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Is Open Sky a good secured card to start with

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I have horrible credit due to medical bills and am trying to rebuild my credit

 

 

Here is my quick breakdown

 

6 student loans in deferment

1 car loan good standing almost paid off

54 medical bills in collections

 

 

 

I know Open Sky doens do a hard pull as I am at 4 I wasnt wanting another. I was denied by Capital One Secured

 

Any help is appeciated.

 

Thanks

Dennis

 

 

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I started off with Open Sky Visa in January of 2012. I have since graduated to better cards and closed this account. It did help me a lot and I never saw an inquiry from them on my credit report. They report to all three credit bureaus every month. The downside is if you pay them by personal check, they will hold the funds for five days before making them available. This also applies to online payments. They will credit the payment as of the date received, you just cannot access it until hold is removed. When closing the account, it takes about 3-4 weeks to get your security deposit back and you must pay the account to zero balance before you can close it.

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If you are looking for a secured MasterCard try First Progress. No minimum credit score required for approval, $29 annual fee and reports to all three credit bureaus. I never had one but it looks like a good product.

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I would try to get a secured credit card from a CU before that. I got mine at 8.9% $500 from a smaller CU, though I did have a car loan with them before the BK7, and it was not IIB... and I continue to pay. (never stopped paying, glad it lived through and no other creditors got jealous).

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I have horrible credit due to medical bills and am trying to rebuild my credit

 

 

Here is my quick breakdown

 

6 student loans in deferment

1 car loan good standing almost paid off

54 medical bills in collections

 

 

 

I know Open Sky doens do a hard pull as I am at 4 I wasnt wanting another. I was denied by Capital One Secured

 

Any help is appeciated.

 

Thanks

Dennis

 

 

Are they the one that has absolutely NO grace period?

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hi first post here.. i started with them i put a $1000 they are pretty good to start if: you dont charge it to much, (no grace period) the GOOD thing is no HP

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Try merrick bank you get a free monthly fico score plus periodic auto cli, just Use it a couple times and pay it off every month. As before mentioned first progress is ok too... your prob going to need two cards and rotate carrying a 9% or below balance then pif every month

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I have horrible credit due to medical bills and am trying to rebuild my credit

 

 

Here is my quick breakdown

 

6 student loans in deferment

1 car loan good standing almost paid off

54 medical bills in collections

 

 

 

I know Open Sky doens do a hard pull as I am at 4 I wasnt wanting another. I was denied by Capital One Secured

 

Any help is appeciated.

 

Thanks

Dennis

 

 

Are they the one that has absolutely NO grace period?

 

 

They do have a grace period.

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I have horrible credit due to medical bills and am trying to rebuild my credit

 

 

Here is my quick breakdown

 

6 student loans in deferment

1 car loan good standing almost paid off

54 medical bills in collections

 

 

 

I know Open Sky doens do a hard pull as I am at 4 I wasnt wanting another. I was denied by Capital One Secured

 

Any help is appeciated.

 

Thanks

Dennis

 

 

Are they the one that has absolutely NO grace period?

 

 

They do have a grace period.

 

 

 

 

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There is not an inquiry to apply. They do have a 50 dollar annual fee. Interest begins to accrue on your purchase from the date of the purchase. There is not a grace period. The security deposit does not accrue interest nor does the card graduate. They do however report to each of the 3 main CRAs.

 

They're good to start rebuilding credit. Not a long term card nor would you want to carry a balance. Mainly this card would be beneficial to have "something" reporting.

 

We all have/had to start somewhere. Good luck!

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There is not an inquiry to apply. They do have a 50 dollar annual fee. Interest begins to accrue on your purchase from the date of the purchase. There is not a grace period. The security deposit does not accrue interest nor does the card graduate. They do however report to each of the 3 main CRAs.

 

They're good to start rebuilding credit. Not a long term card nor would you want to carry a balance. Mainly this card would be beneficial to have "something" reporting.

 

We all have/had to start somewhere. Good luck!

