@Anonymous wrote:
@Anonymous wrote:
Just curious... why would you app for a card that doesn't unsecure? I assumed this was the point of secured card.... to prove yourself to a bank so one day you could have a regular account.Because the "secured" part doesn't matter when it comes to building a solid FICO score. The Open Sky has an AF so I would close it before the next fee posts -- might as well get as much future aging out of it as possible.
For people with no FICO scores or bad ones, a secured card is a great way to start showing positive payment history. Even a terrible secured card is better than nothing for someone who can't get any approvals whatsoever.
I would close the OpenSky secured, but I would wait until just before the next annual fee is due.
Great questions and great response. To answer the original question, I could not qualify for ANY secured card 6 months ago and definitely couldn't qualify for any non-secured card. OpenSky was my only option to start my revolving credit. At that point I had two charged off Cap One cards from forever ago. Anyway, shortly after opening my OpenSky I was approved for a Cap One Quicksilver. Shortly after that the B of A Cash Rewards Secured. And in the last few weeks I added the Amex Everyday, Discover It, and Apple Barclays. That is 6 months, 6 new revolving accounts, an increase of 60-90 points in all my scores, and it all started with the OpenSky. That should answer your question 