Orchard Bank Credit Cards
The Orchard Bank MasterCard is created for individuals with a damaged credit report. This card is issued by HSBC Bank.
They have a unique application process. They will match your credit score with the four cards they offer.
This includes a secured card and three unsecured credit cards. If you have made some mistakes in the past with your credit then you are guaranteed to be issued a card that corresponds to your credit 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.
This card will work just like an unsecured card, meaning you will have monthly payments. Your APR will be between 8.9% and 14.9%. This is lower than most bad credit cards that carry an APR of roughly 19%.
If you have limited damage to your credit score then you will be approved for an unsecured card. If you want to have the secured card instead you can still be issued that card.
With the unsecured cards you will have some fees, such as a 19$ account set up fee for one of the cards. Your APR will be 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.
These cards will all report monthly to the three major credit bureaus. With responsible use of your card you can create a positive payment history on your report.
This is an important factor when your score is being calculated. It makes up approximately 30% of your score.
In addition these cards will improve your ratio of available credit to debt. This factor weighs roughly 30% of your credit score. It is how the bureaus judge if you can financially handle another credit line.
You should know that once a bad credit item on your report ages four years it will have much less influence on your score. However we do still encourage you to remove bad credit items from your report.
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.
They have a unique application process. They will match your credit score with the four cards they offer.
This includes a secured card and three unsecured credit cards. If you have made some mistakes in the past with your credit then you are guaranteed to be issued a card that corresponds to your credit 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.
This card will work just like an unsecured card, meaning you will have monthly payments. Your APR will be between 8.9% and 14.9%. This is lower than most bad credit cards that carry an APR of roughly 19%.
If you have limited damage to your credit score then you will be approved for an unsecured card. If you want to have the secured card instead you can still be issued that card.
With the unsecured cards you will have some fees, such as a 19$ account set up fee for one of the cards. Your APR will be 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.
These cards will all report monthly to the three major credit bureaus. With responsible use of your card you can create a positive payment history on your report.
This is an important factor when your score is being calculated. It makes up approximately 30% of your score.
In addition these cards will improve your ratio of available credit to debt. This factor weighs roughly 30% of your credit score. It is how the bureaus judge if you can financially handle another credit line.
You should know that once a bad credit item on your report ages four years it will have much less influence on your score. However we do still encourage you to remove bad credit items from your report.
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.
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For more about the Orchard Bank Card or for a review of the Tribute MasterCard another unsecured credit card visit us.
posted by Credit Counseling at
4:35 AM
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