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OpenSky Credit Card Overview with Prices and Credit Score Requirements

Getting credit is one of the most vital aspects of one’s financial journey. More often than not, people use credit as a means to ease their financial situation, while others use it to find a better footing to start over. Whatever the reason, credit provides several benefits as it can help materialize certain business opportunities or as a safety net in emergencies.

However, people who either have no credit or poor credit tend to be stuck with limited options when getting credit cards. This can be unfortunate if you’re planning to apply for a loan since you’d want to secure the best deals alongside lower interest rates from lenders as much as possible. The good news is that OpenSky Credit Card serves as a viable alternative if you’re deemed unqualified for other credit cards. Secured credit cards like OpenSky are guaranteed by a deposit you can refund at any time, as opposed to the typical credit history and credit score.

A secured credit card like the OpenSky card is an excellent way to build on your credit while developing healthy habits in your finances along the way. Of course, this will all be possible as long as you pay on time and consistently. Furthermore, OpenSky also lets you grow your credit score enough to get your applications approved and eventually qualify for a more suitable unsecured card.

What is the OpenSky Credit Card?

The OpenSky Secured Credit card is from Capital Bank and is mainly catered to entrepreneurs or business owners who need to increase and build their credit. This works in such a way that OpenSky reports usage and payments to the three main credit agencies, thus helping you grow and fix your credit. It’s also one of the major reasons OpenSky is considered one of the top business credit cards for individuals with poor credit.

Besides this, the OpenSky credit card is also ideal for entrepreneurs who are ineligible for unsecured credit cards for their business. This card doesn’t look into or assess your credit upon application, which makes the entire process easier and more convenient for many. Even so, you’ll still be required to pay a deposit amounting to $200 to roughly $3000 if you plan on opening an account. It’s also worth noting that the OpenSky credit card comes with a yearly $35 fee and a yearly 18.14% percentage rate.

It follows a usual due date cycle of 25 days and doesn’t allow balance transfers. An interest charge is only kept to a $1 minimum, with late payment fees amounting to $38 and returned payments to $25.

OpenSky Credit Card Features

As mentioned, the OpenSky Secured Credit card is part of Capital Bank. It doesn’t possess any distinct features or characteristics that make it particularly unique from other bank credit cards. However, it does have extra features that offer hefty perks and benefits. These are some of them.

* Zero liability

With OpenSky, you’re guaranteed enough protection from unauthorized individuals using your account information or credit card. When unauthorized transactions take place, OpenSky does not put unwarranted liability on cardholders for these and charges no fee.

* Cardholder Inquiry Service

The Cardholder Inquiry Service allows 24/7 access to Visa Global’s customer care. This is open seven days a week, allowing you to be free to address any query, concern, or inquiry you might have about certain services or products for cardholders.

* Roadside Dispatch

Holders of this credit card are also provided with the authority to access its pay-per-use road dispatch program. It offers lockout service (without key replacement), standard 5-mile towing, jump-starting, five-gallon max fuel delivery, standard winching, and tire changing.

* ID Navigator activated by NortonLifeLock

One of our most common fears when dealing with credit cards is the possibility of them getting stolen or used with malicious intent. OpenSky’s ID Navigator significantly reduces the probability of identity theft through efficient and advanced tools. These tools make sure to keep the cardholders constantly informed of the possible threats to their account information and identity, letting them resolve the situation quickly and appropriately.

* Protection against damaged, stolen or lost cards

If your credit card gets stolen, is lost, or has suffered from significant damage, what happens is that your card will be blocked. They will connect you to your bank or financial institution, and you can expect to receive a card replacement in as fast as three business days upon the approval of the bank.

What are OpenSky’s Credit Score Requirements?

The great thing about the OpenSky Secured card is that it imposes no requirement for your credit score. In fact, they don’t even check your credit whenever someone tries to apply for an OpenSky card. Given that it’s a secured credit card, the approval of your applications mainly depends on refundable deposits instead of how credit-worthy you are.

