I was wondering if anyone had or has an Open Sky Secured Credit Card. I need to open 1 more credit card to assist in raising my credit score, but since I don't want them to run my credit (to avoid the additional inquires) I was leaning towards this one. Any positive or negative feedback? I would go with the Wells Fargo Secured CC but I already have 1 and my loan officer said that I should try to get one with another company. Thank you for your feedback!
Hi Cherie, The OpenSky Secured Credit Card would work for your needs, but there are a few better secured and unsecured credit cards on this list: Credit Cards for Bad Credit - Creditnet.com Check them out and see if any of them will work better for you. They also do not require credit checks. Thanks Logan
My wife has a Open Sky Credit Card and loves it. No credit check and their APR is lower than most secured cards. Annual fee is only $29.00. I think you can deposit anywhere from $250.00 to $5,000.00. Good luck.
I have a question? Why do u care about inquires unless they are on ex? TU & Eq you can B* them off your report anyway. I personally would be more worried about AAoA than inquires? Call me strange but the fact that your looking at secured cards means that u have multi baddies is this the case? Obviously if your looking to just have cards to report in good standing with good payments there are unsecured cards for many score ranges
TU is easy get a smart credit premium is 10 bucks a month takes about 2 months doing daily pull or u can do transunion plus but that's like 40 bucks a month or u can do both at the same time TUP+SCP and it can be done in 1 month. If u need the link to the 10 dollar version of SCP let me know
EQ is more tricky I will have to explain that in more detail cause if u screw that up u will get on chop list
PM me the link, unless you're okay posting it on the board. Oh I have no worries, LOL. Just interested in learning a new trick.
PM sent! let me know if u didnt get and i will resend i was having a hard time because of to many charcters within a PM I dont want to hijack the Op's thread "apology's"
Well so much for the idea to post the link to all as they require 25 posts before i can post links! crappy............jeeze we wouldnt want to put information in here that would actually help people!***SARCASM***
MecanicW; I have been working on repairing my credit for about 6 months now from some issues I had multiple years ago. I have been successful in removing all but 1 with the help of this website. Thankfully I have raised my credit over 100 points from that. I am currently building a house and it should be completed around Feb/March. The lender I am working with suggested I get another credit card since I only have 2 open lines of credit; 1 small credit card and a car note. He suggested I try to get a secured card that didn't do a credit inquiry to keep those to a minimum.
I won't tell u to go against ur bankers advice I say u make the decision. But if it was me I would get an un secured card however I would apply for a card that I knew the lender would pull transunion 95% of the time. Because TU is the easiest to bump that inquire off in either 66 days or 33 depending if I wanted to spend the 10 or 50 bucks to make it disappear. Remember any new account will make ur AAOA go down. If u give me ur credit score I can give u a rough estimation on what the best chances for a approval are on lenders that pull transunion based on ur score.
If u decide to get a secured card make sure that it will graduate to an unsecured card in about a year with good payments. If ur looking for a secured card with no inquire then check smaller credit unions I know that.
Thanks for the help Mechanicw and mindcrime...As of todays report from Equifax I am at a 655. When my mortgage consultant runs it and does what he does (I think he does an average of all 3 scores?!?!), it is a 636. He has a lender that will give me a loan if I am right under 640, but I have MUCH better options if I can get the average over 640. So, that is why it was suggested that I get another credit card since I have about 4 months or so until my house is completed. I really like my Wells Fargo CC, but he thought I might should go with someone different on the 2nd card to show that other companies are willing to give me credit too.
Your FICO score doesn't recognize who the lender is. It's based on payment history, amounts owed, length of credit history, new credit, and types of credit used. I can see your concern with not wanting to take a few points hit with an inquiry with a relatively short period of time before closing. WF though may still pull one; have you verified they won't? Either way, if they're both secured (WF and Open Sky), it will likely report as such, and for a manual review the mortgage lender will realize its secured and its less of a "other companies are willing to give me credit too", if it's a secured card....so I wouldn't base my decision on that.
I actually haven't talked to WF yet to ask. When I first got the WF credit card 6 months ago, it was a $300 secured card. Within 3 or 4 months they moved it up to $600 without additional deposit. Just 2 months ago they returned my deposit and make it a $800 non-secured card. I wasn't sure if I could find a non-secured card that wouldn't pull my credit, so that is why I was leaning more towards secured. I think I probably could get another WF card since they were willing to move me to a non-secured card.
Just a thought but remember when the last crash hit. To many lines of credit with one lender is no good .Should a lender ever start killing credit lines I like to limit what they can. try to make sure that your portfolio should be a range of different lenders.(Don't put all your eggs in one basket) Especially in the beginning remember these accounts you open now will years on down the road be some of your oldest accounts and closing 8 or 9.........mabe 15 yr old accounts later can have a big impact on AOA. Try to think long term. Example- I had the very first account I opened closed because lender told me I was already above the credit max allotted for this type of account. I had them tell me this is the highest credit limit that they would ever extend.The card had no where to go. This card but outlived its usefullness. THere comes a time where cards will actually hold you back. I closed the account and the same day applied with a mainstream bank was given 3X the credit limit of the other card. I have since had the limit on that card doubled twice. SO choose cards wisely! In the beginning in case you decide to keep it many years.
