Wednesday, May 15, 2024
HomeExclusiveDoes Opensky Report To Credit Bureaus

Does Opensky Report To Credit Bureaus

What Does A Credit Check Reveal

Opensky Secured Credit Card Review and Explained

When an issuer or lender checks your credit report, it will reveal a few things about youincluding your name; current and previous address; your employer, if you provided it to creditors or lenders; revolving accounts such as credit cards and lines of credit; installment loans such as student loans or a mortgage payment; open and closed accounts; account payment history; recent credit and loan applications; any unpaid debts; and any bankruptcies, repossessions or foreclosures.;

Other Cards To Consider

If youre looking for a secured credit card with no annual fee, check out the Discover it Secured card. On top of a $0 fee, it earns 2% cash back on purchases at restaurants and gas stations , and 1% cash back on all other purchases. Once youve established better credit, you can convert your Discover it card to an unsecured version of the card.

Another secured card with a $0 annual fee is the Secured MasterCard® from Capital One. It has a refundable security deposit of $49, $99, or $200. This card has a lot of the same features youd find with an unsecured Capital One card, including security alerts, virtual card numbers for online shopping, Card Lock, and CreditWise.

Help Build Your Credit

How Long Does It Take To Get Opensky Credit Card/opensky Credit Card Delivery Time

Probably one of the biggest downsides of this OpenSky credit card review is that it seems to be about 2 weeks before you see your credit card.

I personally applied on November 9th, got approved on November 13th, then received the card on November 21st.

But most people say it takes about 2 weeks to get the card, and there arent really tracking options.

I know most credit card/debit card places will get the credit card to you within 3-5 days, but OpenSky seems to take longer.

Given, OpenSky is a company that isnt making much profit. Their business model is around literally encouraging you to build credit and make timely payments on your card. So they arent a million-dollar company.

But, it is something to keep in mind when you get the card.

Read Also: Does Closing A Credit Card Hurt Your Score

Who Is This Credit Card For

I think the OpenSky credit card is good for people that are:

  • looking to build credit
  • Have no credit history/bad credit history
  • Are looking to get a bigger loan in the future
  • Dont need a high credit limit
  • Are just interested in having a safe, reliable way to build credit.

This credit card is NOT for:

  • People looking for cash rewards/big rewards from a credit card.
  • People looking for a high credit limit/unsecured card.
  • Not for people looking to make big purchases/pay stuff over 12 months.
  • Not for people that are looking for a great travel card.

Simply put, this card is what its all about. Building credit.

Youre not going to get expensive trips to the Bahamas from this card. Youre not going to get cash back either. And even then, the credit limit is fairly low and its a secured card.

This isnt for the person looking to blow thousands of dollars at a party or something, this is for the people that are trying to get a good credit score and build it.

As I said, this credit card is good for a reliable, safe way to build credit.

Theres nothing special or fancy about this card, and this card isnt going to be much use if youre trying to make big extended purchases.

This is a barebones, build your credit up, move onto the next card kinda thing.

But regardless, that doesnt make it a bad card. Its a very solid credit card.

Is Opensky Deposit Refundable

OpenSky Credit Card Review: Good, Bad and Everything Else ...

Typically with most secured cards, you get the deposit back after you close the card.

So lets say you open the OpenSky Credit Card, have a $200 deposit on there, use the card for 2-3 years, and youre ready to move on to a different card company, what do you do?

Simple. You pay off the card in full, then contact their customer service or write them a letter in the mail saying you wish to cancel. The number is: 1-800-859-6412, and then they will return the deposit via mail to you.

So yes, you do get it back, thats assuming you pay off the card. If you max out the credit card, dont pay it off, then you will not be getting the deposit back. So pay it off!

Recommended Reading: How To Get Charge Offs Off Of Your Credit Report

When Does The Opensky Card Report To Credit Bureaus+

The OpenSky cards issuer, Capital Bank N.A., reports to all three credit bureaus once per month when your billing statement is generated.

To find your billing cycle, check your monthly statement. This should give you a better sense of when to expect changes to your credit report or score. Credit bureaus generally update your account as soon as possible, but the exact date your activity is reflected in your credit report will vary.

All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the banks website for the most current information.

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partners responsibility to ensure all posts or questions are answered.

Partner Offer

No Credit Check Credit Card: Need To Avoid A Credit Check No Problem

Need to avoid a credit check? No problem. A no credit check credit card gives you the opportunity to show your creditworthiness and get back on the road to good credit.

Rebuilding credit is difficult when only negative information is being reported to the three major credit bureaus. Credit reports can benefit from a no credit check credit card by adding positive reporting information.

It doesn’t matter where your current credit scores range, they are not set in stone. With a no credit check credit card you can get your credit back on track.

