topic Re: Merrick Bank in Credit Cards

Merrick Bank

Anonymous — Wed, 08 Jun 2016 16:10:11 GMT

Hello all, now that I have a couple decent cards (CITI doublecash and Venture) should I ditch Merrick? $1200 credit limit, it is chopped up, dont even have it, just use it for credit utilization. I have had the card for about a year. It is the last subprime card that I have (after I cancel First Premier later this month, cancelled credit one couple weeks back). Should I cancel Merrick Bank? Does anybody have significan lines with them? I have had no issues with them and really think they are notches above credit one and FPB.

Re: Merrick Bank

RonM21 — Wed, 08 Jun 2016 16:24:39 GMT

It depends on how much you count on it for utilization. Your scores seem to indicate that you can be out of the subprime cards. If you think you can do it and not lose much, then that may be the way to go.

Re: Merrick Bank

Anonymous — Wed, 08 Jun 2016 16:28:11 GMT

It will barely grow. If at all. If you feel you no longer need it. Close it. It still counts toward your aaoa for 10 years

Re: Merrick Bank

DoroLucky — Wed, 08 Jun 2016 16:49:51 GMT

It has served its purpose, ditch them and their AF like yesterday. You'll be just fine. Had that card, was my 2nd oldest card. Ditched them several months ago. I miss NOTHING about them and thier high AF. I had it for like 5 years and the most it grew to was around $1200. Good riddance!!

Re: Merrick Bank

DoroLucky — Wed, 08 Jun 2016 16:53:03 GMT

Looking at your scores, it can be replaced with a much better card. Congrats on your progress.

Re: Merrick Bank

ddemari — Wed, 08 Jun 2016 20:01:39 GMT

I dumped merrick after one year, once Barclays and capitalone gave me decadent credit lines I called and closed merrick. It's good for rebuilding and move on, how much help can 1200 credit limit due for your utilization ya know?

Re: Merrick Bank

Anonymous — Wed, 08 Jun 2016 20:37:58 GMT

Thanks guys! I went ahead and cancelled it because I really do not need the $1200 that much for utilization. I called and the guy on the other end asked me what it would take for me to stay, I told him to waive AF's and riase my CL to 3k, he states he could not do that at this point so I told him to close the card and send me a letter confirming that it is closed with a 0 balance. Thanks all for your input!

Re: Merrick Bank

DoroLucky — Wed, 08 Jun 2016 20:45:38 GMT

Congrats!

Re: Merrick Bank

Turbobuick — Wed, 08 Jun 2016 21:19:14 GMT

Every post I've read here about Merrick Bank is somewhat negative regarding high AF and smallish CL. Am I the only one that would never surrender my Merrick MC? They took over another card I had about a decade ago. It has a decent CL at 9700 and no rewards, but has a very decent interest rate of 6.4%. A nice card to have if an emergency arises.

Re: Merrick Bank

CreditCuriosity — Wed, 08 Jun 2016 21:50:52 GMT

@Turbobuick wrote:
Every post I've read here about Merrick Bank is somewhat negative regarding high AF and smallish CL. Am I the only one that would never surrender my Merrick MC? They took over another card I had about a decade ago. It has a decent CL at 9700 and no rewards, but has a very decent interest rate of 6.4%. A nice card to have if an emergency arises.

It really not a bad rebuilder card.. Your card is a special exception though as your account was inherrited at a very good interest rate and decent CL and I would keep it as well if I were you.. As far as others go merrick isn't a bad card as long as you don't have an AF and pay in full.. They are leaps and bouds ahead of FP and credit one. Most have a hefty APR and fairly small CL, but they do serve a purpose for alot of people that don't want to go the secured route way. Had them for a year, they served their purpose and closed it as got alot of cards during the way thanks to merrick.

Re: Merrick Bank

Turbobuick — Wed, 08 Jun 2016 22:05:44 GMT

@CreditCuriousity wrote:
@Turbobuick wrote:
Every post I've read here about Merrick Bank is somewhat negative regarding high AF and smallish CL. Am I the only one that would never surrender my Merrick MC? They took over another card I had about a decade ago. It has a decent CL at 9700 and no rewards, but has a very decent interest rate of 6.4%. A nice card to have if an emergency arises.
It really not a bad rebuilder card.. Your card is a special exception though as your account was inherrited at a very good interest rate and decent CL and I would keep it as well if I were you.. As far as others go merrick isn't a bad card as long as you don't have an AF and pay in full.. They are leaps and bouds ahead of FP and credit one. Most have a hefty APR and fairly small CL, but they do serve a purpose for alot of people that don't want to go the secured route way. Had them for a year, they served their purpose and closed it as got alot of cards during the way thanks to merrick.

Yeah, I understand why most get this card. It's just an odd curiosity to see if anyone else on this board has a favorable Merrick card. I've asked here a year or two back and only heard crickets.

I vaguely remember getting the Merrick cards initially with new terms stating the AF and new CL. I immediately called them to cancel and they said they were in error and my terms would stay as they were with my previous card. Never actually applying for the card, I didn't know the "other side" really existed until I signed up here.

