Has anyone ever heard of or possess an Open Sky Secured Visa card? Attempting to rebuild my credit!

[izzesparks]

pmatt1 wrote:

Here's the new link. I just got approved for one.

https://www.openskycc.com/

---

do you know if this secured card goes unsecured? I couldn't find any info about this on their website No it doesnt go to unsecured, if you want your deposit back you have to close the card with 0 balance.

[izzesparks]

Ok I applied for both the Cap one and the Sky blue ( thanks Doc2be)..... surprise surprise I was approved for both, lol! One thing that suck is I didn't read the Cap one's features closely so I didn't notice till after I was approved that they set your deposit amounts, I thought I could just choose to deposit $49 instead of another 200 bucks. But they determine your deposit amount Well I can't wait to get my cards, and I will update in a month or so and let everyone know how the cards worked for me. Thanks for all your advice!

[HamInaCan]

I am wondering if Open Sky Blue reports to the CRA's as Secured, or there is no connotation. I checked their web site and unless I missed it, I didn't see anything about that. If anyone knows please let me know.

Many people say it does not matter, but it does. I have had a manual review of my credit file once and they took issue and charged me higher interest rate because one card (positive tradeline) was a secured card by BOA.

Thanks!

[izzesparks]

---

@HamInaCan wrote:

I am wondering if Open Sky Blue reports to the CRA's as Secured, or there is no connotation. I checked their web site and unless I missed it, I didn't see anything about that. If anyone knows please let me know.

Many people say it does not matter, but it does. I have had a manual review of my credit file once and they took issue and charged me higher interest rate because one card (positive tradeline) was a secured card by BOA.

Thanks!

---

ok, I found this paragraph and towards the middle it says something like they report like a regular revolving credit account:

An Open Sky Secured Visa® Credit Card from Capital Bank could help you with all three major components of your credit score. First, Capital Bank reports the Open Sky Secured Visa® Credit Card to all three major credit bureaus as a revolving credit card account, just like any other credit card account. This adds an account or trade line to your credit report. Keep your usage of the credit limit to an amount under 30% of the credit limit; make on-time payments every month and keep your card open for a length of time will all be reported to all three major credit bureaus. Credit score improvement does not happen overnight but handling your Open Sky Secured Visa® Credit Card as described above could build the good credit history which will make a big positive difference to your financial future

Edited to re-format the text. - llecs, myFICO moderator

[Anonymous]

Good find izzesparks, I overlooked that detail because that was one of the things that I was interested in knowning as well. I think that answer's the question but it would be nice to get a confirmation from someone who currently has the card.

[Anonymous]

My husband has the Public Savings Visa (he opened it over a year ago before the change). It is reported like a "regular" credit card. There's no flag for it being a secured card, which is why he chose that one. I'm not sure if there are new guidelines, but as a current user of the former version, I can say that it's not flagged or denoted as a secured card.

[izzesparks]

Thanks for confirming that @ blue_green!!

[PapasWifey]

So i decided to open this cc, which i got last week. i'm done app'ing as i just got 3 new cc's (open sky, unsecured orchard, and cap 1 AU).

Does anyone know when Open Sky reports to the CRA's? is it after the statement date, at the end of the month, etc?

[izzesparks]

I am not sure yet. I still havent received my card

[AFreshStart]

I hope your card comes soon. I seen a rush shipping option on there as a feature so I assumed it naturally took a while. I'm glad to see that this card is available though. When I save another thousand this will be my next card.