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So Merrick charges me the same annoying $3 fee each month (instead of just doing it annually) as the Cap One card I just fired. They also just sent an email saying returned check and late payment fees are going up to as much as $38. Not that it matters to me, but who likes fee hikes? I called earlier this week (after I fired Cap One Plat) to see if Merrick would waive/remove the fee or drop my APR which is at 21.45%. No dice.
The card started with Applied Bank in 2005 as a way to pay off an old collection. It was weird but they issued me a card with the balance due on the debt. Once I paid it off I’d have a positive trade line to use with that amount as my credit limit. At the time it was a sweet deal for me because beside Cap One, no one was giving me anything Merrick bought it in 2010 and the limit went from like $500 to $700. Five years later it sits at $1300 after 2 small CLI’s, the last one being last year. I haven’t used it since about September/October.
My question is should I keep it? I’ve fired Macy’s, Best Buy, and Cap One in the last 3 months so I may be a little fire happy. Figured I’d get you guys opinion first this time LOL It is a trade line over 1K and its 5yrs old. I don’t like that you can’t request a CLI but they don’t seem to mind giving little ones. In all honesty the card was very close to maxed out for years. The first time I PIF they raised the limit $200. I maxed out again, carried a balance for almost a year and when I PIF they again raised the limit $200. This time I kept the utilization low then stopped using it all together when Barclay Apple/NFCU came along. I called them at that time and asked about a CLI but they said they don’t offer customer initiated increases. 2 weeks later I got an email that they raised my limit by $200.
I don’t know. Unlike some of the others, I don't have any real dislike for them. What say you oh wise people of Myfico?
Current Score: EQ 699 TU 719 EX ? as of April-2016
I would dump it. I'm going to dump mine early next year, and mine is fee-free.
"I called them at that time and asked about a CLI but they said they don’t offer customer initiated increases"
I called them once asking if they could lower my 25.45% interest rate, and the answer to that one was "customers cannot request a lower interest rate". LOL - I guess customers can't ask for anything.
I'm kind of in the same boat, I don't use Merrick much since Barclays & Cap One QS Signature Visa came along. But I don't have any annual or monthly fees, and they have auto CLI'd me to $3100 and it's one of my oldest post BK traderlines I keep it open, charging Netflix & another monthly $8 billing to it and PIF before statement so it has to report the $0 balance. But if it had any fees I'd close it, I'm far enough along I don't need to pay anyone to have a CC. Cap One approved my QS card last Oct. and paid me $100 to take it - $100 in Reward points for charging $500 or more within 3 months. That's the way it should be.
@DaveInAZ wrote:"I called them at that time and asked about a CLI but they said they don’t offer customer initiated increases"
I called them once asking if they could lower my 25.45% interest rate, and the answer to that one was "customers cannot request a lower interest rate". LOL - I guess customers can't ask for anything.
I'm kind of in the same boat, I don't use Merrick much since Barclays & Cap One QS Signature Visa came along. But I don't have any annual or monthly fees, and they have auto CLI'd me to $3100 and it's one of my oldest post BK traderlines I keep it open, charging Netflix & another monthly $8 billing to it and PIF before statement so it has to report the $0 balance. But if it had any fees I'd close it, I'm far enough along I don't need to pay anyone to have a CC. Cap One approved my QS card last Oct. and paid me $100 to take it - $100 in Reward points for charging $500 or more within 3 months. That's the way it should be.
Yeah it didn't sound as if they allow customers to initiate anything. LOL It was a very "matter of fact" "take it or leave" it kinda conversation. I'm guessing they don't really have a backdoor number either.
Current Score: EQ 699 TU 719 EX ? as of April-2016
I think you've outgrown them. The monthly fee was was annoying at best, the high APR and lack of rewards sealed the deal for me to dump them. They served their purpose and I'm grateful for them giving me my first unsecured card once I started my repair but being sentimental and thankful doesn't make it a good idea to keep them
Oz
We have a Merrick bank card that was a preapproved limit of $1100 that came over the fall and promised a doubling of the limit in 7 months.
I would keep the card as it is your oldest trade line at 5 years, but just minimally use it. I believe in not closing accounts unless your file really doesn't support it and the fees are prohibitive.
The problem with rebuilding credit is that when the only cards you can qualify for have low limits like $300-$1500 or so you can't really charge much on them without being at 75-90% utilization. The system is highly flawed in favor of the creditor.
The higher you can get your limits, and the more minimal usage cards on your file especially if they are aged accounts the more leeway you will have to run higher balances and keep a 700+ score. Your score is still in the 600's so I don't think it benefits you yet to close any accounts.