question about Open Sky SC

[Anonymous]

Its not unpaid collection accounts that wreck your UTI%, its charged off revolving accounts reporting a balance.

But when you're score is being seriously hurt by collections and other derogs, it seems like theres not a lot of points to be gained with UTI% once you're in the "good" range. I gained about 30 points going from over 90% UTI to under 10%, but I've not seen any change by varying my balances below that point. I even had my new Barclays card report 48% UTI on its first statement (I had no idea the first statement was going to close so quickly) but my scores changed very little, maybe a 2 point drop. We'll see if I get a bounce from paying that down next month.

[Anonymous]

I do have a lot of charged off revolving accounts too. 8 I think. I'm so mad at myself. I filed chapter 7 BK in 2003, started rebuilding a couple years later, was getting approved for a lot of credit cards (crappy sub prime cards) and I was paying on all of them really well every month and was on my way to having good credit again, then went through a separation and I had to walk away from all those accounts. A year of good payment history down the crapper. I'm a lot more educated now tho. Now that I think about it, having all those accounts probly dropped my score a lot because almost all the cards were maxed out every month. I just thought if I paid on time every month, it was helping my credit. Had no idea about utilization and sticking with 3 cards, etc. My BK came off in 2013. If I had kept all those accts current and then when the BK fell off, I'd be in a much better credit position now. Live and learn I suppose.

[Anonymous]

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@Anonymous wrote:
I do have a lot of charged off revolving accounts too. 8 I think. I'm so mad at myself. I filed chapter 7 BK in 2003, started rebuilding a couple years later, was getting approved for a lot of credit cards (crappy sub prime cards) and I was paying on all of them really well every month and was on my way to having good credit again, then went through a separation and I had to walk away from all those accounts. A year of good payment history down the crapper. I'm a lot more educated now tho. Now that I think about it, having all those accounts probly dropped my score a lot because almost all the cards were maxed out every month. I just thought if I paid on time every month, it was helping my credit. Had no idea about utilization and sticking with 3 cards, etc. My BK came off in 2013. If I had kept all those accts current and then when the BK fell off, I'd be in a much better credit position now. Live and learn I suppose.

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Yeah, get those settled to report a zero balance to get some score luv for UTI. Like I said, I got about 30 points from getting my UTI under control. Luckily I have no revolving charge offs.

[damnedanddetermined]

How long did it take Open Sky to report to CB after approval or account set up? Thinking I might go that route too, just wondering if they are quick to report or drag their feet :/

[Anonymous]

They reported shortly after I activated the card. Didn't even give me time to pay the 29$ fee first. Lol

[Anonymous]

Open Sky does not graduate. I would however, use it as it will help you build credit history and score. Not activating it definitely defeats the purpose. I got an Open Sky card before I got  any other cards. It definitely open the doors and I was able to get Cap One QS1 and Platinum within just a few months of opening the card. And those cards opened the door to others like AMEX Green, Discover it, Cap One Venture.....

[damnedanddetermined]

did the card arrive quickly? Im trying to compare them with Merrick Bank.

[Anonymous]

To be more specific, I applied for the card sometime at the end of March. It took a couple of weeks to get to me. I received it on 4-17. I got a Myfico alert on 5-2 that they reported. I applied for my cap one cards after the open sky and received them first but it took them longer to report. They may have by now, I think my 2nd statement has cut on one card and the other will cut on the 17th. I don't get myfico alerts anymore since I've now cancelled it so I have no way of knowing.