Orchard Bank has been working and lending in the sub prime credit market for decades. They have a one-of-a-kind application process. We believe this is in large part due to their size and resources. They specialize in credit cards for bad credit.
You are guaranteed approval regardless of your credit history! Orchard Bank offers three unsecured credit cards and one secured credit card. All four of the Orchard Bank Credit Cards will report monthly to all three major credit bureaus.
If your wondering how to build credit, just by paying your monthly bill on time, you will create a trail of positive payment history on your credit report. This is very important when your credit score is calculated.
How To Apply For The Orchard Bank Credit Card
You will need to fill out an online application. You will need to provide your name, address, phone number, and additional personal information. Within 60 seconds of finishing and pressing submit on your application, a decision will be made.
Your credit is going to be checked and based upon that. You will be offered an unsecured or a secured credit card. This is a major credit card and will be accepted over the phone, online, to rent a car and everywhere you see the Visa or MasterCard logo displayed.
You will decide which credit card offer is the right one for you. An unsecured credit card will be counted or given more weight on your credit report than a secured credit card. However an unsecured credit card does carry some more fees and will have a higher interest rate.
Orchard Bank Secured Credit Card
With a secured credit card you are going to first have to make a deposit with the bank. And then you will be issued a major credit card. The amount of your deposit will be equal to the amount of your credit limit.
If you deposit $300 with the bank. Then your credit card limit will be $300. This deposit is FDIC insured and you get to decide the amount. The minimum is $200 and the maximum is $5,000. You can choose any amount between $200 and $5,000.
Your deposit is fully refundable as long as you continue to make payments on your credit card account. You will be charged a lower interest rate with a secured credit card because the bank is taking less risk. However a secured credit card won’t be weighted as much by the credit bureaus.
But your account information will be reported monthly to all three major bureaus. With responsible use this can be a great credit card to build credit. You are guaranteed to be approved for a major Visa or MasterCard. Depending on what your credit score is, you may be offered an unsecured credit card.
We have yet to see another bank with a similar application process and we can see how this can be very useful. Because Orchard Bank is such a large company they are able to offer you different types of credit cards for rebuilding credit.
We like that they ultimately leave the final decision up to you, as to which Visa or MasterCard you feel is the best fit for your spending habits. Orchard Bank has been a trusted leader in the sub prime or bad credit market for decades and have issued credit cards to millions of customers.
The bad credit credit card industry has been turned upside down, due to all the financial unrest in our economy. Many offers were taken off the market and some banks went under.
However Orchard Bank continued to lend and continues to be a leader setting the industry standards. The Orchard Bank Credit Card will be covered under a $0 Liability Policy. This prevents you from being held responsible if your card is ever lost or stolen.
If you choose a secured credit card offer your initial deposit will be FDIC insured and is fully refundable. Currently Orchard Bank is no longer accepting applications. They were purchased by Capital One Bank and they have decided to discontinue the Orchard Bank Credit Card.
For more tips with Dan Willis sign up for our free newsletter. If you’re suffering from a less than perfect credit history and would like expert help get a free, no obligation, credit consultation by calling toll-free 1-855-655-9869.