Orchard Bank Credit Card
The Orchard Bank credit card is issued by HSBC Bank. This is a sub prime credit card.
They have a unique application process. They will match your credit score with one of four cards they offer.
These cards include three unsecured cards and one secured card. Your score depends upon what card is offered to you. However you have a very high likely hood of being approved for a new line of credit.
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 is just like an unsecured card because you will still have to make monthly payments and have due dates. You will have an APR between 8.9% and 14.9%, which is low compared to the other bad 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 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.
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 one of four cards they offer.
These cards include three unsecured cards and one secured card. Your score depends upon what card is offered to you. However you have a very high likely hood of being approved for a new line of credit.
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 is just like an unsecured card because you will still have to make monthly payments and have due dates. You will have an APR between 8.9% and 14.9%, which is low compared to the other bad 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 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.
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 Credit Card or for a review of the Continental Finance MasterCard another unsecured credit card visit us.
posted by Credit Counseling at
11:33 PM
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