Pre-Approved Credit Card Offers?

Question

My main question about this requires a little work. Ok?

Look to your left on the yahoo answers web page (The main part of the Credit catagory) They are always running an ad in that section that says something about getting a credit card, even if you have bad credit. Orchard Bank is the ad.

What is the "catch" with this credit card though? (Low credit limits? High interest rate? No grace period? High amount of money to open the account and high yearly fee to have the account? )

My question is: Are there really any credit card companies out there that will give you an unsecured credit card, if you have "bad" credit and NOT charge you an arm and a leg in fees to get the account/card going? I have gotten some credit cards that say I can get the credit card with $250 credit limit, but they take fees out and now I only have like $72 credit and I have to pay $178 before I have the whole credit amount. Can I find a credit card that doesn't do that even with not so good credit?

Answer 1

You're right on track with your suspicions there. A card for "high risk" people will probably have a low limit and high interest. They generally have a normal grace period and pretty reasonable monthly fees, however.

I'd try Capital One first before Orchard Bank. Capital One does a lot of cards for mediocre people, such as first time credit users. My first credit card with CO was a $3 monthly fee and $500 credit limit, which I thought was very reasonable. The interest may be a little higher than some other cards, but not unreasonable considering that your credit is bad. That's a fact of life until you raise your credit score. Just pay it off quicker so you don't pay as much interest.

Answer 2

There are very few credit card companies that will give unsecured credit with "bad" credit. Now "bad" credit has to be defined to determine what the issues really are. Actually I would like to see more of the old secured credit cards come back. At least there were not large fees on those cards and the $250 secured amount on deposit was yours. It let you re-establish credit and your credit score without a major cost.

Orchard Bank is one of the better cards around for "bad" credit and beginning to repair your credit. Once you have your credit back on track for a little while, you can qualify for another bank's card and cancel the Orchard Bank card.

Answer 3

My friend got the Orchard Bank credit card and he loves it. He only got a $500 credit limit (his credit score was like 516) but that is something to start off with and built your credit score back up by making the monthly payments on time. You can make your payments online with them also. That way if you are running late, close to the due date, you can send a payment online. His percentage rate is something like 19% percent and his monthly payments are $20 a month. I think he had to pay like $35 or something up front. What you can do is apply for the card and it will tell you what fees it will take out and if you don't agree, just click cancel and don't accept the card. Good Luck!

Answer 4

I can assure you Orchard bank and bank one credit cards are the best on the markets for people with poor or fair credit. The annual fees they charge you is low.

I think the APR for orchard bank is between 8%-11%. If your credit is poor, they will ask you a deposit to issue a secured credit card. The credit limit will be equal to your deposit. If you want to build your credit, choose it!

Don't choose any other card like First Premier bank, Rewards 660, Legacy visa, Tribute, Aspen and Total card.
Orchard bank has no hidden fees and rates.

No credit card will give you a credit card with no credit. Don't try to apply to get one so many times, because it will(decrease) reduce your credit score each time when the credit card checks your credit to see if you are qualified for the card. It will take about 30 seconds for the credit card company system to access your credit score.

When you get the chance a card,try to pay the minimum due or more than that as soon as you can.

Answer 5

Bad credit is no problem for the unsecred credit card companies.
it offers:
* Great card to improve or build your credit
* Reports monthly to 3 credit bureaus
* Free online account management and payment
you can get a best credit card from: http://www.lowest-apr-cards.com/

Answer 6

I have had that happen, They said I was pre-approved then when I applied they denied me. Then I received another pre-approved letter from that same company about 2 weeks later. They try to make you think your doing great with your financial score in hopes to get more people signed up, so they can make more money.

Answer 7

I ignore these adds.if some one has turned you down. they are doing it for a reason. Bankrupycy is the hard way to learn..work hard to to look out for your self..