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Is Merrick bank forgiving??

Cheryla18
Established Contributor

Is Merrick bank forgiving??

I know other banks like Cap One are forgiving after having a collection acct with them. Does Merrick Bank let you back in the door? If so, how long after having a bad account with them. 

 

Thanks 

Current as of 3/21/18 EQ 609 TU 619 EX 628
Discharge 7/2016 Ch 7 BK
Message 1 of 7
6 REPLIES 6
bigseegar
Frequent Contributor

Re: Is Merrick bank forgiving??

Merrick Bank is straight up trash and one of the worse on debt collections practices. 

Message 2 of 7
AverageJoesCredit
Legendary Contributor

Re: Is Merrick bank forgiving??


@bigseegar wrote:

Merrick Bank is straight up trash and one of the worse on debt collections practices. 


Not sure thats what OP was looking for. 

 

@Cheryla18  can you add any substance to this question like why it is of interest. Did you burn Merrick  or know someone who has. Normally anyone who has burned a bank yries to eventually get back in with said bank but i havent read much on the Subprime Banks and how they handle being burned. Thank yoy for adding any additional info that  may cause a postshy person to add their 2 cents.

Message 3 of 7
outofcredit
Established Contributor

Re: Is Merrick bank forgiving??


@Cheryla18 wrote:

I know other banks like Cap One are forgiving after having a collection acct with them. Does Merrick Bank let you back in the door? If so, how long after having a bad account with them. 

 

Thanks 



@Cheryla18 wrote:

I know other banks like Cap One are forgiving after having a collection acct with them. Does Merrick Bank let you back in the door? If so, how long after having a bad account with them. 

 

Thanks 


I had an unpaid Merrick Bank charge-off stay on my credit report the full 7 years.  It updated each month.  When it finally fell off my report, subsequent tries using their "prequalifer tool" yielded denials based on prior derogatory account.  Sooo,  I don't think they are forgiving and even after the account stayed on my report 7 years Merrick  then enlisted an outside collection agency to try to recoup payment.  I still get calls and correspondence about this ancient account.


Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 4 of 7
W261w261
Frequent Contributor

Re: Is Merrick bank forgiving??

Merrick lends to people that are higher-risk.  They will reward those that play by the rules that are explicitly stated at the account opening. They award credit line increases and are reasonably creative with new programs (double your line etc).  But they are in the sub-prime business, and are constantly trying to separate who can handle  (be on time with payments) and who cannot.  Consequently, if you go wrong with them, they're not so forgiving.  I don't think they're so big on second chances once you've burned them.  They're not "trash" and whether they're "worse" on debt collection, I would not try to find out.  All in all, for the market they serve, they're not so bad.

Message 5 of 7
Cheryla18
Established Contributor

Re: Is Merrick bank forgiving??

Yes I have a baddie with them. Just wondering if they allow for 2nd chances

Current as of 3/21/18 EQ 609 TU 619 EX 628
Discharge 7/2016 Ch 7 BK
Message 6 of 7
W261w261
Frequent Contributor

Re: Is Merrick bank forgiving??

Think of yourself as running Merrick. You're in the lower end of the credit market, and trying to make a living down there. You aren't going for the "trash," (like the corner used car lot that forces a payment every two weeks or they turn off your engine remotely), and you're not going for the exploitation bottom-feeder segment, but what you do need to do is to find a group of people who will make their payments and therefore will be valuable customers.

 

You will make mistakes. Like all lenders, you will grant credit to people you shouldn't have. Once you identify them, maybe give them a chance to rehab, but if they screw up bad enough, you kick them out, try to get back whatever you can, wash your hands, and move on. Considering the profiles you're working with, the economics of your target group are probably not so great to begin with, so there's limited potential for a turnaround. So, no, you don't take another chance. Too many fish in the sea. 

Message 7 of 7
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