Orchard Bank Credit Card – Review
The 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.
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.
If you have many negative items on your credit report you will likely be issued the secured card. With this card you must make a deposit and then your card will have a credit limit equal to the amount of your deposit.
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 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 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 MasterCard is dramatically lower than any other sub prime credit cards. In addition they have very reasonable interest rates compared to other bad credit cards.
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.
A positive payment history will help to improve your credit score. It is estimated that this factor makes up to 35% 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 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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Help answer the question about get credit card
Best way to pay off a credit card to get the best credit?I am about $30 above my $700 credit limit, and it has been floating around that amount for awhile now. I should be expecting a good paycheck soon, and I would like to get rid of this credit card in general due to the high APR.
What is the best way to pay it off so I could up my credit score? Should I pay it in full? Or should I pay $100 a month or something?
Thanks!
September 5th, 2010 at 1:50 am
It will absolutely hurt the credit score you have established. The only easy answer here is to pay the annual fee unless you do not plan on applying for a car or home loan in the near future. If you don't plan on making a big purchase I would go ahead and close the account. You could open a new one and start over w/ your credit history.
Your credit history applies for about 30% of your score, so it would greatly affect it.
Good Luck!
September 5th, 2010 at 2:09 am
Don't hold your breath. I used to have a Platinum Elite MasterCard with a $300.00 credit line and no annual fee and they fed me up with that same story.
During the miserable 13-months I had that infernal card, they NEVER increase my credit line even after several requests and they never will, it doesn't matter how perfect your credit reports are.
Orchard Bank is a predatory lender. If you threaten to close the account if they do not increase your credit, they will rather close the account than give you a credit line increase.
September 5th, 2010 at 2:20 am
which one is tiffany?
September 5th, 2010 at 2:32 am
natalie xoxo
September 5th, 2010 at 2:38 pm
Believe it or not, I've actually used both.
Orchard Bank:
Pros: higher maximum credit limit($15,000),lower required deposit($200) deposit is linked to a savings account that yields interest, lower interest rate (14.9%?)
Cons: Higher annual fee: ($39), Longer time it takes to convert (18 months), no rewards or purchase protection feature
Bank of America:
Pros: Easier to apply for if you're a BOA customer, lower anuual fee ($29), balance transfer capable(providing if there is available credit), fastest conversion time of all secured cards (9 months) More reputable (largest CC issuer in the world)
Cons: Higher minimum deposit($300), deposit doesn't gain interest.
Bank of America shows the fastest results, but Orchard Bank also is an excellent card to build credit with as well. I would reccomend both if you can.
September 5th, 2010 at 5:20 pm
The one that may help you is Orchard but then they have a terrible reputation if you default on them.
I do not think you will have a chance with Citi.
Orchard has a pre selector website that lets you know you qualify for certain cards and they do not hit you with any inquiries unless you submit the actual app.
This would be the way to go.
https://www.hsbcapply.com/start/orchardbank
If they state you do not qualify and do not hit the submit button. If they state they can offer you something go for it.
September 6th, 2010 at 7:29 am
Nichole is THE BEST in this song i love her voice Tiffanie is very great too :O <3
September 6th, 2010 at 9:29 am
Nichole and Tiffanie are the best :’( ! I love you tiffanie!
September 6th, 2010 at 8:14 pm
tiffanie iz best from all of dem lol
September 6th, 2010 at 9:34 pm
Wahou !!!!
September 7th, 2010 at 3:33 am
NATALIE CHRYSTINA NICHOLE LOVE>
September 7th, 2010 at 8:32 pm
Theyre gd in making urban with tiff…. mis her
September 8th, 2010 at 10:12 am
Orchard Bank is an unsecured credit card. Orchard is owned by Household Bank, which also supplies unsecured high interest credit cards to people with eithe no credit, or bad credit that are trying to rebuild their credit.
Wlhen the card arrives, it will arrive with documents detailing the interest rates, grace periods, etc. There are no annual fees for having an Orchard card. Keep all the documentation, you never know when you may need it. As you spend and pay off the card every month your credit limit will increase.
The response you got was standard and not out of the ordinary in the least. If you have already been approved, you need to overlook the bit about your application being in review. That is only there because some of the people who apply for Orchard cards need to be examined carefully because it IS a card typically applied for by people with past bankrupcies, judgements, etc, but you seem to be just fine.
Just sit back and wait for your card to arrive.
September 8th, 2010 at 10:43 am
Currently, it is almost impossible to be approved for any card, EXCEPT a secured card, without a credit history. Until you apply for a secured card, you will probably be denied for all cards. When you apply for a secured card, you might be approved or denied, depending on how many other cards you tried to get first and how recently. You should have applied for ONLY the secured card, and not other cards. You should know wait more than a year, without applying for any cards, and then apply for ONE and ONLY one SECURED card, and NO other cards.
September 8th, 2010 at 4:09 am
I loved Tiff :C And that hair color fits her more imo~ Back to topic :C Makes me sad she’s no longer in the group. I loved her voice.