Most Asked Question About opensky®
The most common question people ask about opensky® is "How do I get my security deposit back?". This is followed closely by questions related to approval, fees, and customer service.
Here is a breakdown of the most asked questions about the opensky® secured credit cards:
1. How do I get my security deposit back?
- You must either close your account with a zero balance or be invited to upgrade to an unsecured opensky® Gold Visa® Credit Card.
- The card issuer, Capital Bank, can take up to 8 weeks to send the refund after you have closed your account and paid your balance in full, though it often takes less time.
- Some customer complaints describe delays and difficulty in getting their security deposit returned.
2. Can I get approved for an opensky® card?
- opensky® is known for being highly accessible because it does not require a credit check for approval.
- This makes it a popular option for those with poor or no credit history.
- The main requirements are being at least 18 years old, having a U.S. address and a Social Security or Tax ID number, and making the minimum security deposit.
3. What are the fees?
- The opensky® Secured Visa® Credit Card has a $35 annual fee.
- The opensky® Plus Secured Visa® Credit Card has no annual fee.
- The opensky® Launch Secured Visa® Credit Card has a $24 annual fee during the first year, paid in installments of $2 per month. $36 after the first year, paid in installments of $3 per month.
- A high variable APR is applied to balances carried over from month to month, so it is best to pay your balance in full.
4. How can I build my credit with an opensky® card?
- opensky® reports your payment activity monthly to the three major credit bureaus (Experian, Equifax, and TransUnion).
- Making consistent, on-time payments and keeping your credit utilization low (under 30%) are the best ways to build your credit score.
- In some cases, opensky® may offer a path to an unsecured credit card after six months of responsible use.
5. What about the customer service?
- Customer reviews on platforms like Trustpilot and the Better Business Bureau are mixed.
- While some users report positive experiences, others complain about long hold times, difficulties reaching a representative, and poor communication.
6. Is opensky® legitimate?
- Yes, opensky® is a legitimate product offered by Capital Bank N.A., a public financial institution.
- It functions as a legitimate secured credit card for building credit.
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FICO® Credit Scores
A FICO® Score is a proprietary credit score created by the Fair Isaac Corporation (FICO). About 90% of top U.S. lenders use it to make lending decisions.
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
FICO categorizes scores as Poor, Fair, Good, Very Good, and Exceptional.
What is a Credit Score?
A credit score is a three-digit number (300–850) predicting your creditworthiness. Lenders use it to evaluate risk and determine rates and terms for credit.
Why it matters: A higher score can help you qualify for loans and lower interest rates. A lower score can lead to higher borrowing costs or application denials.
FICO® Credit Score Facts
- Three-Digit Number: Summarizes your credit risk.
- Range: 300–850; higher scores = lower risk.
- Data Source: Uses your credit reports from Experian, Equifax, and TransUnion.
- Industry Standard: Lenders rely on FICO for mortgages, auto loans, and credit cards.
Note: Credit scores reflect your creditworthiness but do not guarantee approval for any credit product.
Security Notice: All participating issuers use secure application systems protected by Transport Layer Security (TLS) encryption to help protect your information.
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