That said, the OpenSky card’s refundable deposits can amount to as high as $200 to $3000. Depending on the bank’s approval, this deposit can also eventually become the initial credit limit of your card. Although another perk is that the OpenSky card offers one of the biggest credit limit maximums among all the secured credit cards.

Keep in mind that this credit card has a refundable security deposit. This means that if you ever decide to shut your account down, you still get to receive your security deposit as long as you’re able to pay your entire card balance.

What happens when your application is rejected?

You can expect a 48-hour time frame before OpenSky comes up with a decision regarding your application. For this, you can constantly monitor your application status by visiting the card issuer’s official website online. However, there are also some cases where OpenSky reaches out to you via email in case of a clarification or if they want to request extra information before they decide to reject or approve your application.

If your application is denied, they will usually let you know through email. Nonetheless, you can always learn more about why they rejected your application by calling their customer service line, which is open seven days a week for 24 hours. Since there isn’t much you can basically do after having a denied application, the best step to take would be to work on your credit until you finally qualify for other types of credit cards.

How To Get Approved For A Home Loan with Bad Credit

The homeownership journey can be challenging, especially if you’re not adequately prepared. Since buying a new home requires a huge amount of money, people tend to look for alternative financing options, including applying for a mortgage loan. Some home loans come at higher interest rates and strict terms, making them difficult to qualify for, especially if you don’t meet certain requirements, including the required credit score, DTI ratio, and down payment. If you’ve got bad credit, you’ll have limited chances of qualifying for a home loan. However, this doesn’t mean that you can’t qualify entirely. There are some lenders who offer home loans to people with bad credit, typically lower than 580. You need to research and compare multiple home loan lenders to get the best deal in terms of lower interest rates. You should also expect to pay higher interest rates since lenders will try as much as possible to reduce the risk involved. You should also be prepared to pay the loan for a much shorter duration.

What’s the minimum credit score to qualify for a home loan?

Generally, there’s no threshold for qualifying for a home loan with bad credit. However, if your credit score is low, it becomes challenging for your home loan to be approved by lenders. If you’ve decided to go for the conventional conforming home loans, most lenders require a credit score of at least 620. On the other hand, most government-backed loans offer more flexible home loans, even for those with extremely low credit ratings. These loans are accompanied by high-interest rates and down payments. You can check your credit score with one of the credit bureaus, i.e., Transunion, Equifax, and Experian.

How to get approved for a home loan with bad credit

A credit score of 580 or less will make it challenging for your home loan to be approved. However, you can take some steps to repair your credit, although this might not work for you since negative listings remain on the credit report for seven years. There are some things that you can do to boost your chances of your home loan being approved. The first step is to ask for your credit report and check for possible errors. Below are top tips to follow for your bad credit home loan to be approved:

1. Consider low credit score home loans

There are several low credit score home loans guaranteed by the government that can help people with bad credit in getting financing for their homeownership journeys. Prior to the introduction of such programs, people who could afford homes were those with significant income that would guarantee to pay the required down payment to acquire a property. Some federal government agencies that help people with bad credit get home loans include FHA, USDA, VA, and some local agencies. These agencies guarantee the borrower that they’re obligated to pay for the loan if the borrower defaults. First, FHA home loans have helped people get homes even with low credit scores. The down payment required is also relatively lower than in conventional home loans. To qualify for an FHA loan, you’ll need a credit score of as low as 500 and a down payment of 10%. If it happens that your credit score is 580, you’ll only pay a down payment of 3.5%. On the other, one can consider getting VA loans even with low credit. The best thing about VA loans is that you don’t need to make any down payment. Lastly, USDA home loans have also helped people acquire properties in rural areas. These home loans don’t have any minimum credit score and down payment requirements.

