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Thursday, January 15, 2009
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 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 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 $15,000, your credit limit will be equivalent to your deposit.
It works just like an unsecured card and you will have to make monthly payments. Your APR will be between 8.9% and 14.9%; this is much lower than most sub prime credit cards.
If you have made only a few mistakes with your credit you can be approved for an unsecured credit card. However if you still want to be issued the secured card instead you can be.
With the unsecured cards you will have some fees, such as a 19$ account set up fee for one of the cards. Your APR will be between 8.9% and 18.9%.
The fees that come with the Orchard Bank cards are much less than any other bad credit credit cards. In addition they offer much lower interest rates 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.
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.
It has been learned that once a negative item on your credit report ages four years it has much less impact on your score. We do still suggest removing negative items from your report, in addition to opening a new line of credit.
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 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 $15,000, your credit limit will be equivalent to your deposit.
It works just like an unsecured card and you will have to make monthly payments. Your APR will be between 8.9% and 14.9%; this is much lower than most sub prime credit cards.
If you have made only a few mistakes with your credit you can be approved for an unsecured credit card. However if you still want to be issued the secured card instead you can be.
With the unsecured cards you will have some fees, such as a 19$ account set up fee for one of the cards. Your APR will be between 8.9% and 18.9%.
The fees that come with the Orchard Bank cards are much less than any other bad credit credit cards. In addition they offer much lower interest rates 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.
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.
It has been learned that once a negative item on your credit report ages four years it has much less impact on your score. We do still suggest removing negative items from your report, in addition to opening a new line of credit.
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
11:56 PM
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