Is the economy turning around? Is the credit crunch over?
Last December we saw at least 40 credit cards stop accepting applications. After a 4 month dry spell we are starting to see new credit cards out on the market. The first new credit card that I’ve seen since Dec 08 is the OpenSky® Secured Visa® Credit Card
This secured credit card has a few really great features that include:
- The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
- Build credit quickly. OpenSky reports to all 3 major credit bureaus.
- 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
- We have a Facebook community of people just like you; there is a forum for shared experiences and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
- OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
· *View our Cardholder Agreement located at the bottom of the application page for details of the card.
Secured credit cards are a great way to build or rebuild credit and this one has it all! Low interest rate, low minimum deposit, reports to all 3 major credit bureaus and most importantly in my mind is that you can have a truly large credit limit with this card. Why is that such a key feature? Banks are looking for comparable credit. Most bad credit or first credit unsecured credit cards have very low limits and when you walk into a bank and ask them for a large loan, they will look at your comparable credit. With this card you can create your own comparable credit tradeline!
About the Author
Tara Tiemann is a credit analyst for Go-prepaid.com which has been a resource site for people who want to live debt free. If you are on a budget using prepaid debit cards, pre paid credit cards and prepaid cell phone service can save you big money!