OpenSky SCC- the worst secured credit card

[Anonymous]

I would avoid this secured credit card by all means. It reports as a secured credit card to the bureaus. Also it has no grace period and even if you pay it in  full each statement , it still charges a $ 1 for the next month statement. STAY AWAY FROM THIS ONE

[beb86]

HAHA yeah this is pretty horrible but as bad as this is there is worse

[Dustink]

The 14.25% interest rate on that card is lower than some, but yes. There is pretty much no way to avoid interest on that card. You could likely make your payments before you make your purchases, but that's difficult.

[beb86]

Credit one is pretty bad too with a high APR and no grace period

[Anonymous]

What get's me the most is that it reports as a secured credit card to the bureaus now.....

[Anonymous]

NEED HELP............... I got this card 2 years ago when it was Public Savings. I had a FICO score of 660 then. AS of today I have the Amex BCP $10,000 CL backdated 2001  with a Ex FICO score of  791 Oct 15,2012.  I have the PENFED Cash Rewards with a $2500 CL EQ 751 score, i got back in July 2011. I also have a Conventional Mortgage Loan i got at my bank with a 790 TU FICO score on Feb 21,2011. I want to know would you close the opensky SCC ?

[thelizardking69k]

Just my two cents, but I would close it. Obviously, closing it would impact your AAoA. You should consider the interest rates and any annual fees on the cards you have. But it doesn't seem as though you need this account based on the others you have.

I had the card through Public Savings too. But at 12 months I asked for the card to be converted to an unsecured account and they refused, so I closed it. Took an initial dip in my score but recovered quickly and moved on to greener pastures.

Good luck.

[webhopper]

Definately close the card... there is no reason for you to keep this secured card open.. maybe pick up another amex if you are so inclined.

[webhopper]

---

@thelizardking69k wrote:

Just my two cents, but I would close it. Obviously, closing it would impact your AAoA. You should consider the interest rates and any annual fees on the cards you have. But it doesn't seem as though you need this account based on the others you have.

I had the card through Public Savings too. But at 12 months I asked for the card to be converted to an unsecured account and they refused, so I closed it. Took an initial dip in my score but recovered quickly and moved on to greener pastures.

Good luck.

---

Fortunately; the above post is inaccurate. Closed tradelines continue to contribute to your average age of accounts for up to ten years; so closing an account you don't use or need will not affect your average age of accounts. What this poster may have experienced is an increase in utilization from decreasing his available credit. Or applying for a new card which may have resulted in a few hard inquiries or new accounts. I still say close the card!

[Anonymous]

Webhopper.... I have no problem with my utilzation it's always 5 % are under. It's at 1 % now and for the inquires, i  only have 1 on each of the 3 bureaus.