09-28-2013 05:15 PM - last edited on 09-28-2013 06:31 PM by guiness56
I applied for this card because of all the good reviews and I had been searching for a good Visa card as part of my credit rebuilding process, but my experience in particular was absolutely dismal.
I applied for the card a couple of months ago and got the email a week or so later to send the deposit in. I did so via paying through my bank. A week went by, then 2 weeks. On the 3rd week I called and asked for an application status and they couldn't even find my information. I checked my bank account and the payment had cleared weeks before. I called Merrick bank and pointed out that my payment had been received weeks before and flustered, they connected me to the credit application dept.
The credit application department said that MY bank had to fax them proof that the payment was sent. So I contacted my bank to do so. Within the week the card had arrived. But wait - there was another wrinkle - they sent the card to me with a part of my last name omitted.
I applied with my correct full name in the original application. I called customer service (spoke to a rep named Kent) and patiently explained this to him. And, I further explained to him, I don't see why Merrick Bank went ahead and left out a part of my last name if I entered all of my details correctly into their system when I applied.
Kent's only response was that if I wanted this card changed to the correct name, the onus of responsibility was on ME to now have to now submit copies of government ID in order to get the name corrected. They would not assume responsibility for this error even though their system, or a member of their staff, chose to put my name incorrectly on the card.
I asked for the address of corporate to write to them about this and Kent said he didn't know the address. He totally stonewalled me. He said he could only provide the payment address.
So, I haven't even activated this card yet. They were incredibly quick about reporting to the credit agencies that the account was opened (mind you, the credit agencies have my correct name).
Now, having been stung twice without even activating the card, much less making a purchase, my question is how do I close this account without dinging my credit score? Also, I am already hearing horror stories about folks not getting their deposit bank. Or that this can stay on my credit reports, which by reading the forums it sounds like my credit score will go down again.
How do I proceed here? Gurus please reply and assist thanks!
Also found this website - not very encouraging: Edited to delete link to emails, phone numbers, etc. guiness56, myFICO Moderator.
09-28-2013 06:36 PM
You can search google for the corporate address and CEO. I would write a letter outlining everything you just mentioned.
Did they ever get your deposit?
Is there a AF on the card?
If not, there is no reason you cannot close it. It will not hurt your score and will still be factored into your AAoA.
It will also not hurt to leave it open and sock drawer it.
09-29-2013 08:54 AM
Thanks for your advice.
So to answer your questions, yes they did get my deposit weeks ago. There is an AF of $36, which they already deducted from my available credit.
I also applied for and got a Cap One visa card recently. They sent extensive disclosures along with the card. AF, annual interest rate, etc.
Oddly, Merrick Bank did not send a confirmation of their AF, nowhere in the paperwork did I find annual interest rate information. I thought that was a tad strange. Just thinking out loud here.
Based on the replies here, I am thinking about it and it's likely I'll bite the bullet and send in their govt id proof and sock drawer it. I'll keep it for a while to rebuild credit and hope nothing else crazy happens (fingers crossed).
To end this on a positive note, it boosted my credit report scores 20-50 points already (depending on CRA). Merrick is very fast at reporting obviously. I would just proceed watchfully if taking out a Merrick card is part of one's credit rebuilding strategy.
Thanks again for your advice and if you have any other helpful tidbits please do send my way.
09-29-2013 08:58 AM
If you don't like having the AF, keep it for a year to let it age, then cancel it before the AF is due again. If you decide you like the card you can always keep it.
Does it graduate to an unsecured?
09-29-2013 10:10 AM
Is it possible to get a Merrick Visa with out a security deposit?
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.