"To Cancel Or Not To Cancel"
Orchard Bank Classic MasterCards Review
Written by: john1979 on 2008-03-03
Overall Satisfaction
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john1979's review: 
Ok all, this is the situation... I have had this card since 03. It is my oldest credit card reporting. Anyways, the annual fee is due and I have received so many better cards recently that I honestly have no use for this card. Now I know if I cancel the card my scores will drop... However I have a solution or at least I think I do. When you become a authorized/joint cardholder, the history is reported from account opening. Now I know that there was talk about authorized users not counting towards credit scoring but if I became a joint card holder on one of my wife's accounts from around 03; then by me canceling Orchard it should not make a difference in my scores... It would just be one replacing the other. I have done this with a few of her other accounts and my scores have risen very nicely. And again I am listed as joint, not authorized user. I would appreciate some feedback from you guys as I really don't want Orchard anymore... I have had a perfect history with them for 5 years and only have a $1400 limit and a 22% apr. When I called them and asked to waive my annual fee they cut the AF in half but refused to lower the interest rate. This is by far the worse card I have. Ok well let me know what you all think. Thanks and have a great day!
Ok all, this is the situation... I have had this card since 03. It is my oldest credit card reporting. Anyways, the annual fee is due and I have received so many better cards recently that I honestly have no use for this card. Now I know if I cancel the card my scores will drop... However I have a solution or at least I think I do. When you become a authorized/joint cardholder, the history is reported from account opening. Now I know that there was talk about authorized users not counting towards credit scoring but if I became a joint card holder on one of my wife's accounts from around 03; then by me canceling Orchard it should not make a difference in my scores... It would just be one replacing the other. I have done this with a few of her other accounts and my scores have risen very nicely. And again I am listed as joint, not authorized user. I would appreciate some feedback from you guys as I really don't want Orchard anymore... I have had a perfect history with them for 5 years and only have a $1400 limit and a 22% apr. When I called them and asked to waive my annual fee they cut the AF in half but refused to lower the interest rate. This is by far the worse card I have. Ok well let me know what you all think. Thanks and have a great day!
6 Comments
Comment 1 by meya
Hummm 
on 2008-03-04
I say, if it worked before then go right ahead and close it, but make sure that the joint account is reporting you first. I know the feeling of having this card and I believe that once we are stable, they drop us like we are hot. I want to let them go to but they are my oldest card history also.
Here is my assumption of leaving them, when I get teir one cards, I am going to let Orchard go, I don't care how long I have been with them, they do not serve a purpose anymore for me. So I know what you are talking about and what you mean about them. I have a 4 1/2 year history with Orchard, they have brought me mighty long ways, but we are going to soon have to shake hands and depart.
on 2008-03-04 I say, if it worked before then go right ahead and close it, but make sure that the joint account is reporting you first. I know the feeling of having this card and I believe that once we are stable, they drop us like we are hot. I want to let them go to but they are my oldest card history also. Here is my assumption of leaving them, when I get teir one cards, I am going to let Orchard go, I don't care how long I have been with them, they do not serve a purpose anymore for me. So I know what you are talking about and what you mean about them. I have a 4 1/2 year history with Orchard, they have brought me mighty long ways, but we are going to soon have to shake hands and depart.
Comment 2 by arod
Well Its Up To You. on 2008-03-04
Here the thing if you close it. Maybe it wont affect you if you are a Auth. User but its in your credit file since 2003 it can hurt your FICO. If you don't want it and you want to close it. Go ahead
Ok... But remember the older the account the better it looks to other banks.
There is that risk your FICO could drop.
But its your decision
Take care,
Alex
on 2008-03-04 Here the thing if you close it. Maybe it wont affect you if you are a Auth. User but its in your credit file since 2003 it can hurt your FICO. If you don't want it and you want to close it. Go ahead Ok... But remember the older the account the better it looks to other banks.
There is that risk your FICO could drop.
But its your decision
Take care,
Alex
Comment 3 by emiranda
Do Not Cancel It on 2008-03-05
Keep the card, bargain the Annual Fee, use once every month to buy a soda or something else, and pay on the next day. Don't hurt your credit.
And by the way, add yourself to your wife's account anyhow. The more history in your report the better.
on 2008-03-05 Keep the card, bargain the Annual Fee, use once every month to buy a soda or something else, and pay on the next day. Don't hurt your credit.And by the way, add yourself to your wife's account anyhow. The more history in your report the better.
Comment 4 by hjm331
I Agree on 2008-03-05
I agree with Emiranda, keep the card, use it once a month for something small in price and pay it off before the statement cuts because in order for a credit card lender to report, they have to have activity to report.
on 2008-03-05 I agree with Emiranda, keep the card, use it once a month for something small in price and pay it off before the statement cuts because in order for a credit card lender to report, they have to have activity to report.
Comment 5 by kaygayle
What If He Cancells on 2008-03-08
But if he cancells the card, how long will it hurt is FICO score? And the joint account thing don't work any longer so I have heard.
on 2008-03-08 But if he cancells the card, how long will it hurt is FICO score? And the joint account thing don't work any longer so I have heard.
Comment 6 by hjm331
RE: Kaygayle on 2008-03-08
I don't know if having a joint account will hurt your credit score but being an authorized user will because the available credit you receive on your credit report from being an authorized user won't be factored into your utilization anymore. So the heavier you're utilizing your card, the more your score will drop. But if you pay your balance off in full every month, it's not going to matter.
on 2008-03-08 I don't know if having a joint account will hurt your credit score but being an authorized user will because the available credit you receive on your credit report from being an authorized user won't be factored into your utilization anymore. So the heavier you're utilizing your card, the more your score will drop. But if you pay your balance off in full every month, it's not going to matter.
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Disclaimer: This content is not provided by Capital One Bank (USA), N.A.. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One Bank (USA), N.A.. Review content is powered by Finance Globe.
