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What Do I Do With This OpenSky Card?

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What Do I Do With This OpenSky Card?

I absolutely cannot stand this card. I don't like that the only way to pay is via ACH or mail. I would prefer to make a debit payment. It takes entirely too long after payment is taken from my checking account for balance to be available on my credit card.

 

I was thinking of taking the money from this card and getting a second secured card with NFCU.

 

Looking for suggestions for those who have conquered the credit rebuilding escapade.

 

Rebuilding...
11/2019 - EQ-521 TU-548 EX-563

7 REPLIES 7
Valued Contributor

Re: What Do I Do With This OpenSky Card?

If it doesn't work for you then you should change it.

 

ACH is debit in electronic form.  The hold policy though is dependent on the processor.  If the delay is too long for you to make it useful then there are other options out there like Citi, BOA, Dicover, etc.

500K+ TCL / 800+ FCOs
Message 2 of 8
New Member

Re: What Do I Do With This OpenSky Card?

But do I close it? Will that hurt my progress?

Message 3 of 8
Senior Contributor

Re: What Do I Do With This OpenSky Card?

If you don't like the card, then yes, you should close it.

It won't have any immediate impact on your credit score unless it affects your overall utilization.
I had the Opensky card for nearly a year.   I found that it did take forever for the first few payments and after that, they cleared in a day (like other cards) and never had another problem with it. 

 

I figured since it was geared towards super-sub-prime/bad credit people, they were just being cautious with payments so they had to learn to "trust" me with my payments.  


EQ: 798 | EX: 774 | TU: 771 | Accounts: 1/6 4/12 8/24
Message 4 of 8
New Member

Re: What Do I Do With This OpenSky Card?

Thank you for the feedback. I guess I'll hold on to it for a while longer.

Message 5 of 8
Frequent Contributor

Re: What Do I Do With This OpenSky Card?

I have Open Sky and they have really been my best Card. I tried the ACH payment after my second month. If I put the payment through today. The payment shows tomorrow and my balance will go back down to $0.

When I used my banks bill pay that’s when it took a while for processing. I will also say that if you bill cut date is the 2nd it shows on my credit report quick. There is no delay. They are on time every time. I have paid them O% in interest.

This card also does not show on my report as being a secured card. I will probably cancel it when it time for the yearly fee. Unless they waive it.

I called a few times with questions and they were VERY helpful. I would say give it a chance. Like I said zero issues for me. If it would unsecure I would keep it.

CARDS: Discover It | QuickSilver One | Open Sky | Kohl’s | BB&T Spectrum Cash Rewards | NFCU CashRewards | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 6 of 8
Valued Member

Re: What Do I Do With This OpenSky Card?


@anointed1 wrote:

I absolutely cannot stand this card. I don't like that the only way to pay is via ACH or mail. I would prefer to make a debit payment. It takes entirely too long after payment is taken from my checking account for balance to be available on my credit card.

 

I was thinking of taking the money from this card and getting a second secured card with NFCU.

 

Looking for suggestions for those who have conquered the credit rebuilding escapade.

 

Rebuilding...
11/2019 - EQ-521 TU-548 EX-563


Welcome to the forum! Some of us, like you, are also rebuilding. I have the OpenSky. I would recommend keeping it open until you can put money towards a secured Discover (my personal favorite) or another favorite card for you, then I would close it and get your money returned, if you're still not satisfied with them. I have had them for 7 months, and while it is a stepping stone to raising my score and getting a better card, it's not one that anyone really keeps for more than a couple of years at maximum.  Hope this helps!

CLs:
Discover It (blue): $2000
Discover It (red): $1200
Shell Mastercard: $750
Message 7 of 8
Senior Contributor

Re: What Do I Do With This OpenSky Card?

That card is helping you build a credit history worth more than a couple  months of whatever payments you have to do. Get a tank of gas and pay it off. Rebuilders cant be choosy and take what we can get. In time better things will come and that card will be toast. You'll be thankful then what it did for you now. You dont see it now. Just wait.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 8 of 8
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