 

None of this is true.

 

It may have been true in the past, but they have updated the rates, and the annual fee is now $29 with a 25 day grace period.

 

https://www.openskycc.com/docs/CardholderAgreement.aspx

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There is not an inquiry to apply. They do have a 50 dollar annual fee. Interest begins to accrue on your purchase from the date of the purchase. There is not a grace period. The security deposit does not accrue interest nor does the card graduate. They do however report to each of the 3 main CRAs.

 

They're good to start rebuilding credit. Not a long term card nor would you want to carry a balance. Mainly this card would be beneficial to have "something" reporting.

 

We all have/had to start somewhere. Good luck!

 

None of this is true.

 

It may have been true in the past, but they have updated the rates, and the annual fee is now $29 with a 25 day grace period.

 

https://www.openskycc.com/docs/CardholderAgreement.aspx

 

I am glad I am not crazy thinking they were the one that had no grace period. However that does not seem to be the case any longer. It doesn't seem like a bad one if you don't have any other options. You know you can not begin to build credit if no one gives you a chance.

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Jonson this is still absolutely true on the account I have. Was charged $50 fee in September. I no longer use this account but missed cancelling before they charged the annual fee. I figured I would just keep it active until August for AoA.

 

Glad to hear there are some better terms being offered now though.

 

 

There is not an inquiry to apply. They do have a 50 dollar annual fee. Interest begins to accrue on your purchase from the date of the purchase. There is not a grace period. The security deposit does not accrue interest nor does the card graduate. They do however report to each of the 3 main CRAs.

They're good to start rebuilding credit. Not a long term card nor would you want to carry a balance. Mainly this card would be beneficial to have "something" reporting.

We all have/had to start somewhere. Good luck!

 

None of this is true.

 

It may have been true in the past, but they have updated the rates, and the annual fee is now $29 with a 25 day grace period.

 

https://www.openskycc.com/docs/CardholderAgreement.aspx

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I am glad I am not crazy thinking they were the one that had no grace period. However that does not seem to be the case any longer. It doesn't seem like a bad one if you don't have any other options. You know you can not begin to build credit if no one gives you a chance.

 

They used to have some crappy terms, but they recently restructured their secured card. It's actually pretty decent now.

 

Jonson this is still absolutely true on the account I have. Was charged $50 fee in September. I no longer use this account but missed cancelling before they charged the annual fee. I figured I would just keep it active until August for AoA.

 

Glad to hear there are some better terms being offered now though.

 

 

 

You're probably still bound by the old terms. If you opened a card today, your terms would be different. Definitely keep it open for the rest of the year, and maybe even max out the security deposit right before you close the card so you have a large credit line reporting.

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I am glad I am not crazy thinking they were the one that had no grace period. However that does not seem to be the case any longer. It doesn't seem like a bad one if you don't have any other options. You know you can not begin to build credit if no one gives you a chance.

 

They used to have some crappy terms, but they recently restructured their secured card. It's actually pretty decent now.

 

Jonson this is still absolutely true on the account I have. Was charged $50 fee in September. I no longer use this account but missed cancelling before they charged the annual fee. I figured I would just keep it active until August for AoA.

 

Glad to hear there are some better terms being offered now though.

 

 

 

You're probably still bound by the old terms. If you opened a card today, your terms would be different. Definitely keep it open for the rest of the year, and maybe even max out the security deposit right before you close the card so you have a large credit line reporting.

 

 

I am bound with the old terms, should i call and ask them to update the terms on my card? or how does it work? because the interest is crappy...and i was going to close it because of the NO GRACE PERIOD but red the new terms and its pretty decent now.

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I am bound with the old terms, should i call and ask them to update the terms on my card? or how does it work? because the interest is crappy...and i was going to close it because of the NO GRACE PERIOD but red the new terms and its pretty decent now.

 

You can call and threaten to cancel. However, I wouldn't get your hopes up. Let us know what happens if you call.

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