Do you need help getting back on track? Is your credit rating about as bad as it gets and now you realize you will never be able to qualify for a load so you can buy that house you dreamed of? Don’t despair. There are companies willing to help you out. One such company is Orchard Bank. They offer the Orchard Bank® Visa® Credit Cards which do not require a credit check. They offer four different credit cards under the Visa brand, three unsecured ones and one secured credit card.

The unusual thing about Orchard Bank is that they will take a look at the information you enter in the online application and let you know which of the four credit cards they are willing to approve you for. At that point, you need to read the terms through carefully and decide whether you like the one they are offering to you. All four of them have an annual fee associated with them. For the secured credit card the annual fee is waived for the first year. It is an easy way to find out just how bad your credit rating really is if you didn’t already know.

You know you have your work cut out for you if they are only offering you a secured credit card.  Orchard Bank® Visa® Credit Cards are offered and administered through HSBC bank, a subsidiary of one of the ten largest banking holding companies in the United States. The good news is that despite your miserable credit, you can get a secured credit card and start rebuilding your credit rating. With a secured credit card you are obligated to maintain an amount of money in an account with the bank that at least equals the credit limit on your secured credit card. Most of these accounts do not pay any interest. At Orchard Bank the minimum security deposit required for a secured credit card is $200.

If you are lucky enough not to have ruined your credit rating quite that badly, you are looking at a Platinum, Gold or Standard Visa credit card. The annual fees for these vary between $35 and $79 with a processing fee ranging from $0 to $39. Reestablishing your credit rating will not be cheap but there aren’t many options open to you. Hopefully, you will get the money back in the future in the form of savings on loans once you have built your credit rank to a level where a loan for a car or house would be possible. The whole point of having a good credit rating is being able to qualify for better terms when it really counts.

If you are looking to buy a $50,000 house with a $10,000 down payment, the difference in your monthly payments between a 6% and a 5% interest rate 30-year mortgage is $25 per month. Paying the annual fee on that credit card will have been made up with just two or three monthly savings on your mortgage payment. Of course, no one can guarantee that it will make a difference of 1% but that kind of difference can easily be found between credit card interest rates for purchases offered to people with better credit ratings and those with worse credit ratings. In fact, on credit cards the difference tends to be larger. For the Orchard Bank® Visa® Credit Cards the APR on purchases ranges between 14.9% and 28.9% for the unsecured credit cards. Quite a range, so when you check to see what they are willing to offer you, make sure you understand what your APR will be.