The road to financial freedom is paved with many obstacles. If you have had a lot of debt and financial troubles in your life, chances are your credit score may be wounded. It would be nice to think that our credit score doesn't matter like many blogs and financial gurus may preach. It would also be nice to pay cash for large purchases like a car or a house. But the truth is that for people who have low incomes, it is almost impossible to save enough cash to purchase a home.
So how do you get started rebuilding your credit? Maybe you are just starting with credit and want to build a healthy credit report. One of the most convenient options when starting over from a low credit score is obtaining a credit card from a provider that helps with the needs of low credit or no credit applicants. Two such companies are Credit One and Orchard Bank.
1. Credit OnePros
Online Access
Online Approval
Reports to all three credit bureaus
No rewards
Requires credit score of 620 or below (poor credit)
No over the limit fee
Cons
High APR
High annual fee $75-99
Bad customer service reviews
2. Orchard Bank
Pros
Low annual fees $39-59
4 cards to choose from
Reports to all 3 credit bureaus
Accepts applicants with no credit or low credit score (494-599)
Free annual fee for the first
Cons
High APR
High cash advance fee and APR
Secured mastercard available with $200 minimum deposit
The best feature of both of these cards is that they report to the 3 credit bureaus each month. So each month you pay on time will be reflected in your credit report. It is one good way to help your credit score recuperate from a messy financial history. These 2 cards are very similar. Orchard Bank looks like the better offer since they offer lower annual fees.
So if you are looking to get started improving your credit rating or establish credit and are disciplined enough to make your monthly payments, these cards may be for you.
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