Orchard Bank Credit 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 made many mistakes then you will likely be issued the secured card. With this card you must secure it by making a deposit between $200 and $15,000, your credit limit will be equivalent to your deposit.
This card will work just like an unsecured card, meaning you will have monthly payments. Your APR will be between 8.9% and 14.9%. This is lower than most bad credit cards that carry an APR of roughly 19%.
If you have limited damage to your credit score then you will be approved for an unsecured card. If you want to have the secured card instead you can still be issued that card.
The unsecured cards will have some fees like a 19$ account set up fee with one of the cards. These cards also carry an APR between 8.9% and 18.9%.
However the fees associated with the Orchard Bank cards are dramatically lower than any other sub prime credit cards. In addition they have very reasonable interest rates compared to other bad credit cards.
All four of these cards do report monthly to the major credit bureaus. By using your card responsibly you can create a positive payment history.
A positive payment history will help to improve your credit score. It is estimated that this factor makes up to 35% 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.
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 no matter what your credit history is; bankruptcy, judgments, charge offs, collections you can be approved for an Orchard Bank credit card. This card can be used to repair your credit score by creating a positive payment history and improving your ratio of available credit to debt.
