Open Sky Secured Card
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HOW TO REBUILD CREDIT OR ESTABLISH CREDIT WITH AN OPEN SKYSM SECURED VISA CREDIT CARD?


An Open SkySM Secured Visa Credit Card is much more than simple “plastic”. A credit card represents a promise to pay. As you meet this promise to pay, you establish credit and a credit score.

Establishing credit and maintaining a good credit score assures lenders—like Capital Bank—that you will keep your promise. When lenders loan money they rely on the credit score to predict the risk of default, or the chance that the promise will not be kept. A number of factors are analyzed by a mathematical algorithm to determine your credit “score”. Some of the factors are debt-to-income ratio, total exposure to debt, payment history and credit use. Perhaps the most important factor to rebuild your credit is your repayment performance, you simply must pay your minimum amount due month after month, ON TIME. Even one late payment from you will hurt your ability to rebuild or establish a good credit history.

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WHAT IS A SECURED CREDIT CARD? AND HOW CAN I REBUILD CREDIT USING AN OPEN SKYSM SECURED VISA CREDIT CARD


Secured credit cards are an excellent way to rebuild credit or establish credit for the first time. With secured cards you will be required to send a security deposit generally in an amount equal to your approved credit line. Like other loans, you will be required to pay at least the Minimum Payment Due as shown on your Billing Statement. The security deposit is held as “collateral” in the event you do not keep your promise to pay and default on your Balance.

Life is not perfect. Illness, divorce, unemployment and other reasons, can negatively impact your credit score. In such situations, it may be necessary to rebuild credit. Rebuilding credit –or establishing credit for the first time– can be a challenge, but it isn’t impossible. Credit Edu presents a lot of information and advice to rebuild credit or establish credit for the first time.

To rebuild credit or establish credit now, apply for an Open SkySM Secured Visa Credit Card. Lenders find borrowing against your own money far less risky. Unlike other lenders who lend against your own money, Capital Bank does not look at your credit history as a requirement to open an Open SkySM Secured Visa Credit Card.

After you rebuild credit or establish credit, you may be able to access credit to buy a home, a car, or pay for emergency repairs. An Open SkySM Secured Visa Credit Card can make online or other everyday purchases hassle-free.

With these advantages come responsibilities. Your Open SkySM Secured Visa Credit Card must be managed properly. A few tips to start:

  • Know the terms and conditions of your Open SkySM Secured Visa Credit Card.

  • Calculate and understand the interest costs as well as any additional fees incurred, in addition to the purchases you make with your Open SkySM Secured Visa Credit Card. Remember, buying with an Open SkySM Secured Visa Credit Card is a loan - you have to pay the money back. In addition to the cost of what you bought, you may owe interest as well.

  • Know that using an Open SkySM Secured Visa Credit Card is a loan, payments must arrive on time or you may incur late fees and harm your credit history.

  • Do not “max-out” your card by regularly using the upper limit of credit afforded you. A good rule of thumb is to use only 30% of your allowed credit at any given time. For example, on an Open SkySM Secured Visa Credit Card with a $300 limit should only ever have a balance of $100-$130.

  • MOST IMPORTANT - Make monthly payments on time. At Capital Bank, we send a monthly report to all three credit bureaus that shows your repayment history. Your credit history will build automatically as you use and pay the bill on time each month.
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ESTABLISH CREDIT USING YOUR OPEN SKYSM SECURED VISA CREDIT CARD


College graduates, high school graduates turning eighteen, and new Americans may need to establish credit for the first time. Without a prior credit history it can be difficult for lenders to know the potential for nonpayment, or the risk of default.

To establish credit, you may want to consider applying for a credit card through a local store. Local stores are more likely to extend credit to people without an established credit history. Or you can use your Open SkySM Secured Visa Credit Card wisely. Here’s how:

  • Apply for an Open SkySM Secured Visa Credit Card. Lenders find borrowing against your own money far less risky. No credit history and no credit check are required to open an Open SkySM Secured Visa Credit Card. An Open SkySM Secured Visa Credit Card is the best credit card to rebuild credit and establish credit because it is secured by your refundable deposit.

  • Do not “max-out” your card by regularly using the upper limit of credit afforded you. A good rule of thumb is to use only 30% of your allowed credit at any given time. For example, on an Open SkySM Secured Visa Credit Card with a $300 limit should only ever have a balance of $100-$130.

  • MOST IMPORTANT - Make monthly payments on time. At Capital Bank, we send a monthly report to all three credit bureaus that shows your repayment history. Your credit history will build automatically as you use and pay the bill on time each month.

  • Know the terms and conditions of your Open SkySM Secured Visa Credit Card.

  • Calculate and understand the interest costs, plus any fees incurred in addition to the purchases you make with your Open SkySM Secured Visa Credit Card. Remember, buying with an Open SkySM Secured Visa Credit Card is a loan - you have to pay the money back. In addition to the cost of what you bought, you may owe interest as well.

  • Using an Open SkySM Secured Visa Credit Card is the same as using a loan, payments must arrive on time or you may incur late fees and harm your credit history. If the minimum payment does not arrive there may also be a penalty.
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USE YOUR OPEN SKYSM SECURED VISA CREDIT CARD WISELY


Using your Open SkySM Secured Visa Credit Card wisely is critical to rebuild credit or establish credit. Although credit cards can make online, telephone and mail-order shopping much easier, it’s important to keep track of spending. Incidental and impulse purchases add up and when the bill comes, you will have to pay what you owe. Be careful not to owe more than you can afford to repay. Doing so can damage your credit score. Also, be aware that using the maximum allowable credit limit can also negatively impact your credit score.

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Please keep in mind that we are not certified financial planners and encourage you to direct specific questions to those professionals or by visiting http://www.mymoney.gov However, Capital Bank, issuer of the Open SkySM Secured Visa Credit Card will continue to provide customers with helpful information to in support of their goals of financial success.


Card Features

Purchase APR 17.50% variable APR
Annual Fee $29
Credit Line $200-$3000 at time of application
4 ways to Fund your Deposit No checking account required!
Open Sky® Savings Savings Chart
Refundable Deposit Deposit Funds fully refunded after all obligations are satisfied.
Credit Bureau Reporting Automatic monthly reporting to the 3 major credit bureaus
Additional Information Rates & Disclosures
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