2. Select the best lender

Most lenders have guidelines explaining the conditions borrowers must meet to qualify for a home loan. Therefore, it’s essential to compare a number of lenders and see what kind of home loans they offer together with their interest rates and down payment requirements. In your search for the right lender, it might be quite amazing to find some who are willing to give you a home loan even with your low credit rating. You should perform proper background research on the lender before applying for a mortgage loan with them.

3. Check for errors in your credit report

Sometimes, your low credit score might result from errors or inaccurate information, making it difficult for your home loan to be approved. Therefore, it’s essential to ask for your credit report from all the credit bureaus and compare them. Analyze all entries in the report and find out whether they’re correct. If you come across any errors, missing or inaccurate information, you can dispute them and ask for correction. It’s essential to note that previous payments you’ve made account for around 35% of the credit score. Therefore, your primary focus should be on the payments you made.

4. Improve your home loan approval chances

There are various strategies to help you improve the chances of your home loan being approved by the lender, including reducing DTI, lowering debts, raising your down payment, etc. A lower credit score will possibly reduce the chances of your loan being approved since it’s the main tool lenders use to ascertain the borrower’s creditworthiness. Typically, it’ll take a while before you can actually improve your credit score completely. However, there are some immediate measures that can help you improve your chance of qualifying for a home loan. First, you can try as much as possible to increase your down payment. For instance, if you manage to make a 40% down payment, lenders won’t be too strict in approving your loan since the risk will have reduced significantly. Secondly, you can also pay off some of your current debts to lower your DTI ratio and improve your chances of your loan getting approved. Having a high DTI ratio will signify your inability to repay your loan. You can also find a co-signer to help you in your application process.

5. Find a grant

Most agencies help people with bad credit acquire loans by providing a guarantee. However, there are few local and state assistance programs that assist people in making down payments. When you can make a huge down payment, you increase your chances of your loan getting approved. Such programs differ depending on one’s location or the provider agency.

In conclusion, these are the top tips to help you get a home loan with bad credit. Ensure you get a home loan that you can afford over the given duration.

13 Myths About Raising Your Credit Score That Don’t Work

Given how commonplace using credit cards has become, there is a surprising amount of incorrect information about credit scores. Lenders use a borrower’s credit score as a simple numerical indicator to assess their likelihood of receiving payment. It is based on various particular standards that evaluate a borrower’s overall credit risk, including the amount of debt they already owe, their payment history, and other aspects. Following just one of the suggestions below may not be sufficient to improve or maintain your credit score because credit reports and scores are the consequence of various factors. Today, we’re debunking the credit myths that get the most comments and telling you the real story about your credit.

Myths About Raising Credit Score That Doesn’t Work

1. Checking your credit report can hurt your score

It is a widespread fallacy that makes many people wary of checking their credit scores. The truth is that a hard inquiry occurs when a lender requests your credit report from a bureau in response to a loan or credit card application, and there is a potential that this will lower your score. When you check your credit report, it is a soft inquiry; thus, it has no negative impact on your credit score. It is a good idea to check your credit report regularly.

2. My Credit Score Determines Whether or Not I can Get a Mortgage Loan

Your credit score is significant, but it is only one factor. Your credit score provides the lender with a quick summary of your financial management dependability. Your debt-to-income ratio, employment history, and other criteria are also taken into consideration by the lender. A trustworthy mortgage banker can help you select the loan program that best suits your needs because different lenders have varying underwriting guidelines.

3. A Bad Credit Score Lasts Forever

Your credit score depicts your financial history. However, this does not imply that a poor grade will follow you forever. Establish a solid credit history, eventually leading to a strong credit score. You can establish a good score and let the negative transactions from the past disappear if you make it a habit to follow all the best practices and advice. A transaction typically remains on your report for three years. Information like bankruptcy and payment defaults may be retained for up to ten years. Improvement is still possible, though.

