‘Tis the Season to Build Credit

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Rockville, MD (PRWEB) December 12, 2013

For too many Americans, the high of the holiday shopping season ends all too soon in January with maxed-out credit cards and a lowered credit score. Nick Bryan, OpenSky President, says that need not be the case, and even notes that if consumers use their cards wisely, they could even see their credit rating go up.

As he says: “Too many shoppers get stressed out over holiday spending, but with a little planning, it can be a great opportunity to work on building good credit and starting the New Year off on the right foot.”

To avoid the most common credit mistakes, Mr. Bryan offers the following tips:

•     Keep your credit card balances manageable and pay as you go, this will help ensure you have credit available when you need it.
•     Keep away from retail credit cards — not all of them report to the major credit bureaus and all require a credit inquiry that could lower you credit score.
•     Keep using your card — just having credit available won’t earn you a higher credit score; you need to keep it active, which means regular monthly payments.
•     Consider making a purchase with an installment or monthly payment plan as a way to keep your card active and to help you build credit.

Recently acknowledged for “filling a complex need in difficult economic times” by Retail Banker International, the OpenSky® Secured Visa® Credit Card is designed to help cardholders build credit quickly. The bank, which reports monthly to all three credit bureaus, encourages cardholders to actively use the card for purchases and make payments on time in order to help build their credit history. The card is easy to apply for, and with no credit check required, cardholders don’t have to worry about a credit inquiry submitted to credit bureaus, which may result in deducting points from their credit score.

“A credit card can be a helpful tool when making purchases over the holiday season – if well managed, those using their credit cards can also have the opportunity to build their credit at the same time,” says Mr. Bryan. For more information about the OpenSky Secured Visa Credit Card, visit http://www.openskycc.com.

About OpenSky: OpenSky is a business line of Capital Bank, a full service commercial bank in the Washington, DC metropolitan area. A top ranked bank based on performance, it is the only bank in Maryland and Washington, D.C. to make the American Bankers Association Journal (ABA Journal) list of top 100 performing community banks in the class of over $100 Million in Assets. With nearly $500 million in assets, Capital Bank offers a full range of banking services including cash management, commercial lending services, residential mortgage and consumer credit. For more information about the Bank, visit http://www.capitalbankmd.com. Member FDIC. Equal Housing Lender.

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