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No-Credit Check Secured Visa
For people with poor credit, a secured credit card can help you build it back up and establish a positive payment history. But not everyone with poor credit can get approved for even a secured credit card.
That’s where no-credit-check secured cards come in, offering an inclusive option for everyone to build their credit responsibly.
In this review we look at the OpenSky Plus® Secured Visa® that does not require a credit check to apply plus it graduates to an unsecured credit card.
OpenSky® Plus Secured Visa® Credit Card
Highlights
- No annual fee
- No credit check to apply. Find out instantly if you are approved-
- Zero credit risk to apply!
- Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
- Get considered for an unsecured credit line increase after 6 months – no additional deposit
- Monitor your credit progress with free access to your FICO Credit Score.
- Reports to all 3 major credit bureaus monthly to establish and build credit history.
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Secure your credit line with a refundable security deposit – as low as $300.
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- Now you can make smaller partial payments towards funding your security deposit over 60 days
- Over 1.2 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
OpenSky® Plus Secured Visa® Credit Card Review
A secured credit card can act as a stepping stone toward better credit options. The best secured cards offer an opportunity to upgrade to an unsecured one.
The OpenSky® Plus Secured Visa® Credit Card is tailored for people with limited or no credit history. It helps you build credit quickly without a hard credit inquiry, which can temporarily lower your score.
Even with past credit issues, you have high approval odds thanks to the required security deposit that secures your credit line.
Requirements to apply for the OpenSky® Plus Secured Visa® Credit Card
Capital Bank issues the OpenSky® Plus Secured Visa® Credit Card and requires the following to apply:
- At least 18 years old
- Physical U.S. address (no P.O. boxes)
- Proof of income to make the monthly minimum payment
- Social Security number or ITIN
- $300 security deposit
While the security deposit mitigates their risk, Capital Bank will still assess your overall creditworthiness and financial responsibility. Your credit history helps them understand how likely you are to make timely payments, even with the collateral in place.
Boost your chances of scoring an unsecured card
There are some basic credit card management habits to boost your chances of being upgraded to an unsecured card:
- Pay all of your obligations, on time every time.
- Keep the credit utilization ratio low, if possible.
- Stay within your deposit limit.
- Keep track of your credit score and other accounts.
- Make payments in excess of the minimum due.
The primary goal of a secured card is to help you build or rebuild your credit. Banks want to see responsible credit management to eventually qualify for customers for their unsecured products.
Final thoughts
Banks generally view people with secured credit cards as individuals taking proactive steps to rebuild or establish their credit history.
But it’s especially important for customers with previous bad credit management to practice new habits that include:
- Responsible Card Usage: Banks expect secured cardholders to use the card responsibly, which means making on-time payments, keeping credit utilization low, and avoiding maxing out the card. This demonstrates financial discipline and a commitment to good credit habits.
- Gradual Credit Building: Secured cards are seen as a stepping stone. Banks anticipate that customers will use the card consistently and responsibly over time, gradually improving their credit score and eventually qualifying for unsecured credit products.
- Potential for Future Business: While the immediate focus is on rebuilding credit, banks also see these customers as potential candidates for other financial products in the future, such as unsecured credit cards, loans, or mortgages.
- Awareness of Past Mistakes: Banks understand that past credit issues may have arisen from various circumstances. However, they expect secured cardholders to be aware of their previous mistakes and demonstrate a change in financial behavior.
- Open Communication: If any financial difficulties arise, banks expect customers to communicate proactively and work with them to find solutions. This shows a willingness to take responsibility and maintain a positive relationship with the bank.
More Credit Boost Resources
- Check out how to legally change your credit scores.
- Learn the different ways to pad your credit history when you have mostly negative accounts.
- Discover a no-credit check secured visa that upgrades to an unsecured.
- Find out why authorized user tradelines might be a good option for people with really bad credit.
- Get a quick boost in credit scores just by paying your cell phone, streaming service, rent and utilities.
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