Orchard Bank MasterCard – Bad Credit Credit Card
The Orchard Bank card is issued by HSBC Bank, one of the largest and most reputable banks. This card is designed for those with a damaged credit score.
They have a unique application process. They will match your credit score with the four cards they offer.
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 $15,000, your credit limit will be equivalent to your deposit.
It works just like an unsecured card and you will have to make monthly payments. Your APR will be between 8.9% and 14.9%; this is much lower than most sub prime credit cards.
If you have only made a couple of mistakes with your credit then you will likely be approved for an unsecured card. However if you prefer the secured card you can be issued that instead.
The unsecured cards will have some fees like a 19$ account set up fee with one of the cards. These cards also carry an APR between 8.9% and 18.9%.
However the fees with the Orchard Bank cards are dramatically less than any other available bad credit cards. In addition they offer considerably lower APR’s too.
These cards will all report monthly to the three major credit bureaus. With responsible use of your card you can create a positive payment history on your 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.
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 if you need a second chance with credit we do suggest the Orchard Bank Card. They have helped over 2 million people, and used responsibly can improve your score substantially.
