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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
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.
But do I close it? Will that hurt my progress?
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.
Thank you for the feedback. I guess I'll hold on to it for a while longer.
@Anonymous 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!
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.