Orchard Bank Card
The Orchard Bank MasterCard is created for individuals with a damaged credit report. This card is issued by HSBC Bank.
This card has a unique application process. When you apply they will match your credit score to one of four sub prime credit cards.
These cards are three unsecured cards and one secured card. If you are looking for a second chance with your credit then you should apply because you are guaranteed to be approved for one of these cards depending upon your score.
If you have many negative items on your credit report you will likely be issued the secured card. With this card you must make a deposit and then your card will have a credit limit equal to the amount of your deposit.
It works just like an unsecured card and you will have to make monthly payments. Your APR will be between 8.9% and 14.9%; this is much lower than most sub prime credit cards.
If you have only made a couple of mistakes with your credit then you will likely be approved for an unsecured card. However if you prefer the secured card you can be issued that instead.
The unsecured cards will have some fees like a 19$ account set up fee with one of the cards. These cards also carry an APR between 8.9% and 18.9%.
However the fees with the Orchard Bank cards are dramatically less than any other available bad credit cards. In addition they offer considerably lower APR's too.
All of these cards will report to the three major credit bureaus. With responsible use of your card you can build a positive payment history on your credit report.
This is very important to your credit score. It is estimated 30% of your credit score comes from your payment history.
These cards will also help to improve your ratio of available credit to debt. This is estimated to account for 30% of your score. It is how the bureaus check to see if people are in over their heads financially.
For your information it is rumored that once a negative mark on your credit report ages four years it has much less weight on your credit score. However if you remove negative items from your report and create a positive payment history your credit score will jump substantially.
In sum we do suggest the Orchard Bank cards to those with a low credit score. This card can be a very valuable tool to rebuild your credit.
This card has a unique application process. When you apply they will match your credit score to one of four sub prime credit cards.
These cards are three unsecured cards and one secured card. If you are looking for a second chance with your credit then you should apply because you are guaranteed to be approved for one of these cards depending upon your score.
If you have many negative items on your credit report you will likely be issued the secured card. With this card you must make a deposit and then your card will have a credit limit equal to the amount of your deposit.
It works just like an unsecured card and you will have to make monthly payments. Your APR will be between 8.9% and 14.9%; this is much lower than most sub prime credit cards.
If you have only made a couple of mistakes with your credit then you will likely be approved for an unsecured card. However if you prefer the secured card you can be issued that instead.
The unsecured cards will have some fees like a 19$ account set up fee with one of the cards. These cards also carry an APR between 8.9% and 18.9%.
However the fees with the Orchard Bank cards are dramatically less than any other available bad credit cards. In addition they offer considerably lower APR's too.
All of these cards will report to the three major credit bureaus. With responsible use of your card you can build a positive payment history on your credit report.
This is very important to your credit score. It is estimated 30% of your credit score comes from your payment history.
These cards will also help to improve your ratio of available credit to debt. This is estimated to account for 30% of your score. It is how the bureaus check to see if people are in over their heads financially.
For your information it is rumored that once a negative mark on your credit report ages four years it has much less weight on your credit score. However if you remove negative items from your report and create a positive payment history your credit score will jump substantially.
In sum we do suggest the Orchard Bank cards to those with a low credit score. This card can be a very valuable tool to rebuild your credit.
About the Author:
For more about the Orchard Bank Credit Card or for a review of the Tribute MasterCard another unsecured credit card visit us.
posted by Credit Counseling at
11:40 PM
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