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OpenSky - To Close Or Not???

Member

OpenSky - To Close Or Not???

I'll keep this as short as possible, just looking for advice.

Started out in March of this year with FAKO's in mid to hi 400s. Was denied for a couple secured cards so I opened an Opensky w/ a $200 dep.

I feel this card has served its purpose as I now have three other secured cards, incl Disc It, Citi, and Cap 1, plus a QS1 w/ $500 CL.

I have over 30, 30 day lates on mortgage ( was running a month behind for almost 3 yrs) but have been current since March.

My question is, would closing a positive trayline affect long-term rebuilding? This is a card I never use and has no chance of graduating, but also don't want to shoot myself in the foot by getting rid of it positive trade line with so many negatives on my report.

Any and all advice appreciated.
9 REPLIES
New Contributor

Re: OpenSky - To Close Or Not???

How long have you had your Opensky? I say pay it off and close it. Use that money to pay on something else. It will still remain apart of your credit profile however will not factor into your utilization.

Capital One Platinum $2100 || Quicksilver One $1950 || GM Buypower $500 || PayPal Extra MC $300 || Walmart $650 || Victoria Secret $3150 || Gettington $3200 || Kohl's $300 || Fullbeauty $650
EQ 631 TU 648 EX 639 Goal: 700 across the board
Member

Re: OpenSky - To Close Or Not???

I have had it since March and there is no balance on it.

Thanks for the input.
Frequent Contributor

Re: OpenSky - To Close Or Not???

Did you don't need it any longer, it has served its purpose.  Close it.

Member

Re: OpenSky - To Close Or Not???

Does the positive tradeline boost my score? Will my rebuild slow down with one less CC?
New Contributor

Re: OpenSky - To Close Or Not???

The affect would depend on your utilization of your other cards. Without the Opensky you would still have a good number of credit cards. 3 cards is the recommendation.

Capital One Platinum $2100 || Quicksilver One $1950 || GM Buypower $500 || PayPal Extra MC $300 || Walmart $650 || Victoria Secret $3150 || Gettington $3200 || Kohl's $300 || Fullbeauty $650
EQ 631 TU 648 EX 639 Goal: 700 across the board
Member

Re: OpenSky - To Close Or Not???

I keep my utilization at under 10% on only one card. I make sure the others report a zero balance every month.
Community Leader
Super Contributor

Re: OpenSky - To Close Or Not???

Close it. It has served its purpose, and there is no valid reason to keep it open longer.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Valued Member

Re: OpenSky - To Close Or Not???

Curious if you closed OpenSky, and if so, what happened? Did you run into any trouble? Did you get your deposit back in a timely fashion? I need to close mine soon, and wondering if you had any issues.

4/18/16 Starting VS3 Scores: EX: 494, EQ: 531, TU: 495
6/18/17 Current VS3 Scores: EX: 722, EQ: 714, TU: 702 / FICO8 EX: 672, TU: 697
Member

Re: OpenSky - To Close Or Not???

I did close the open sky. No problems whatsoever, no score drop. In fact, my Discover went to unsecured in December and in February they tripled my CL. The deposit was returned within a couple weeks . I would undoubtably suggest you close your open sky so long as you still have three other cards reporting.