ROCKVILLE, Md., Jan. 21, 2016 /PRNewswire/ -- With the arrival of the New Year, many people have set resolutions to better themselves and their lives. Next to getting fit and staying healthy, improving personal finances has also made most people's lists. Consumers who have resolved to achieve financial fitness in the New Year may also want to consider including credit building exercises into their 2016 action plan.
The difference between good credit and poor credit can mean thousands of dollars in interest savings when the time comes to apply for a mortgage, or even when applying for other kinds of loans such as an auto loan.
Higher credit scores, such as those 760 and above, can result in lower interest rates and put consumers in a situation where there are more loan choices available. The opposite can be true for consumers with scores lower than 620 as they will usually end up in the "subprime" category. Not only will the interest rates be higher but there may be fewer loan options as well.
For consumers who have never applied for credit before or who have a short credit history, getting a secured credit card can be a good starting point. A secured credit card is backed up by a cash security deposit which serves as collateral for the credit line. By actively using a secured card for purchases and making on-time payments, one can quickly build a credit history. One of the best product options available, the OpenSky® Secured Visa® Credit Card, doesn't require a credit check or even a checking account to apply.
"As a secured card, the OpenSky Visa is designed to help cardholders build credit quickly with responsible use," explains OpenSky Executive Vice President Nick Bryan. "We encourage people to actively use the card for purchases and to make payments on time in order to build their credit history."
Another benefit secured card owners might receive from their provider is monthly reporting to all three major credit bureaus. "The first step to taking control of your credit rating is knowing your score," Bryan says. "First and foremost, we encourage our cardholders to get a free copy of their credit report at www.annualcreditreport.com. Ideally, the report should be checked every 12 months to ensure that all of the information on the credit report is correct and up to date." With lenders and even employers relying increasingly on credit checks as part of their approval process, monitoring a credit rating is more important than ever.
Poor credit can be turned around, with discipline, time and the right credit card to help; personal financial resolution success can be within anyone's grasp for the New Year. To find out more about OpenSky, visit www.openskycc.com.
For more information on OpenSky or to interview Nick Bryan, please contact Ksenia Valentine at 301-468-8848 or Email.
OpenSky is a business line of Capital Bank, N.A. that focuses on delivering credit building tools and resources to help consumers establish or re-build their credit. OpenSky credit card products are designed to be easy to get, easy to use, and offer variable credit lines, allowing consumers to build a solid credit history. The premiere product, the OpenSky® Secured Visa® Credit Card, has been recognized by Credit.Net as one of the best credit cards for 2014 that build credit fast. With more than 50,000 cardholders and counting, OpenSky is committed to helping consumers meet their financial goals through the power of strong credit and credit knowledge. For more information visit http://www.openskycc.com
About Capital Bank:
Capital Bank, N.A., is a leading private bank in the Washington, D.C. metropolitan area that offers a range of services encompassing cash management, commercial lending, consumer credit and residential mortgage/Veterans Administration home loans. Capital Bank's core commercial banking and lending business includes two rankings by the U.S. Small Business Administration (SBA), ranked number two among community lenders and in the top ten among all lenders in the Washington Metropolitan District for loan volume for Fiscal Year 2015. With double-digit asset growth over the past three years, Capital Bank has more than $730 million in assets. For more information, visit http://www.capitalbankmd.com. Member FDIC. An Equal Housing Lender.
SOURCE Capital Bank N.A.