Note: All Orchard Bank credit cards are now issued by Capital One.
Some good credit cards to rebuild your credit come from Orchard Bank and Capital One; however, there are other ways to begin to rebuild your credit, like prepaid cards. While it is true the vast majority cannot build your score, they do have the ability to improve your credit history.
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Traditional credit cards, like Orchard Bank and Capital One have learned the art of second chances and provide consumers with many options. In fact, Orchard Bank has more than three different types of credit cards aimed directly at anyone who has limited or bad credit. They are financed by super-bank HSBC.
Most of the fees are reasonable, including the annual fees, which range between $39 and $59. They also offer an extremely fair APR or Annual Percentage Rate of 14.9% to 19.9%, depending on how damaged your credit is. The minimum deposit requirement is $200 and is completely refundable, contingent upon your agreement.
The Secured Card from Capital One has attractive features as well, including a minimum security deposit of only $49. They also have low APR’s and zero charge for transfers. Capital One and Orchard Bank both update all three credit bureaus faithfully so your information will reach them consistently.
Prepaid Credit Cards May Not Improve Your Credit History
Your credit history is a list of your debts, the amount you owe, how you pay them and other personal data. According to the information found on National Credit Report.com, the issuer of your prepaid credit card has the right to send the credit bureaus your payment history data, which is used as a tracking mechanism; they take this data and create trends.
Positive trends help your credit history, while negative trends bring you down further.
It is important that you understand no matter which type of credit card you select, they will each have their own positive and negative implications.
Defend yourself against errors that accompany ignorance. Take all the time you need to learn the difference between unsecured, secured and prepaid credit cards before you make your choice. Never feel pressured into any type of agreement that you do not fully comprehend. A reputable credit card company will make you feel like you made a great choice, not a mistake.
Adding Positive Credit to Your History
You can add positive credit to your history in a variety of ways. First, make sure you review your credit report every year. There are too many consumers with errors on their credit reports and they go unnoticed for years. Every U.S. citizen is entitled to receive a copy free and the process is simple. Log onto AnnualCreditReport.com, and follow the steps, in no time you will have a copy of your credit report.
Review every entry very closely and if you notice any discrepancies, you must notify all three credit bureaus right away. A dispute may take as long as 30 days so it is best to act immediately so you can move forward. If you already applied for a credit card, you should also think about acquiring another form of credit, like a small loan from a credit union or applying for a retail credit card.
Retail cards are very easy to manage and a great way to contribute positively to your credit history. A retail card, like an appliance store or department store may carry a higher APR than a traditional credit card, but they are excellent for rebuilding credit when you only use them when needed and pay the balance in full.
Credit unions are very forgiving with people who have less than perfect credit.
You can apply for a small loan for something like car repairs or medical bills and repay over 12 to 24 months. As long as you honor your commitment and meet your financial obligations on time, you will have another positive addition to your credit history.
Resources that are Available to Help Rebuild Credit
One of the best resources you can find is a credit counselor. Someone who is trained in finance to help you create a realistic budget can provide you with the strong foundation you need when you begin taking steps to rebuild your credit.
Also, speak openly and honestly with your close friends and relatives. Discuss your challenges and ask them to help you stay on track each time you feel like weakening. You need people to help you avoid overspending, but provide you with support, not negativity.
After all, it is extremely easy to fall back into the trap of debt, especially while you are in the rebuilding phase. You may even encounter an explosion of new credit card offers in your mailbox. They have been watching you very closely and may know exactly how to entice you.
Make sure when you do begin on the positive road to rebuilding your credit that you take extra care with your decisions. A few easy steps will save you thousands in the future and keep you from feeling as you are going around the financial merry-go-round again.
Take advantage of the FREE credit card finder to research several credit cards to help restore your credit!
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