Merrick Bank

[Anonymous]

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.  

[RonM21]

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.

[Anonymous]

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

[DoroLucky]

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!!

[DoroLucky]

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

[ddemari]

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?

[Anonymous]

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!

[DoroLucky]

Congrats!

[Turbobuick]

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.

[CreditCuriosity]

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@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.

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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.