Re: Merrick Bank

Anonymous — Wed, 08 Jun 2016 22:16:58 GMT

I too recieved a Merrick Bank mailer with the same terms. I sort of regret applying because I really didn't need the card but like so many others got addicted to the APPROVED screen post discharge.

The card is OK. Mine came with a $36 annual fee with a promise to double the limit after seven on time payments. I had to call their customer service one time to ask for a replacement card (ran mine through the washing machine by mistake and the card was somewhat damaged) and they told me there would be a fee of $15 to replace the card to which I said no thanks. I now use the card very infrequently for small online purchases just to update activity to the CRA.

The card usually will not grow. I have read some posts of others who have stated that if you carry a balance, Merrick will auto CLI but it seems like an exception and not the norm. Also they will not budge on any of the terms. It will always have a $36 annual fee regardless of how your credit has improved over time which I find to be a poor business model but that's my own opinion.

Bottom line, they are a very good rebuilder card with fair terms to those just starting to rebuild or need another bank card to add to their portfolio. If you think you could use the card, then I would apply, but like I said I kind of regret applying for it and plan on closing mine just before the one year mark.

As a side note, they just sent me a new card automatically with a chip and the card design has improved significantly from the previous version.

Re: Merrick Bank

ddemari — Thu, 09 Jun 2016 00:09:42 GMT

I've read a lot on various credit boards and merrick bank did offer cards with low apr's in the single digits circa 2000s. They tried to move into a prime customer category and then jumped off that ship fast and then the credit card act was perfect for them and they raised their apr's to mid teens to the near 30 percent range. I wasn't using credit from 2004 to 2010 properly, so missed out on the era of credit cards that came with apr's of 9% or lower or when 12% apr was high lol. I used merrick to rebuild and then closed, they aren't someone u are going to get a relationship with long-term. Unless you have a grandfathered card with a single digit apr, I'd move on after it serves it's purpose. I wish I could Remeber the apr on my credit cards I had in 2003 prior to bankruptcy lol.

Re: Merrick Bank

core — Thu, 09 Jun 2016 00:16:50 GMT

@Turbobuick wrote:
It's just an odd curiosity to see if anyone else on this board has a favorable Merrick card. I've asked here a year or two back and only heard crickets.

I don't know that I ever had a "favorable" card from them (terms-wise), but I definitely enjoyed my Hooters card. I don't remember what the AF was, but I certainly liked going to the restaurant and using it. I liked it so much that I maxed it out and forgot to pay my bill for a couple years. They never even sent it to collections, saving me yet another hit on my reports way back then. For that, I am grateful to them. Settling with the OC years later without a collections hit isn't that common I don't think?

Re: Merrick Bank

masscredit — Thu, 09 Jun 2016 03:32:28 GMT

My Merrick card has the lowest limit of the bunch. Recently went from $1600 to $2000. I've been using it more lately. I think that's why I received a CLI. It's usually hidden in my car in case of emergency. No AF so I'll keep it.

Re: Merrick Bank

grillandwinemaster — Thu, 09 Jun 2016 13:32:23 GMT

Merrick is a "PRIME-REBUILDER" card. The best of the best when it comes to rebuilds, IMHO.

Re: Merrick Bank

manew57 — Thu, 09 Jun 2016 13:42:18 GMT

I have nothing but good things to say about them, they are a decent card, had them for over 2 years. Called to close last night and if they would have dropped the AF I might have stuck with them. But they wouldnt budge, so closed they are.

Re: Merrick Bank

Anonymous — Fri, 10 Jun 2016 03:15:24 GMT

my oldest card is a merrick. got it up to 3200 limit. One good thing about merrick is that all 3200 is available for cash advance if needed. Bad thing, AF is $72. They gave me a chance after BK with good lines for a subprime. Something to be said for those who give you a chance, me personally i pay them the $6 per month and will continue to do so because of the opportunity they gave me. Maybe this isnt the right way to look at banks, who will ruin your life in 10 seconds and not think about it, but for me i'm keeping my merrick because loyalty goes both ways, and sometimes you have to pay for it.

Re: Merrick Bank

MrsCHX — Fri, 10 Jun 2016 13:10:41 GMT

Opened mine 10/20/2015 with $700 SL, carried a balance since December, got doubled to $1400 on 5/22/16 (3 days after my statement posted).

I have a $36 AF, charged at once (in October). I'll probably keep mine for awhile as I don't have a huge issue with a $3 monthly fee...even if the line stays around $1400 for awhile.

I agree that Merrick is one of the BEST rebuilder cards. More generous SL than the other ones (Credit One, First Premier), not nearly as many fees, and everything is really straightforward. Up next would be Capital One. Relatively easy to grow them and move from subprime to prime.

Re: Merrick Bank

Chaselover — Fri, 10 Jun 2016 20:04:07 GMT

I have 1800 CL with Merrick Bank with no annual fee. Do you have an annual fee for the card? If no, I dont think you need to think about cancelling it.