Merrick - Help

[Maya12]

Hello All,

Hey folks...this is getting crazier by the minute.

HERE'S THE RECENT DRAMA

I have a Merrick Visa card for over 3 yrs or so, I started with 600.00 CL, AF 59.00..... CL is now up to 1600.00, with paying on time, and paying in full...

It has been paid in full with  for a few months.....and haven't used it lately, and now they are charging me 9.00/mo. for an annual fee, I called to asked to waive this...they said no. 108.00/yr to have this card, this is BS...... then I said well...close my account they said...they can't because I have a balance...

I said NO my account is paid in full,.....they said NO ma'm...you have a balance of 9.00....LOL..... ARE YOU !@#$ Kidding me!!

How should I handle this account......my credit has improved slowly but surely........I don't want to risk dropping points. I don't know if trying to replace this card is wise either, because I would just be applying for credit I don't need.....I am paying down my cards and still getting screwed!!

PLEASE ADVISE GOOD PEOPLE.....I AM STRESSED!!!!

[laz98]

if you really want to close the card, just pay the stupid 9 bucks.  it's not worth the stress!

[Anonymous]

Not to pry, but why the large difference between your TU and EQ scores? Before we can really comment on whether or not to lose this card, we really need to know what your overall situation is. Do you have other major cards or are the rest store cards? What will this do to your overall util?  In this day and age, it appears AFs are becoming a part of life, so is while the $108 seems a bit extreme, you have to weigh your options carefully.  I would have suggested Cap1, but with EQ 497, you won't get approved there.  HSBC pulled TU for me in KY and I got approved for the RZMC with $4000 limit with mid-600 score. You might try their pre-approval site. The link is in a few of the threads around here if you do a search.

[Maya12]

Sorry I should have made it clear I have several accounts...I have 2 HSBC, CAP1, JUPINER, and lots of retails  too, walmart, sears, target, Sams club, Dell, Lowes.....I have not really figured out the whole utilization.thing yet, basically because I must admit I really don't understand it.

I wish there was a calculator I could use to get my utlilization assessment. And then try to figure out what my numbers mean.

I would say I have about 8,000-10,000 total cl, and currently owe about 3,000

On my Major cc only Juniper has a balance, cap1, merrick and 2 hsbc have no balances, paid off recently.

I have no idea why there is such a big difference between TU scores and Eq scores, I thought maybe someone here could tell me a possible reason??

Have some lates and old collections...but nothing unusual. Not sure....it is time for me to check my scores again this week, I am so scared to look.

[joeydtx]

Always good to know your Uti%, take some time and make an excel spreadsheet.  List all your cards then:

1)add up your credit limits on all cards

2)add how much is on them

Once you do this, divide 2 by 1 = uti%

As a basic figure, 3k in use with 8k in total available is about 37.5% uti

Are the scores true FICO from this site?  I fear something may be going down on EQ that may need to get checked, I personally never seen that big of a difference, 180 point!

[Anonymous]

Merrick is the worst.  After years with them, they wanted to charge

me so much a month. I would always have a balance. each month.

I closed them and their 3000 cl.

[Jazzzy]

Maya, if you don't need this credit, then don't pay $108 a year for it. Cancel the card and get rid of the anger and stress. The positive hisotry and age will still report for the next 10 years for you. The only negative is that your utilization percentage will go up a bit, which may lower your score a bit. You can cure that by paying your cards down. You can make up those few lost points in no time.

I'm not a believer in letting your FICO score cost you money, and keeping this card at >$100 a year is costing you money.