RingoDestarr

I have a poor credit score 588. Amex has turned me down in the past due to my credit.
CreditKarma has labeled this Delta Reserve (amex) card as HIGH recommended with my credit score. Does this mean that this card has a good chance of being approved with a 588 score?

And, if so, it is because of the super high yearly fee of $450?

Thanks for any insight.

What is the average credit score for this card? It was listed on my CKarma account as a "Savings offer" . . . . I would ASSUME that this means I have a fair shot of being approved for this offer, but I don't want to damage my credit (that I have been working so hard to rebound from a bkptrcy 5 years ago).

I currently have a few high interest credit cards that I used to rebuild my credit. I am looking for a lower interest card now that my credit score has improved some . . .but I want to get others feedback on this card first.

What is the score range? lowest score known accepted?

Orchard (HSBC) is a great way for people with bad or no credit to begin the rebuilding process. Just keep in mine one valuable piece of information:

Your credit score and credit worthiness is also based on your % of debt to avail credit. Therefore, a very low credit limit (such as $300) can help you get back on track, but only if you use it wisely.
DO NOT max this card out, even though it is very easy to do with such a low credit limit. If you truly want to help your credit, only use this card to charge up to $60.00 (20%) and then pay it off.
Use it for gas, or dinner and then pay it off the next month.
If you charge over 20% of your available credit limits, this can actually hurt your score and how other lenders see you.
For this reason, a low credit limit can quickly do more damage than good, if you do not use it wisely.

This is nothing more than a scam that targets desperate people in desperate situations. It is a new twist on a payday loan, instead here they charge you the huge fees before you even get any money.

You are better off trying HSBC. They too, offer only $300 credit limits to those with bad credit. They also charge a yearly fee of about $39.00. But that is it. Much better deal then $270 in fees.

However, there is some big truths in what the first poster said. If you have a low credit limit, you will most likely max out your card fast. This DOES affect your credit score. Part of your score is based on debt ratio.

If you are truly wanting to improve your debt, the HSBC is better to help you (in my opinion). Just try to only use about $80.00 of the $300 limit and pay off the full balance each month.

If you max this card out, you will have accomplished nothing to help your credit.

Believe me - I have learned from the past, as I struggled to come out of a Bankruptcy many years ago. Building your credit score takes time and self-control.