Your credit score is critical for you to get the best credit cards, qualify for a low interest rate loan, and get a mortgage. According to the FTC, many factors go into determining your credit score, including the number and types of credit accounts you have.
So what options do you have if you’re trying to rebuild your credit score?
We investigated numerous OpenSky Credit Card reviews and can say that this credit card easily ranks among the most popular options when it comes to rebuilding bad credit.
OpenSky specializes in making a secured credit card as good as it can be and ensuring that your time with a secured card will be productive of repairing a damaged credit history at as fast a rate as possible.
The Consensus From OpenSky Credit Card Reviews
OpenSky Credit Card reviews are overwhelmingly positive, which is somewhat surprising for a secured card that is used by those with bad credit scores and who want to improve them. Many such cards get rather poor reviews – but OpenSky is a happy exception.
The most common notes of praise emanating from users of OpenSky Credit Cards are as follows:
- It is fast, simple, and easy to apply for this secured credit card. The company doesn’t bog you down with a lot of hassle and unnecessary questions.
- Due to monthly reporting to all three major credit bureaus, anyone who uses this card responsibly will see relatively rapid gains in their credit score.
- If you had no credit score at all, you should earn one within 6 months by using the OpenSky secured card.
- Many customers were pleased to see credit line increases in only a matter of months with on-time payments to their card. And you normally do NOT have to make an additional deposit to increase your credit limit – though you can do it that way too if you wish.
- The helpful credit card tips and educational page provided by OpenSky and their quick communication with customers was much appreciated. People say this company has great customer service, both as to helpfulness and friendliness.
4 Additional Facts To Know About OpenSky Secured Credit Cards
What we have said already gives you the general idea about why so many bad credit customers choose OpenSky and are quite pleased with it. But here are four additional facts you need to know before signing on the dotted line, so to speak:
- There IS an annual fee with this card, but that is pretty standard fare with most secured cards. The good news is that the fee is relatively low at $35 a year.
- There is a $200 minimum security deposit to open your account. Many, however, choose to start off at $300 or more in order to obtain a higher initial credit limit.
- You do NOT have to submit to a credit check – and particularly not to a hard credit check that could further damage your credit score, when you apply. This is very unique of OpenSky since most secured cards (and most credit cards in general) DO require a credit check.
- The APR on the OpenSky card is lower than the average secured card interest rate. That’s good news. You don’t want to carry a balance with a secured credit card anyway, but in case you can’t pay off in full occasionally, it’s nice to know you have a lower rate.
What About Other Bad Credit Credit Card Options?
OpenSky is a popular credit card company for those with bad credit, but there are other options too, of course. At Bonsai Finance, we are not a lender or card company ourselves and we do not work for one.
We are an independent company dedicated to one thing – helping to match you with your choice of installment loans, guaranteed loans, and personal loans no credit check. Here are some other articles you might like:
Don’t Wait Til Payday! Get the Best Payday Loans for Bad Credit
How to Clear Your Credit: Improving Your FICO for Better Loan Results
What’s the Lowest FICO Score You Can Have? Bad Credit Defined
How to Get Past a Bad Credit Score for Personal Loan Approval