4. There’s only one credit score

You may have a variety of credit scores depending on several variables, including the scoring model utilized and the type of credit you’re seeking. The credit score you check might not match the one a lender requests. Your credit ratings will often be similar, no matter how determined. In most cases, unless one of your reports contains an inaccuracy, they don’t differ by more than 50 points. Keep your credit record free of inaccuracies, negative marks, and excessive debt to guarantee your credit score is as high as possible.

5. Carrying a credit card balance will improve your score

A recent US New & World Report survey shows that nearly 60% of consumers hold this myth true. Your credit utilization ratio, or the percentage of your available credit that you’re utilizing at any one time, is one of the critical variables in calculating your credit score. The lesser the percentage, the better; try to keep it under 30%.

6. I should close credit lines I don’t use

The age of your credit plays a role in determining your credit score. Your credit score could suffer if you close your oldest credit line. If you have a few cards open, think twice before canceling an inactive account. Maintaining a minimum balance on it isn’t necessary, but once it has been fully paid off, store the card in a drawer and keep the line open. Contact your creditor or bank if you’re worried about paying an annual fee on a card you don’t use; they might be able to advise you on how to do so.

7. Credit Bureaus Give “Good” or “Bad” Score

Credit reporting agencies gather information about your debts and use that data to determine your credit score. These results can neither be categorically deemed “good” nor “poor.” They serve as a risk indicator. Lenders are in charge of determining if a specific score satisfies their requirements for issuing credit. And scores are typically only one consideration in their choice. If you lack a job or other assets, even a “high” score may not be significant. A high income and a collection of gold bars may also outweigh a “poor” score.

8. My income impacts my credit score

False. Your income and salary are viewed as indicators of your ability to pay your expenses, not your likelihood of being denied credit. Your credit reports don’t even include your income, so they can’t lower your score. Credit scoring models do not take into account wealth measures. While it’s helpful to know that your income level has no bearing on whether you have excellent or bad credit, you should be aware of the factors that do. Your payment history, utilization rate, the length of your credit history, use of new credit, and your credit mix are all factors (the variety of credit products you have).

9. Getting Married Results in a Joint Credit Score

When a couple gets married, one of the choices they have to make is whether or not to combine their finances. However, do not worry if you are concerned that you will have to combine your credit score with that of your new husband. A shared credit score does not exist; only individual ones do. Your personal credit history is yours alone, whether or not you are married. Now, such accounts will typically appear on your credit report if you open joint accounts with your spouse or sign on as an authorized user. Your actual credit score will always be separate from your spouse’s and remain your own.

10. All debt is bad

Some debts might improve credit. However, debt can be tricky, so before making assumptions or taking on new debt, make sure you speak with a specialist about your debt. Some debts benefit you. Your mortgage gives you a place to live and ownership of a rising-value asset. Your ability to graduate with marketable skills and better earning potential is made possible by your student loan. However, some debts cost you money, including debts you cannot pay back or that don’t yield a profit.

11. Debit cards help in building your credit score

Contrary to popular belief, debit cards cannot raise your credit score in the same way that credit cards may. The explanation for this is straightforward: Your credit score determines your “creditworthiness” as a person, which refers to your ability to take on credit and make timely repayments. Debit cards cannot help you raise your credit score since when you use them, you are using your own money and not using any “credit.” Here are five advantages of a credit card versus a debit card.

12. You Can Get Access to the Credit Report Your Lender Can See

It is a fallacy that a customer can obtain the exact copy of their credit report as a lender. A lender receives a complete copy of your credit report from a credit rating organization. However, whether it is a free or a paid copy, you will receive the credit report in a much more condensed manner where only the information you need to know will be presented.

13. The government owns the credit bureaus

The credit bureaus are private, for-profit businesses. It’s simple to imagine the credit bureaus as legitimate government organizations, but this isn’t the reality. The Fair Credit Reporting Act protects your rights to examine your credit reports, dispute inaccurate information, control who can access your statements, and pursue financial compensation from violators even if the government doesn’t own the agencies (FCRA).

