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Hello, I'm going to take the plunge by getting a secured card, I've been turned down by Capital One for prior poor relationship with them, so I'm going to try for Open Sky. I'm curious to know, from those that have the Open Sky secured card, do they report as "secured" to the credit bureaus? I'm on Chex so the SDCU is out, plus Open Sky doesn't do a hard pull. Thanks for any replies.
I would recommend going for the Bank of America Secured which will graduate into a non-secured card and they'll return your security deposit or Merrick Bank Secured Card is great to.
You could also take a look at the First National's Card - https://www.firstnational.com/site/personal/credit-card/visa/visa-secured.fhtml
It doesn't affect your FICO even if the card reports as Secured so it doesn't really matter if it reports as Secured or not.. As long as it's reporting it's going to increase your score
I have the OpenSky card and all around, it's really not that bad. It's nothing special, but the interest rate is okay and it has a low annual fee. This card reports as unsecured and when it first reported, my score shot up 21 points. I only use the card for gas a couple times a month and I always pay off the balance in full. I've never paid any interest and it reports reliably. The only downside is the fact that this card will NEVER graduate or reward unsecured CLI's.
Another fact worth noting: They will hold your payments for 5 business days. I'll pay my balance in full on a Monday and the available credit won't be available for use until that Friday. They do automatically clear the current balance though (you just won't be able to use that free'd up credit until 5 days later).
All in all, this is an okay card if you can't get approved anywhere else. They don't use a hard pull which is nice, but don't expect this card to grow with you or offer anything else, because it never will. After a few months with this card, I was able to get the secured card from Capital One.
Thanks for the replies. I burned Bank of America too, so I'm not even going to try with them. The Open Sky secured seems like the way to go, glad you are having a good experience with it.
I got this secured card in June,it did as promised and reported to all 3 credit agencies. I charged about $70 and made my payments. Keep the balance low and don't miss a payment. It takes awhile to come though,a few weeks from when they took my $300 from my checking account. Then a few weeks more to report so it is not a quick process. When it finally reported it went back to June, I got some point increase to my scores,maybe 10-15.
It is a bit expensive, but sometimes it's a necessary evil. Use it until you can replace with better cards. Good luck!
@Anonymous wrote:Thanks for the replies. I burned Bank of America too, so I'm not even going to try with them. The Open Sky secured seems like the way to go, glad you are having a good experience with it.
Merrick Bank is much better then the Open Sky. I looked at it as well.
Open Sky should be renamed Open Wait....lol. I opened an account too beginning of this month, they were pretty quick about taking my money, but no card as of yet.
Patience is the name of the game in rebuilding
Yeah, they definitely make you wait. It took them a total of three weeks to send my card after they took my deposit. I have no complaints though, because this card has opened doors to slightly better cards. I now have the CapOne Secured and an unsecured card from Credit One (which isn't good, but it's something to add to my credit repair journey).
I'll garden these for a 6 months and see where I land. Hopefully I can then receive CapOne's Quicksilver card and/or Barclay's Rewards card. I would love to be able to get a Chase Freedom card though as it really does offer some great cash back incentives.