topic Re: OpenSky Closing time in Credit Cards

OpenSky Closing time

Anonymous — Thu, 22 Apr 2021 12:52:39 GMT

Hello so I have had OpenSky for a bit little over a year and a half and wondering if it's time I closed this account. Not really benefiting me anymore. Any suggestions if I should close it or still keep it. The only thing I don't like about it is that it is very hard to use the card a keep a zero balance this last period they wouldn't let me make a payment so that I could zero it out. Didn't like that at all.
so just wanting y'all's thoughts on how or if I should close this account thank again for the help.

Re: OpenSky Closing time

Adkins — Thu, 22 Apr 2021 14:45:47 GMT

Does closing the card effect your over all utilization? Do have better cards now? If the answer is no and yes, I'd close it, since it's served its purpose as a rebuilder. There's no point holding onto a card with an annual fee that gives no rewards.

Re: OpenSky Closing time

calyx — Thu, 22 Apr 2021 16:52:37 GMT

Opensky has an annual fee - so I would just wait til the month before the AF hits and call them to close it (and by "I would" I mean that's what I did). I know in the long term a few months of extra age doesn't mean a lot, but I wanted to get every penny of the AF I had paid

Re: OpenSky Closing time

Anonymous — Thu, 22 Apr 2021 22:42:33 GMT

Probably, unless it's your oldest account or something like that. That's why I don't like those gimmicky cards made for sub-prime borrowers rebuilding credit, i.e. OpenSky, Credit One, Mission Lane, Indigo, Merrick Bank, etc. They all have annual fees (some from $75-$99) all for what benefit? The right to have their no-name, no reward credit card? Even Discover secured will give you 1% back with no annual fee (and it graduates). I try to avoid cards that I know will become useless down the road. An annual fee with most other cards will at least give you a couple free flights or hotel stays per year.

Re: OpenSky Closing time

calyx — Fri, 23 Apr 2021 15:52:05 GMT

@Anonymous - those subprime cards have their place. When I got mine, none of the big banks would even give me a secured card. Opensky made it possible to allow me to get usbank and citi cards and really start building my credit file. While I don't recommend them if it can be helped, they are a godsend to some people.

Re: OpenSky Closing time

Anonymous — Fri, 23 Apr 2021 21:53:42 GMT

@calyx wrote:
those subprime cards have their place. When I got mine, none of the big banks would even give me a secured card. Opensky made it possible to allow me to get usbank and citi cards and really start building my credit file. While I don't recommend them if it can be helped, they are a godsend to some people.

Oh, I guess; that just wasn't my experience. Back when I had bad credit I never had to get one. Even Discover wouldn't approve you? Back in 2018 I had 0 credit cards with a medical collection for $295 (still on my report btw) and a charged off Kohls store card on my profile. So basically two derogatories with no positive accounts. Discover still sent me a pre-approval letter for a secured card.

Re: OpenSky Closing time

notmyrealname23 — Sat, 24 Apr 2021 05:18:00 GMT

@Anonymous wrote:
@calyx wrote:
those subprime cards have their place. When I got mine, none of the big banks would even give me a secured card. Opensky made it possible to allow me to get usbank and citi cards and really start building my credit file. While I don't recommend them if it can be helped, they are a godsend to some people.
Oh, I guess; that just wasn't my experience. Back when I had bad credit I never had to get one. Even Discover wouldn't approve you? Back in 2018 I had 0 credit cards with a medical collection for $295 (still on my report btw) and a charged off Kohls store card on my profile. So basically two derogatories with no positive accounts. Discover still sent me a pre-approval letter for a secured card.

OpenSky does not perform a credit check to open a credit line. That can be tremendously useful as part of a credit recovery coming out of a bankruptcy, to just have a 100% gimme card. (The annual fee is also $35, so not completely unreasonable, and OpenSky doesn't have the gimmick fees other lenders have on their credit cards.)

And frankly the "damage" from having to close a starter card if you're doing a credit rebuild from scratch isn't terrible. That closed card stays on your record for a while contributing age to your accounts. I am pretty sure that having that OpenSky card helped my recovery.

Re: OpenSky Closing time

calyx — Sat, 24 Apr 2021 14:41:39 GMT

@Anonymous wrote:
@calyx wrote:
those subprime cards have their place. When I got mine, none of the big banks would even give me a secured card. Opensky made it possible to allow me to get usbank and citi cards and really start building my credit file. While I don't recommend them if it can be helped, they are a godsend to some people.
Oh, I guess; that just wasn't my experience. Back when I had bad credit I never had to get one. Even Discover wouldn't approve you? Back in 2018 I had 0 credit cards with a medical collection for $295 (still on my report btw) and a charged off Kohls store card on my profile. So basically two derogatories with no positive accounts. Discover still sent me a pre-approval letter for a secured card.

@Anonymous- Disco denied me, even a secured card, as did all of the other majors (even Cap1). Opensky was not predatory (other than the AF, no weird monthly fees or anything, I don't consider them predatory, just subprime), so I went with them. After getting a card with Opensky, I was able to get a USBank secured, which then snowballed. I was *hoping* Disco would give me a secured card when they gave me my first unsecured card (which, for a $1200 CL, seemed amazing to me).

Re: OpenSky Closing time

Anonymous — Sun, 25 Apr 2021 00:52:06 GMT

Thank you all that shared their advice. I just gonna keep it for now until late in the year and then see about closing after I try for a biz CC. Again thanks for helping in my decision making... really loving this forum.

Re: OpenSky Closing time

HeavenOhio — Sun, 25 Apr 2021 13:59:35 GMT

Usability issues like not being able to pay when you want to are pretty big. I see that as reason enough to close.

Re: OpenSky Closing time

Anonymous — Thu, 13 May 2021 13:55:04 GMT

@HeavenOhio wrote:
Usability issues like not being able to pay when you want to are pretty big. I see that as reason enough to close.

If you have access to their online portal, they have an option that says onetime online payment. That payment will come from an external account. Sunday through thursday, they will pull that money out of that chosen account at midnight. Then the next morning when you log into the account they will also update your balance. They are extremely fast with giving you access to your available credit again.

Re: OpenSky Closing time

Anonymous — Thu, 13 May 2021 22:35:58 GMT

OP, looking at your sig, I'd be a lot more ready to close Indigo than OpenSky...

Re: OpenSky Closing time

Anonymous — Sun, 16 May 2021 03:44:48 GMT

Hey @Anonymous ,

You really think i should close Indigo instead of OpenSky. How bout closing both cause im gonna be an AU with amex soon and wanted to try and establish a good relationship with amex cause im wanting to get the Blue plus from then eventually. Or you think i should keep opensky and lose Indigo.

Re: OpenSky Closing time

Anonymous — Sun, 16 May 2021 19:02:33 GMT

Having a card from either OpenSky or Indigo won't hurt you with Amex. My opinion simply stems from Indigo being significantly more predatory than OpenSky with its AF being much higher, locked-in $300 CL that won't ever budge, etc. I'd dump it first.

Re: OpenSky Closing time

Anonymous — Fri, 04 Jun 2021 20:12:27 GMT

OpenSky helped me out a lot during my rebuild. I just got approved for my first AMEX card after a year of rebuilding my credit.