7 Places To Check Your Credit Online Free

Your credit score is very important because it basically determines if you are going to be accepted for different forms of credit including a mortgage. There are many reasons why you might have a bad credit score because your report is basically a record of your financial history. Having a lot of loans and credit cards could definitely contribute to your credit being lower and definitely if you have missed payments. If you have a bad credit score, there are definitely things that you can do to improve it. The first step in improving your credit score, if you need to, is actually knowing what it is and the black marks that are against your name. There are actually many places online where you can check your credit, all of the following websites are secure and beneficial so let’s take a deeper look at them.

1 – Annual Credit Report

On annualcreditreport.com, you can request your credit report annually and this can be very helpful in knowing your current situation. Your report is what banks and other institutions see when they search for you so it will give you a l0ok at what they see when deciding to give you credit or not. You can look at some things that might have been put on your credit score that are incorrect. The only way to fix mistakes on your credit is to stop them and if there are any errors, you can get them removed. By getting your credit annually, you can also discover what factors might be holding you back financially, and only then will you be able to mend these shortcomings. The great thing about getting your credit report through here is that you will get information from the top three bureaus so you will get a broader insight.

2 – Credit Karma

If you want to view your credit over time and also have a deeper look at current factors that might be affecting it, look no further than creditkarma.com. Making an account with this company is completely free and they will get information from two credit bureaus to give your overall score and information on exactly what is going on with your financials. These two bureaus are Equifax and TransUnion. Credit Karma updates very often so the fact that you can get instant updates is very appealing.

3 – Credit Sesame

Creditsesame.com will provide you with monthly updates on your credit report and it will get the information from TransUnion. Even though only one bureau is used, it is a really easy platform to navigate and there are other benefits too. Credit Sesame will give you deeper insights and tips on how to improve your credit, which is really important if that is what you are trying to do. It is really easy to make an account and you can access it at any time. Credit Sesame has positive reviews from customers all over the world so it is definitely worth considering if you are looking for a trusted platform to use.

4 – Nerd Wallet

Although Nerd Wallet is a little newer than some of the other platforms that have been mentioned, it has a really quick sign-up process and allows you to see your credit details for free and whenever you need to. Your details are refreshed twice a week with this company which is very convenient but the only drawback is that your details are obtained from TransUnion only, and you don’t get a peek into information that is held about you from other bureaus. You should get some valuable information however and that is the main thing. Nerd Wallet is still worth considering however if you simply need quick access to your credit report.

5 – Credit Wise

Although with Credit Wise, you only get access to your report from the TransUnion bureau, there are still some cool benefits with this company that are worth considering that might make you take that final step and sign up. In addition to allowing you to see your credit score regularly, there is also a credit simulator that lets you see how to improve your credit report over time. If your end goal is obtaining credit and you need to improve your score to do that, make sure to give Credit Wise a try.

6 – Wallet Hub

If you get a little obsessed with seeing how your credit score changes over time, Wallet Hub actually gives daily updates, which is pretty cool and unlike any of the other companies that have been mentioned on this list. This ensures that you always get the most up-to-date information from your TransUnion account, but unfortunately, no other bureaus are used by Wallet Hub. If you are brand new to looking at your credit online, this platform is super easy to use and is going to help you out a lot.

7 – Clear Score

Clear Score is a modern platform where you can get your report from a couple of different bureaus. It is updated regularly and you will also get insights on how you can improve your score and some of the history behind your credit too. This is free to use but there is a premium option if you want access to more handy features. Clear Score is a company that is available all over the world and it has many positive reviews from hundreds of thousands of customers.

Since you now know the top 7 places to check your credit online free, what are you waiting for? There is no point in using ALL the websites but you might want to make a free account on a few so that you can see what one you like best. All of the mentioned sites are trusted and can definitely help you raise your credit score, which in turn means that you will become more finally stable! When it comes to your credit, don’t bury your head in the sand, take action for a happier future.

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