OpenSky (Capital Bank, N.A.)

OpenSky is a secured credit card program offered through Capital Bank, N.A., designed specifically for consumers who are building credit from scratch, rebuilding after financial difficulties, or who have been declined for other types of credit. The key feature that sets OpenSky apart from many credit-building products is that it does not require a credit check as part of the application process, meaning your existing credit score does not affect whether you are approved.

A secured credit card works by requiring you to make a cash security deposit when you open the account. That deposit is held by the bank and typically becomes your credit limit. For example, a two hundred dollar deposit would give you a two hundred dollar credit limit. Because the deposit protects the lender from losses, secured cards are available to a much wider range of applicants than unsecured cards.

OpenSky reports your payment activity to all three major credit bureaus each month. Making regular, on-time payments and keeping your balance well below the credit limit are the key behaviors that help improve your credit score over time. The card is a Visa, so it is accepted wherever Visa is taken.

Because these cards are targeted at consumers with limited or damaged credit, they carry costs that may not exist on cards available to people with good credit. OpenSky charges an annual fee, and carrying a balance means paying interest at the card's stated annual percentage rate. Review all fees before applying.

Treat the card as a credit-building tool rather than a source of borrowing. Pay the full balance each month, keep the deposit secure, and plan to graduate to an unsecured card once your credit has improved enough to qualify.