Merrick Bank Raising APR rates?

[Anonymous]

Hello All - I am new to this forum. I find the Q & A's helpful so thank you to all those credit savvy people out there.

Question. I have a cc with Merrick Bank since 10/06. I have never paid late nor have I paid late on any of my other cc's but Merrick sent a letter stating they are raising my 17% APR to 32.70% and now including an annual fee. Is this a tend to come? I carry a balance of $404.00 with a credit limit of $4400. If I pay off this card before July 21, 2009 and close the account I do not have to accept the new term conditions. Do those credit savvy people out there think I should pay off the card and close the account? If so, how much will this affect my FICO score.

Equifax 677

[haulingthescoreup]

Pay off the card, apply for a better card; when you get the better card, close the fee card.

A 677 EQ (assuming it's a FICO) should get you a nice welcome at a local credit union. I'd definitely give it a try. Also, if you don't already, pay your CC's down or off several days before their statements drop (post, show up online, etc.) It's the balance on the statement that most lenders report to the credit bureaus, so even if you then pay it off, on your reports it makes you look like you're carrying debt, and this lowers your score.


eta: Oops, and sorry, welcome to the forums!

Message Edited by haulingthescoreup on 07-16-2009 03:04 PM

[Anonymous]

Thank you for the advice. Yes, 677 is the FICO score I received this morning when I pulled my report and opted to pay for the FICO score. I will pay off the balance and shop around for something new.

It's good to know you have options.

[Anonymous]

I fired that lame Merrick Bank a couple weeks ago. They did not seem sad to see me go. The customer service rep kept repeating, "so is the reason you are closing your account because of the annual fee?" I kept saying, "yes, can you do anything to persuade me not to?" Her answer was NO. Ok, ba-bae.

I am glad I did it now. 

Get rid of them. Go to the threads about Alliant, I think if your report is fairly clean, you can get in there with no problem. Have then do a balance transfer, they are free. 

[bhall]

I recently got a letter in the mail from Merrick Bank advising they were adding an annual fee of $48.00 a year billed monthly at $4 a month! I have had their card since August of 2006. The interest rates have continued to be high although when I use it I pay in full by the end of the month. Never payed late. And now that the new credit card legislation is coming, I feel they are taking advantage of me and many others by raising rates or adding annual fees.

I have a $2450 credit limit with them with a zero balance. Although they have given me several limit increases over time, I feel its time to move on. 

With fico scores at 772 (Equifax) and 773(TransUnion), I am going to take your advice and apply for another card and when I get approved, dump Merrick Bank. Thanks!

[MarineVietVet]

32.70%?

Holy usury Batman!!!