Orchard Bank History
HSBC (Hong Kong and Shanghai Banking Corporation) was established back in 1865 when global trade was increasing in Europe, China and India. HSBC acquired Household International Inc. in 2003, the mother company of Household Finance Co. and Beneficial Finance Company.
Both of these finance companies provided savings and bank loan services to over 53 million customers worldwide. This major acquisition made HSBC Bank one of the globe's biggest credit card issuers through Orchard Bank.
Orchard Bank Today
Nowadays, HSBC is helping Americans to improve their credit rating. This London-based company issues credit cards that offer rewards programs for deserving card holders and secured and unsecured cards for people looking to repair bad credit scores. HSBC also administers the Orchard Bank MasterCard and Orchard Bank Visa Card that have become so popular with many people. The Orchard Bank Credit Card is created for individuals with damaged credit reports in mind.
HSBC Credit Cards assist their customers to find the help that they need in their financial matters. Account management tools such as online bill paying and internet account access help HSBC customers to manage their money much better than they did before. Customer service is standing by to help you make arrangements if you are having trouble making a payment, so that your credit file doesn't suffer the consequences.
Orchard Bank Cards
If you are looking for a new beginning with your credit history then you need to strongly consider applying because you are guaranteed to be approved for one of the www.orchardbank.com cards. The application process will match your credit score with one of the cards they offer. The credit cards that are available are secured and unsecured cards.
If you your credit report has many negative items you will likely be issued the secured card. This card will require you to make a minimum deposit of $200 and the card will have a credit limit that is equal to the amount of your deposit. This Orchard Bank Secured Credit Card looks and works just like an unsecured card and you will still have to make your monthly payments on time. If you miss a payment, Penalty interest is 29.49% APR. You will have a 7.90% variable purchase and balance transfer APR, which is quite low compared to the other credit cards for bad credit.
If you have only a few blemishes on your credit report you can be approved for an unsecured credit card. However, if you will still like to be issued the secured card instead you can do that as well. The OrchardBank.com unsecured cards have an APR between 14.90% and 19.90%. The unsecured cards will also carry an account set up fee and you will have to pay an annual fee as well. However, the fees that are associated with the Orchard Bank Credit Card are quite a bit lower in comparison to other sub prime credit cards and the interest rates they have are very reasonable compared to other bad credit cards on the market.
These cards will report your account activity to the three major credit bureaus. You can rebuild your credit by making timely monthly payments and using your card responsibly. Over a period of time, that will have a positive impact on your credit report which in turn will help you build good credit history.
It is a known fact that having a positive payment history will help you improve your credit score. It is estimated that a good payment history makes up to 35% of your overall FICO score. Additionally these cards will help you improve your available debt to credit ratio which will factor into roughly 30% of your credit score. Debt to credit ratio is one of the most important factors for the lenders when trying to determine if you can financially handle a new loan.
You also need to know that once a bad credit item stays on your credit report for a period of four years, it will have much less of an impact on your credit score. However, we do still encourage you to fix bad credit by improving your payment history, increasing your credit to debt ratio and by removing negative items from your credit report. In conclusion, we do suggest the www.orchardbank.com cards to those people that have a low credit score. Orchard Bank can provide some very valuable tools to help you rebuild your credit rating.