The Orchard Bank offers a subprime credit card issued by HSBC Bank.
They have a unique application process. They will match your score to one of four beads.
There are three offers without guarantee and one with guarantee. If you are looking for a second chance, consider this because you are guaranteed to be approved.
If you have many negative items on your report, you will likely be issued the secured card. With this you must make a deposit and then you will have a limit equal to the amount of your deposit.
It works like any unsecured account because you will still have monthly payments and due dates. Your APR will be between 8.9% and 14.9%, which is low compared to similar offers.
If you’ve only made a couple of mistakes with your credit, chances are you’ll be approved for an unsecured card. However, if you prefer insurance, that can be issued to you instead.
These will have some fees like a $19 account setup fee. It carries an APR between 8.9% and 18.9%.
However, the fees associated with Orchard Bank are dramatically lower than any other high-risk offer. They also have very reasonable interest rates.
All four report monthly to the main offices. By making your monthly payments on time, you can build a positive payment history.
This is very important when calculating your score. It is estimated that 30% of your score comes from your payment history.
It will also improve your utilization rate. This ratio is a way for offices to see if an individual is in over their head. It carries considerable weight when calculating your score.
You should know that once a negative item on your report ages four years, it has much less impact. However, we recommend that you remove negative items from your report.
In short, if you need a second chance, we suggest the Orchard Bank MasterCard. They have helped over 2 million people and, if used responsibly, can substantially improve your score.
