by Dan Moskel,
published December 2, 2008
syndicated: 0 | total views: 38 |
word count: 393
laesbarhedsindex readability score: Easy Readability
website: http://cardsuggest.com
T
he Orchard Bank MasterCard is created for individuals with a damaged credit report. This card is issued by HSBC Bank.
They have a unique application process. They will match your credit score with one of four cards they offer.
This includes a secured card and three unsecured credit cards. If you have made some mistakes in the past with your credit then you are guaranteed to be issued a card that corresponds to your credit 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 $15,000, your credit limit will be equivalent to your deposit.
This card will work just like an unsecured card, meaning you will have monthly payments. Your APR will be between 8.9% and 14.9%. This is lower than most bad credit cards that carry an APR of roughly 19%.
If you have made only a few mistakes with your credit you can be approved for an unsecured credit card. However if you still want to be issued the secured card instead you can be.
The unsecured cards will have some fees like a 19$ account set up fee with one of the cards. These cards also carry an APR between 8.9% and 18.9%.
The fees that come with the Orchard Bank cards are much less than any other bad credit credit cards. In addition they offer much lower interest rates 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 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.
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.
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