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Should I cancel my Merrick Bank Card?

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Vegas247
Established Contributor

Re: Should I cancel my Merrick Bank Card?


@gdale6 wrote:

There maybe a small drop as you need 3 revolving bankcards for best FICO score attainment. I would app for another bankcard prior to closing it out. This is the only change I would expect, your util is in order and it will stay around uo to 10 yrs post close for AAoA.


hi gdale6, did you mean ALTEAST 3 revolving bankcards for best FICO scores.............. or EXACTLY 3 for best FICO scores?

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Message 11 of 13
SunriseEarth
Moderator Emeritus

Re: Should I cancel my Merrick Bank Card?


@RCFL wrote:

Hello guys, 

 

Ive been thinking about cancelling my Merrick Bank Credit Card - currently $1800 CL. The reason why I am thinking of cancelling it because it chargest me $3 dollars a month (annual fee), 36$ a year....

 

As for Average Age of Account wise, since filed for BK, I am an authorized user on my dad's credit card (since 5/11) and my MB bank opened 5/12 (oldest account under my own name since BK).

 

If i cancelled this, will this affect my credit score much? 

 

My overall util. is 1% - There is no balance on the Authorized Account, no balance on my secured Cap One card and 1% balance on my Barclays Reward card. So cancelling MB card would not interfere with my overall util. percentage. 

 

What do you guys think?


You could run your info through the Cap One prequalifier and see what you get.   You might get another card with an AF, but it has rewards, it might be worth it.

 

I think the fee for Merrick seems reasonable at this stage in your credit history.  Their APR is usually more atrocious than most store cards, but since it doesn't sound like you carry a balance, that doesn't seem like an issue.   I'd hold onto it unitl you have something that better suits your credit needs. 



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Message 12 of 13
RCFL
Frequent Contributor

Re: Should I cancel my Merrick Bank Card?

yea thank you guys, i have decided to keep the Merrick card for now.

 

I know the TU and Ex scores on this site doesnt mean much but I purchased it last week because i want to check all my reports to make sure everything is reported accurately. Like i said the score here might not be accurate but the 3 scores i have on this site are: EX. 660 EQ 698 TU 711 and since i paid off my 3k balance last month, i am expecting a raise in my credit score. 

 

So thank you guys for the advice, I'll stay with Merrick a bit longer...

Message 13 of 13
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