Yes, the subprime mortgage market is in a lot of trouble, but there is still room in the subprime credit offers market. The banks don't want to completely ignore the market for subprime loans, so they offer lines of credit through credit cards. Most banks are putting their attention on secured cards, but people with bad credit can still get unsecured lines of credit.
People with bad credit can still get credit cards from Orchard Bank, which are given out through HSBC. The requirements for acceptance have gotten stricter, but their application process will help you get the right card for you.
Orchard Bank has a tool called "credit selector" that asks you questions about your finances and then uses technology to find the best application for you based on what you say.
This is great news for people with bad credit because it makes it less risky for the bank to give you a credit card and helps you through their unique pre-qualifying system. I'll explain how this works now.
When you apply for an Orchard Bank credit card, the first thing you will be given is a pre-qualifying form. Which you have to answer honestly or you won't be chosen. They do check the information on your application, so don't think that you can get around the bank process by using this form.
After you fill out the form, you'll be shown a list of credit cards for which you may be eligible. This way, you can be sure you're applying for a card that fits your needs and your current financial situation.
Next, you look over the card's terms and conditions, and then you hit the "Apply" button.
The really cool thing is that you can get your card within three days of qualifying.
If you have given up on getting a credit card, the Orchard Bank card offers give you access to a MasterCard. In the world of online shopping, having a credit card in your wallet is a must.