A no credit check visa like the OpenSky Visa credit card will help re-establish a positive payment history with on-time payments. Youll only rebuild credit if you make all payments on-time.

Here is the low-down on the OpenSky® Secured Visa® Credit Card:

OpenSky® Secured Visa® Credit Card is now offering all new cardholders a 0% Intro APR on purchases for their first 3 months. This current offer is to help anyone impacted by financial strains due to COVID-19.

Recommended Reading: Can You Have A Bankruptcy Removed From Your Credit Report

Is Opensky A Secured Credit Card

Yes, OpenSky is a secured credit card.

A secured credit card means that youll just have to put some cash down in almost like a safety deposit if youve ever rented.

The idea is, if you dont pay off the card, they just use the money you gave them to pay off the card- that way they dont lose money.

Secured credit cards are very good for people with low credit because you are way more likely to be approved for a secure card with bad credit/no credit than a non-secured credit card.

However, youll be the only person that knows its a secured credit card. On the credit card, it does not say secured or anything anywhere on the card. It just says OpenSky and thats it.

Furthermore, its not reported as secured to any credit bureaus. Although, I dont think there is really an option for that to be honest.

Regardless though, secured credit cards build your credit just like normal credit cards. Theres no difference other than the safety deposit youll have.

Those Who Have Previously Had Difficulty Getting Approved

How Do Credit Bureaus Operate? By Credit Sense

If youve never had a credit card before, and have trouble getting approved for a credit account, the;OpenSky® Secured Visa® Credit Card can help you prove your creditworthiness. It doesnt matter if you dont have an existing credit score, because OpenSky doesnt consider that in the application process.

You May Like: How To Get A Bankruptcy Off Your Credit Report

More Details About The Opensky Secured Visa Credit Card

Grace Period. This credit card has a 25-day grace period. A credit card grace period is the period of time between;the end of a billing cycle and the date your payment is due. During the grace period you will not be charged;interest as long as you pay your balance in full by the payment due date.

The APR on the OpenSky® Secured Visa® Credit Card is 19.14 percent. APR is the annual percentage rate. This is how most credit cards typically state their interest rates. On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date. APR for cash advances is also 19.14 percent. The transaction fee for a cash advance is either $6 or 5% of the amount of each cash advance, whichever is greater. Interest on cash advances kicks in as soon as the transaction hits your account.

Late Payment Fee:;Since you are rebuilding you’ll NEVER pay late but just for your information the APR rises to 21.75 percent;if you make a late payment. The late fee is $38. Set up auto-pay to avoid late payments, that way at least the minimum amount due will always be on-time. Remember late payments get reported to the credit bureaus once your account becomes 30 days past due.

Annual fee: The annual fee is $35. According to 2015 data from NerdWallet, the;average annual fee;is $58,;based on a survey of over 2,200 cards. OpenSky’s annual fee is pretty good in comparison.

Foreign transaction fees: Its 3 percent, which is within the normal range.

Drawbacks Of The Card

There are some major drawbacks to this card, so if you can qualify for other cards, we recommend other cards.

Not only will you pay a high variable APR and not earn any additional benefits, but you can also get hit with some high fees and you are unable to upgrade your card to an unsecured card over time.

Don’t Miss: How To Get Credit Report With Itin Number

Get A Higher Limit With An Unsecured Card

Unsecured credit cards, also called traditional credit cards, are better for long-term use than secured cards because they don’t require a deposit and they typically offer a higher line of credit. You can also earn;rewards;on purchases like groceries and gas, earn;cash back and travel for free. Unsecured cards also come with additional perks for cardholders, such as travel insurance and purchase protection.

After using your secured card consistently and paying your bills on-time and in full, you’ll know it’s time to move on to an unsecured card when your credit score improves and you’re ready for a higher limit. To help you decide which path to take, we review both scenarios below.

Initial Credit Limit Up To $3000

OpenSky Credit Card Review: Good, Bad and Everything Else ...

Like most secured cards, the OpenSky Secured Visa requires a refundable security deposit upfront to determine your initial credit limit. The beginning of the range is slightly lower than average, at $200, and youll be able to deposit as much as $3,000. If you have the money for a larger deposit, a high limit secured card can make a huge difference toward improving your credit score.

You can also request a credit limit increase on the OpenSky Secured Visa. If approved, however, youll need to add more money to your deposit to fund the credit limit increase. The OpenSky Secured Visa does not offer any path to graduate to an unsecured card.

Recommended Reading: What Does Filing For Bankruptcy Do To Your Credit Score

Do Not Pay Your Accounts In Collections

If a collection agency will not remove the account from your credit report, dont pay it! Dispute it! A collection is a collection. It doesnt help your score AT ALL to have a bunch of collections on your report with a zero balance. The only way your credit score will improve is by getting the collection accounts removed from your report entirelly.;

Dont pay collection accounts without a pay for delete letter. A pay for delete is an agreement that you will pay the outstanding debt if the collection company deletes the account from your report. You may be able to settle the balance for less than you owe, but many will want you to pay in full if they are deleting it from your report.

