cards with expensive terms.

 

I think a better plan is to increase your deposit on Capital One to the most you can afford and get at least 6 months of good history.    Then you would have a chance for unsecured card or a better securd card with good terms.

 

I used 3 secured cards to start rebuilding.   I now think 1 good secured card with very large CL is better way,    Then wait and add a 2nd secured card , when funds available, if you really need it.

 

US Bank is not easy secured card for people with lot of negatives.      

 

  


2 > 1 absolutely as far as revolving tradelines go and FICO; however, I agree with you that it is a good idea to have one with a large limit (if you can afford it) and a second one with a limit you don't care at all about.  $300 or even less is perfectly fine for establishing payment history on a tradeline.

 

I'm working with three cards as well; however, if I had to do it all over again if I hadn't had cash laying around or had real expenses, I think two cards would've been sufficient: Cap One for the ability to add over time ($100 / month or something), and whatever I could get for an every day card which in my case would've been a $300 BOFA card. I'm not certain I would've gone with the CU secured card that I did at 2K, but it probably helped me refinance my auto loan with them so I can't really complain about how it worked out in the end, there just might've been a more optimal way.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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