How to use the card
Even secured credit card issuers don’t normally welcome people with recent bankruptcies, foreclosures and accounts in collections – so called serious credit damages. But the OpenSky® Secured Visa® Credit Card gives a chance to people with financial hardships since there is no credit check required for the approval. With this Capital bank offering you may save your time and start rebuilding your credit history even while you’re still in default.
All you need to start is 10 minutes to fill in the online application and at least $200 to pay as a deposit. The deposit range is from $200 to $3,000. Whatever amount you choose to pay, it will be equal to your credit line. Just remember that the card has a $35 annual fee which is deducted from your deposit. So your credit limit will always be $35 less than your deposit.
Here are some helpful tips how to increase your credit score:
- Make all card payments on time. This is the key factor to boost your credit score.
- Use up to a third of your credit limit. It will keep your utilization rate at an appropriate level.
The card has rather modest APR of 18.39% and not so high late fee of $27 comparing to other secured credit cards. Even if you carry a balance for one month or make a late payment, you’ll most likely manage to overcome the consequences.
However, the OpenSky® Secured Visa® Credit Card is not for a long-term use, so do your best to achieve a high credit score in the shortest time possible. For this you need to just strictly follow the said rules, and the Capital bank will complete the rest with its monthly reports to the three major credit bureaus.
To qualify for this card, you need to be over 18 years of age. And the difference between your monthly income and expenses should be sufficient to pay the card bills. It doesn’t matter what your credit score is since there is no credit check. But note that if you have or previously had credit cards from the Capital bank, they should be in a good standing. Still, no checking or savings account is required.
How much it costs
The card has a $35 annual fee. Also, after a year of inactivity, the bank starts charging you $10 per each following month of inactivity. The card has neither rewards nor the opportunity to graduate to an unsecured product. Its only purpose is to help raise your credit score. Once you’ve done it, close the account as there is no other point to keep it open.
The bottom line
Time heals even serious credit damages. But the OpenSky® Secured Visa® Credit Card gives you a real opportunity to save the time and start acting right away.