Rebuild Your Credit In 6 Months Or Less With the OpenSky Secured Credit Card

Suffering from poor credit brings forth all manner of problems. Once a credit score drops into the territory of fair and below, the ability to procure more credit becomes extremely difficult. Someone may wonder why a person with bad credit needs access to a credit card. Wouldn’t more borrowing get the person into more trouble? If he/she does not pay back the borrowed funds, more trouble will follow. The already bad credit score could even get worse. However, additional borrowing may be necessary to rebuild credit. This is where the OpenSky Secured Credit Visa Card can prove quite helpful. A person with poor credit frequently finds it difficult to be approved for a new credit card. The reason is credit card companies do not want to take on too much risk. A person whose current credit score reflects trouble paying back debts won’t find too many traditional credit card companies willing to approve an application. The bad credit OpenSky card, however, is much more accessible. If you want to rebuild your credit, this card can help the cause. As the name note, this is a secured card. The card is a secured Visa, which means a deposit must be placed in order to receive the card. The deposit acts as collateral.

Cash Deposits

With the OpenSky card, initial accounts range from $200 to $3,000. So, a cash deposit in the amount of the credit line must be made. With a $250 line of credit on the card, applicants must deposit a matching $250. The card can be used like any other credit card. If the account holder does not pay back the amount owed, OpenSky withdraws funds from the deposit. The security deposit does not remain held by the lender forever. A six-month term could be imposed. After the time period expires, the collateral deposit is released. Then, the card can be used without any money held against the account.

The Secured For Those Looking For Great Benefits: The OpenSky Secured Credit Visa Card

Sometimes the need for credit requires the acquiring of a secured line of credit. This is usually the case for a short amount of time before the secured line of credit becomes an unsecured line of credit. In today’s competitive market for secured credit cards comes the OpenSky Secured Credit Visa. Below are some interesting facts about this card.

What To Look Out For When Using The OpenSky Secured Credit Visa? 

Because this is a secured credit card, the consumer has to deposit the requested line of credit before being able to use the funds. The good thing about this card is that, upon being used, it is accepted anywhere the Visa logo is at. With an amount as low as $200 upwards to $3,000, the consumer can deposit any desired amount to start their journey to building credit. When using this card, it is to be noted that the amount deposited acts as a guarantee in the event the consumer forfeits the payment schedule for any reason. As this is a secured card, the three major credit bureaus receive updated payment information on a monthly basis. This is the primary way the consumer builds credit. Some people may ask, “How does this card build your credit score?” Well, the answer is simple. By reporting to the credit bureaus, the consumer who uses the card responsibly will have good reporting which will, in turn, increase the credit scores. There are many factors that relate to an increased credit score. Credit utilization is only one of them.

Annual Fees

There are many other factors such as there are no credit checks required when opening the account. Most credit card agencies require a credit check on the consumer prior to issuing a line of credit. Some places, such as banks and credit unions, require a credit check before allowing the consumer to open a checking account. Another aspect for what to look out for when using the OpenSky secured credit Visa card is the annual fee of $35. This is not a hidden fee and the consumer is made aware at the beginning when the account is opened. There are other credit card agencies that will throw “extra” fees on the consumer at times and this is one thing that makes the consumer alert when signing up for credit. Another way is by the utilization of the card to make important payments for recurring expenses, such as appliances. This makes the credit utilization low and the consumer can receive the benefits of low utilization on the credit file.

How Does This Card Build Your Credit Score? 

The primary way to build the score is by requesting a credit line increase. When the consumer has used the credit card responsibly and have the necessary funds in an account at the time of the request, there should be no problem of having an increased limit. This builds the credit because a higher line of credit is being reported to the credit agencies and this, in turn, gives the consumer a better rating due to more responsible use of the issued line of credit. When other credit card companies receive a credit line increase, there is a usually lengthy process that the consumer often goes through. This alone can make requesting an increase daunting to the consumer. OpenSky has made the increase an easy process. All the individual need to do is have the requested funds in an account at the time of the request. There may be a small fee related to the increase of the limit, but the customer will be made aware at the time of the request.

Authorized User

Another the consumer can benefit from this card is by the use of an authorized user on the credit card account. At the time of the card being requested, there will be an option to add a user to the account. In the event the consumer over-looked this option, there is still a chance to do so even after the card has been received. An authorized user on the credit card account can help the primary cardholder regarding the building of credit. The option to receive a cash advance is available with this card from OpenSky. There may be a time when cash is needed and the consumer has no other way to receive cash but by credit card. This card can be used for such a purpose. The fee for using a cash advance with this card can be found in the cardholder agreement. This will inform the consumer of all the fees associated with the opening of the card account. This is another key benefit that has made this card so attractive. There are many secured cards that do not allow cash advances for one reason or another. OpenSky has made a statement by allowing cash advances with this secured credit card.

Rebuild Your Credit With Payments

Several different factors go into lowering a credit score. Paying down debt is one. Re-establishing a history of timely debt payments would be another. Unfortunately, when no one else chooses to issue any credit, repaying debt and presenting a new track record of responsibility becomes very difficult. After seven years, all previous bad marks on a credit score disappear but this remains a long time to wait. Being proactive and taking additional steps to improve a credit score must be done. Paying down debt and paying all obligations on time are among those very necessary steps.

Build Your Credit Score

Not everyone turned down for a credit card has bad credit. Some simply possess no credit history. Again, credit card companies want to be reasonably sure the person they approve of a card can and will pay the money back. With no previous credit history, the credit card company has nothing to go on. The no credit OpenSky card brings forth a solution. Just as would be the case for someone with bad credit, a person with no credit would apply for the card and make the necessary deposit. Not much else changes. After using the no credit OpenSky card for some time and making timely payments, a credit history begins to be established. This can later help when seeking additional credit cards or choose to apply for a personal or auto loan.

Acquiring The OpenSky Visa Card

The process for acquiring this bad credit OpenSky card doesn’t come with too many hoops to jump through. Filling out an application online won’t even take too much time or effort. Other steps required during the application process include the actual funding of the collateral. Doing so won’t require too much work. The company goes to great lengths to make sure applying remains easy. People with poor or no credit may already be under stress. OpenSky secured credit doesn’t want to add to that stress. So, the means of applying does not come with lengthy, difficult steps.

Bad Credit Causes Troubles

Bad credit can rear its problematic head in many areas of life. Credit checks are performed for all manner of reasons. Fair or not, a credit score provides third-parties with a profile of an individual. Sometimes, poor credit can be deemed a sign of irresponsibility. That can be most unfair. The OpenSky Visa Card helps with rebuilding a credit score and addressing troubles that go with a poor score. There are many benefits to having a responsible line of credit, such as lower interest rates on loans, etc. This is one way that will inspire those who have this card to use the credit in a way that will make the consumer have better options once the credit file is updated with new information.