Opensky Secured Visa Credit Card Snapshot

When youre trying to establish credit for the first time or rebuild your score after a bankruptcy, foreclosure, or other rough financial spot, a secured credit card, when used responsibly by you can be a lifesaver. The OpenSky® Secured Visa® Credit Card is one you may want to consider, whether youre starting out or youre starting over. You can apply for the card without a credit check and it takes just a few minutes to apply for an account. If you need a secured card to get your credit on track, take a close look at our review of the OpenSky® Secured Visa® Credit Card and compare this card with others you are considering and you may find one that fits your needs.

Recommended Reading: Do Medical Bills Show Up On Credit Report

Is There A Fee For Closing My Account

Outside of the fees associated with your remaining balance, there is no fee for closing your account.;

You will also receive your security deposit back that you used to open your account.

I would recommend keeping the card active as long as you can, there really isnt a reason to cancel the card any time soon.

What To Watch Out For

How Do I Find Out When My Credit Card Reports To The Credit Bureau
  • Annual fee. The card comes with a $35 annual fee, charged to your balance as soon as you receive the card. This reduces your available credit limit until the fee is paid.
  • Foreign transaction fee. Every time you use your card when traveling abroad, youll pay an additional 3% of the transaction. That means $1,000 worth of purchases cost $30 in fees nearly the cost of your annual fee.
  • Expedited shipping fee. If you want to get the card as fast as possible, be ready to pay a one-time $50 fee.

Recommended Reading: What Credit Score Do You Need For Paypal Credit

Opensky Secured Credit Visa Card Features & Benefits

  • No Credit Check Required: Most credit card companies check your credit to see if you qualify for a credit card. If you have bad or no credit, its hard to get approved for a credit card. OpenSky® doesnt check your credit, so everyone qualifies.
  • You Dont Need a Bank Account: Some credit card companies require proof of your bank account to qualify for a credit card, but OpenSky® doesnt require a bank account.
  • Low Annual Fee: Most credit cards for consumers with bad or no credit have an annual fee much higher than OpenSky®s $35 fee.
  • Build Credit Responsibly: A secured credit card helps you build credit responsibly. Essentially, youre using your own money. If you dont pay your bill, they keep your deposit. Its a good way to keep yourself accountable and build credit at the same time.
  • Easily Deposit Funds: You can make your security deposit multiple ways, including electronic bank transfer, wire transfer, Western Union transfer, and money order via mail.

Is Opensky Secured Credit Visa Card Safe To Use And Good For Building Credit

Capital Bank reports your OpenSky® Secured Credit Visa® account to the credit bureaus, which is how you build credit.

Its a safe way to build credit since you can only charge up to your security deposit amount. If you are worried about overspending, keep your limit low by making a low-security deposit.

Read Also: When Do Credit Cards Report Late Payments

Opensky Secured Visa Credit Card Vs Secured Mastercard From Capital One

Although it requires a credit check as part of the approval process, the Secured Mastercard® from Capital One can quickly be recognized as being more fee friendly than the OpenSky® Secured Visa® Credit Card. There is a $0 annual fee and there are no foreign transaction fees.

Capital Ones secured card is one of the few available that will give qualified applicants a higher credit limit than their initial security deposit. Depending on your credit report and your financial information, you could be required to provide either a $49, $99 or $200 refundable minimum security deposit to get an initial credit limit of $200.

If you provide a higher initial deposit, your credit line will be increased accordingly. New accounts will be automatically considered for an increased credit line in as little as six months as well.

What Is The Opensky Secured Credit Visa Card

The Best Credit Cards for 2020

If you have bad or no credit, most credit card companies wont give you a , but a secured credit card is often a viable option, which the OpenSky® is a secured credit card with decent benefits.

If you have no or bad credit, this Visa® helps you build credit. Your security deposit is equal to your credit line, so however much you can put down is how much credit youll receive.

Read Also: How To Get Rid Of Inquiries On Your Credit Report

Get Late Payments Removed

Before disputing late payments you should contact your creditors and tell them you have a late payment on your credit report on your account and you believe its inaccurate. They may remove it as an act of goodwill for customers who have been with them for awhile.

I had a creditor remove a late payment from my credit report by calling and coming up with an excuse for why it was late. They removed it as an act of goodwill because I had been a customer for several years. If that doesnt work, you can start disputing it with the three major credit reporting companies.

I had four late payments with two different creditors at one point. I contacted the creditors and got one removed and disputed the other 3 with the Credit Bureaus. I was able to get another one removed, and my credit score jumped up by 84 points.


Most Popular