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I was looking for feed back if anyone has used an open sky secured credit card offered by credit karma, Ive read some of the reviews, it has a 4 and a half star rating out of 5....out of the 20 I read about 4 had negative reviews about none reporting to agencies, or bad customer service......I figured I'd go outside the box for some feedback if anyone here has used or know of anyone that has had good results. Im in the process of rebuilding credit from a score rang of mid 600's ...I dont think im ready to apply for non secured credit cards at this point and take a chance of being denied as that lowers score. I am also a member of a GA credit union not sure if I should look into them either at this point. I also have banked with wells fargo for over 13 yrs now...but I my last credit card debt thats removed now was with same bank, so Ive learned in my case secured is good start for me.......
From your previous post, I don't think you understand what Credit Karma is! It is a site that you can get your credit score from, see what accounts you have w/the two they work with and see credit cards offers from their advertisers. CK doesn't offer cards, fix your scores, or anything else.
Maybe this will help you understand? Credit Karma
creditkarma.com
Credit Karma is an American multinational personal finance company, founded on March 8, 2007, by Kenneth Lin, Ryan Graciano and Nichole Mustard. It is best known as a free credit and financial management platform, but its features also include free tax preparation, monitoring of unclaimed property databases and a tool to identify and dispute credit report errors.Wikipedia
be careful with any thing you get from a credit union ..unlike most banks , credit union loans and credit cards have a hidden gotcha few realize .
this is particularly important if you have had debt issues .
the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.
When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.
When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union. That includes credit cards and personal loans.
you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations.
After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
I wouldn't go with open sky. Get a secured card from Citibank or Discover. They definitely report to all 3 credit bureaus. Eventually after 6 months to a year they graduate to unsecured and you get your deposit back. Just keep your utilization under 30%. 10% or lower utilization is ideal. Pay off balance as often as possible.
I wouldn't go with open sky. Get a secured card from Citibank or Discover. They definitely report to all 3 credit bureaus. Eventually after 6 months to a year they graduate to unsecured and you get your deposit back. Just keep your utilization under 30%. 10% or lower utilization is ideal. Pay off balance as often as possible.
Have you used discover or citi for secured cards or no of any who have?
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