Orchard Bank 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 the 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 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 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 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.
They have a unique application process. They will match your credit score with the 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 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 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 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.
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For more about the Orchard Bank Visa or for more information about Online Credit Cards visit us.
posted by Credit Counseling at
2:58 PM
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