Issued by Capital Financial institution, it provides a method to construct your credit score through the use of what’s often called a secured card. Meaning you set down a refundable deposit, which turns into your credit score restrict on the cardboard.
Is the OpenSky® Secured Visa® Credit score Card an precise bank card?
Sure, the OpenSky® Secured Visa® Credit score Card is an precise bank card. However not like a conventional “unsecured” card that requires no collateral, it is a “secured card,” so it requires an upfront deposit. You may decide the dimensions of the deposit, which can be your credit score restrict and may be as little as $200. The utmost quantity is $3,000 and you may get the deposit again whenever you shut the account in good standing.
Does the OpenSky® Secured Visa® Credit score Card cost an annual charge?
The cardboard does carry an annual charge, which is $35.
Does the OpenSky® Secured Visa® Credit score Card require a credit score test?
Based on the issuer, the appliance would not require a credit score test, and it may be accomplished in underneath 5 minutes.
It is uncommon to seek out bank cards — even secured playing cards — that do not carry out a arduous pull of your credit score whenever you apply.
Does the OpenSky® Secured Visa® Credit score Card report back to the U.S. credit score bureaus?
Sure. As you utilize the cardboard, your cost historical past is reported every month to all three main credit score bureaus: Equifax, Experian and TransUnion.
This reporting helps construct your credit score over time, so long as you proceed making on-time funds.
Does the OpenSky® Secured Visa® Credit score Card provide an improve path?
The OpenSky® Secured Visa® Credit score Card doesn’t provide an choice to “graduate” to an unsecured card after months of accountable use.
If in a while you need an unsecured card, you will have to use for one — hopefully, you will be armed with a brand new and improved credit score rating.
Does the OpenSky® Secured Visa® Credit score Card earn rewards?
No, the OpenSky® Secured Visa® Credit score Card doesn’t earn rewards, which is typical for playing cards aimed toward these with poor credit score (FICO scores of 629 or decrease).
What else makes the OpenSky® Secured Visa® Credit score Card distinctive?
Not solely are you able to bypass a credit score test in the course of the utility course of, however you additionally do not want a checking account to qualify for this card.
Nonetheless, you do want to offer a Social Safety quantity or particular person taxpayer identification quantity and present that your month-to-month earnings exceeds your month-to-month bills.