Reply
Established Contributor
Posts: 619
Registered: ‎06-18-2007
0

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
0

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
Established Contributor
Posts: 633
Registered: ‎03-05-2009
0

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.

 

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.