Orchard Bank Credit Cards
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 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 have an APR between 8.9% and 18.9%. One of the unsecured cards will carry a $19 account set up fee and you will have to pay a low annual fee.
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.
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 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.
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 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.
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 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 have an APR between 8.9% and 18.9%. One of the unsecured cards will carry a $19 account set up fee and you will have to pay a low annual fee.
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.
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 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.
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 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.
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For more about the Orchard Bank Credit Card or for a review of the Tribute MasterCard another unsecured credit card visit us.
posted by Credit Counseling at
4:24 AM
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