It seems that as soon as people file bankruptcy, they want to know how to start repairing their credit. Usually credit cards are the first and easiest way to start this process. The Orchard Bank MasterCard and Orchard Bank Visa are popular credit cards that are specifically geared for those with poor credit and those that have filed bankruptcy.
Most people post bankruptcy will want to start out with a secured credit card. Many secured cards include a ton of additional fees just to have the credit card, including monthly fees, annual fees, membership fees, and application fees. Orchard Bank offers subprime credit cards with less fees than most others.
When you apply with Orchard Bank you will answer a few personal questions before your credit is even checked to give you an idea which card you would be prequalified for. Then you can decide if you want to apply for that card. You could be prequalified for an unsecured credit card. Here is a chart with the various fees and credit cards that Orchard Bank offers:
Because of this prequalification process, you don’t risk having a hard inquiry on your credit report for a credit card you don’t want.
Another thing to look for when shopping for a credit card post bankruptcy is to make sure, whether secured or unsecured, that the credit card and any payments you make are reported to the credit bureaus. There are many secured credit cards that do not report, which would not assist in repairing credit and would simply be a waste of money.
All in all, Orchard Bank is recommended for post bankruptcy filers and those with poor credit because of the minimal fees for subprime credit cards. Additionally, Orchard Bank is an extremely large and reputable bank which is an important factor when trying to repair your credit.