Orchard Bank Credit Card

Posted on | January 26, 2009 |

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 one of 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 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 is just like an unsecured card because you will still have to make monthly payments and have due dates. You will have an APR between 8.9% and 14.9%, which is low compared to the other bad 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 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 associated with the Orchard Bank cards are dramatically lower than any other sub prime credit cards. In addition they have very reasonable interest rates compared to other bad credit cards.

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 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.

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 credit cards. They have helped over 2 million people, and used responsibly can improve your score substantially.

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