The OpenSky Secured Visa Credit Card can be an ideal solution for borrowers who cannot qualify for traditional credit cards due to poor credit or ineligibility, making approval easier and quicker for applicants with bad credit histories.
Additionally, this service reports to all three credit bureaus, helping you build up a positive payment history with every on-time monthly payment made.
No credit check
The OpenSky Secured Visa Credit Card differs from most credit cards in that it doesn’t conduct a credit check to determine your approval status, making it ideal for those with poor or no credit at all. A refundable deposit ranging from $200-$3,000 must be placed with FDIC; using it responsibly each month by paying off its balance completely will help to build your credit history; eventually you may even move onto an unsecured card offering more favourable limits and rewards.
Once approved, you will be assigned a credit limit equal to the amount of your refundable security deposit. This deposit will be held in an independent account so no interest charges are applied until carrying an outstanding balance is incurred. Furthermore, this card reports payment history directly to three major credit bureaus which may help your score improve over time; just be sure that any balances are settled promptly to avoid high-interest charges!
If your credit is poor or nonexistent, obtaining a new card can be challenging. Most lenders will run a credit check before authorizing you which can negatively impact your score. But with OpenSky Secured Visa card you won’t have to undergo one and may even benefit from higher limits as well as reporting payments made directly back to major credit bureaus – all while building or rebuilding credit at once!
Although not a rewards card, the OpenSky Secured Visa Credit offers one of the best solutions for people with poor credit. It provides an ideal opportunity to build or reestablish credit quickly and is easy to apply for online without needing a bank account – offering excellent opportunities for rebuilding and reestablishing.
As part of your application process, you will need to present proof of income and housing costs, along with utility bills or pay stubs showing recent utility usage and pay stubs from last month. Your lender will verify your identity through reviewing public records such as driving licenses. Be honest in filling out these documents as any misrepresented details could result in denial.
No annual fee
The OpenSky Secured Visa Credit Card is an excellent solution for people rebuilding their credit. As it reports to all three major credit bureaus, this card can help build positive credit histories across them all. In addition, its flexible credit limit based on your refundable deposit can keep credit utilization low – an integral factor in increasing your score. Furthermore, this card does not charge an annual fee like many secured cards do – making this card ideal.
One of the great advantages of this card is that it doesn’t require a credit check to qualify, which can be especially advantageous to individuals who have recently experienced bankruptcy or have outstanding liens on their record. Furthermore, no bank account needs to be opened, making this option available even to people who can’t get approved for other secured cards.
However, this card has its drawbacks: For one thing, it doesn’t allow a transition path into an unsecured credit card once responsible usage has been demonstrated; and its minimum deposit requirement may prove challenging for certain borrowers.
Even with its downsides, this card remains an excellent way to establish or rebuild credit. It features monthly reporting to all three credit bureaus as well as built-in credit limit increases – features which help boost your score significantly.
As well as these features, the OpenSky Secured Visa Credit Card also boasts no credit check requirement when applying, which may help borrowers who have been turned down from other secured cards due to poor or no credit history. Furthermore, its Facebook community shares tips and stories of how using it helped improve scores – although no rewards program exists so this card might not be suitable for consumers looking for extra perks.
No minimum credit line
OpenSky does not conduct credit checks to approve applicants for its secured Visa card, making it an excellent solution for those with poor credit. Instead, they require a refundable security deposit equal to up to the card’s maximum limit as insurance should you default on payments; it will then be returned when closing your account in good standing. OpenSky boasts an 88% approval rate with up to $3,000 of credit available on this card and reports account information directly to major credit bureaus.
Although the OpenSky card doesn’t charge an account opening fee, there is an annual fee of $35 that must be paid each year if you want to keep using this secured credit card and build credit. Furthermore, it reports to all three major credit bureaus so you can monitor its effect over time.
This card does not offer rewards and you must pay off your balance every month in order to avoid incurring interest charges. As a starting point towards cards offering greater perks and rewards, this option may prove ideal; but for those needing help building their credit it may still provide useful support.
The OpenSky credit card boasts a low minimum deposit and maximum credit line that are comparable to other secured cards, yet lack a zero introductory APR rate – something which would help those just starting out. Furthermore, no fees such as account maintenance fees or late payment fees apply – unlike many secured cards which typically do offer such offers.
Before applying for a credit card, it is crucial that you understand how it works. Three credit bureaus monitor your score; lenders will request reports from each when reviewing applications. There can be various factors which affect your score – how frequently you use and spend on cards may impact it negatively or positively respectively.
Paying off debt promptly and keeping credit utilization ratio low are both ways of improving your credit score, with one effective approach being using a credit card that reports your payment history to credit bureaus – something like OpenSky can do as it doesn’t require a credit check for opening and can even accept deposits as low as $200!
No foreign transaction fee
The OpenSky Secured Visa Credit Card can be an ideal solution for people who desire the benefits of plastic but cannot get approved for a traditional card. It provides all the protections of Visa cards while remaining easy to use; plus it reports payments directly to credit bureaus which is key when building credit. However, there are a few drawbacks with this card such as its high minimum deposit requirement and lower maximum credit limit than some alternatives.
Capital Bank charges an annual fee of $35 for this card – higher than average among secured cards – but does not impose an application or credit check fee upfront. Instead, their assessment process determines an amount between $200 to $3,000 as a refundable security deposit that covers your total credit limit and can be returned when your account closes successfully and pays off its balance.
When applying for the OpenSky Secured Visa Credit Card, you will need to provide evidence of income and housing costs through employer verification, bank statements or paystubs. Accuracy is critical because failure to do so may reduce your chances of approval drastically.
Although this card doesn’t provide rewards or perks, it is an ideal choice for anyone looking to establish credit. Reporting to all three major credit bureaus helps build your payment history – over time you could qualify for better cards with higher limits!
The OpenSky Secured Visa Credit Card can be used anywhere that accepts Visa, including online. You can even rent cars and hotels as long as your credit limit allows it. There’s a 3% foreign transaction fee and 5% cash advance charge applied against each amount you spend; plus late penalty rates of up to 30% apply if late payments occur.
