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 a very damaged credit history then you will be approved for the secured card. With this card you make a deposit and you are issued a credit card with a corresponding credit limit.
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 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.
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.
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.
For more about the or for a review of the another visit us.