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Merrick Bank increased my credit line....

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New Member

Merrick Bank increased my credit line....

My limit was $950 and I got my statement today and they had increased it to $1150, because of my good payment history.  They increased it about 3 months ago also.
Does anyone have any experience with Merrick Bank?  I would like to keep their card, but the interest rate is 27% and I think that is way too high. 
Message 1 of 20
19 REPLIES
Moderator Emeritus

Re: Merrick Bank increased my credit line....

They seem to like you.. .call to ask to have it lowered, if not continue using and PIFing until they change their miinds.
Message 2 of 20
Senior Contributor

Re: Merrick Bank increased my credit line....

Welcome to the forums and congrats on the CLI!
Here we go again...
Message 3 of 20
Frequent Contributor

Re: Merrick Bank increased my credit line....

congrats on the CLI. Keep up the good work
-------------------------------------------------------------------------------------------------Getting back in the credit game after major setbacks
Message 4 of 20
Moderator Emeritus

Re: Merrick Bank increased my credit line....

DW has the card directly from Merrick with $750. What were your habits like (high usage, PIF)? DW's is about 3-4 months old.
Message 5 of 20
New Member

Re: Merrick Bank increased my credit line....

I have had this card since june '07 and I didn't carry a balance for about 2 months (made charges and paid them off).  Then I had the card almost maxed out and made my regular payments plus a little extra ($10 or $15).  I paid down a couple of hundred in January and currently have a balance of $400.  I have always paid on time and I always pay more than the minimum, even if it is just a little bit.
 
Is her interest rate high?
Message 6 of 20
Valued Contributor

Re: Merrick Bank increased my credit line....

they like high usage.  I haven't got a cli since i lowered usage and pif.  They will not lower interest.  all my clis were when i was almost maxed out.  their int. rate is absolutely the highest in the world.


Message Edited by casinoannie97 on 03-27-2008 05:35 PM
Message 7 of 20
Member

Re: Merrick Bank increased my credit line....

I must have the same card. Got it 9/07, this statement they raised it $200, interest rate is also 27%, but i don't usually carry a balance, so no biggie for me. This statement I was almost maxed (bad I know) but they still gave the CLI.
Message 8 of 20
Moderator Emeritus

Re: Merrick Bank increased my credit line....



Freedombound wrote:
I have had this card since june '07 and I didn't carry a balance for about 2 months (made charges and paid them off).  Then I had the card almost maxed out and made my regular payments plus a little extra ($10 or $15).  I paid down a couple of hundred in January and currently have a balance of $400.  I have always paid on time and I always pay more than the minimum, even if it is just a little bit.
 
Is her interest rate high?


Thanks for the info. Hers is 24.45%. She's carried a balance most of the time and went over the CL of $750 by a whopping $4. We then immediately PIF where it is at now. Would not be surprised if APR went up.
Message 9 of 20
Established Contributor

Re: Merrick Bank increased my credit line....

Yeah, they are a weird bank.  I got my Hooters card from them with a 3K limit, $72 AF, and 26%.  I love the limit, but what's the story on the other terms?  If that is the way they feel about me, why did I get 3K to beging with?  I always PIF, though.  I can't bring myself to pay that interest.  And when I did carry about 1/2 that balance, I immediately apped for a WaMu card and transferred the balance.  Yeah, that interest is insane.
FICO's: TU: 682 EX: 688 EQ: Unknown

In my wallet (strikethough are getting the axe soon): Amex Rewards Plus Gold | BECU: 10,000 | AlaskaUSA FCU: 6,900 | Citi Forward 6,500 | BOA Travel Rewards: 5,000 | US Bank Cash+: 5,000 | Merrick: 4,200 | Chase Freedom: 3,500 | Juniper: 3,100 | Household: 2,450 | Best Buy Reward Zone: 2,000 | Cap1: 1,500 | Cap1: 750 | Bailey's Furniture: 3,100 | Lowes: 4,500 | Care Credit: 2,000 | Zales: 1,400 | Kohls: 400 | Sam's: 5,200 | Walmart: 1,100 | Discover More: 1,000
Message 10 of 20