Established Contributor
Posts: 618
Registered: ‎06-18-2007

Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

My husband opted out of the proposed changes to his Merrick Hooters card in December, so that his rate stayed at 18%.  It was going to go up to 26%, I think.


The next two statements cut as usual, with the 18% rate and 0 available credit (although strangely, the same $1,300 limit is listed.  $0 credit limit is listed with the credit bureaus.)


Anyway, I just noticed that on the Feb. 25th statement, the APR has dropped to 15%.


Are they crazy?  Why would they drop the rate on a closed card?


Has anyone else opted out of the Merrick-H card?  I kept mine open and I checked my rate and it is the same as what it went up to:  21% for me.

Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Valued Member
Posts: 45
Registered: ‎09-25-2008

ne open but Re: Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

I still have mine open but I got my new statment and my APR went from 25.70 to 25.45 and they increased my CL by $200. That was a surprise since my first CLI took over a year to get.

Latest FICO® Scores 10-20-08
TransUnion 615
Equifax 590
Experian 601
Frequent Contributor
Posts: 284
Registered: ‎03-05-2009

Re: ne open but Re: Wait - are my eyes tricking me? Merrick Hooters LOWERED an APR ? ?

Ive never heard of any company lowering an APR after closure, except for when payment arrangements are made, and that is usually brought upon by a chargeoff...


However, that being said, my Hooters MC (Which I got cause I thought it was funny about 4 years ago and have never used except for a autobill for my electric) is still at 9.99% APR - go figure, my lowest limit 1.5k, and also in the top 4 of lowest APR... If now, as a professional and no longer a college student, I wasnt entirely embarrased at using the card in public, I would most certainly use it more.



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+