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Tell me to close this Merrick Bank card

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collics
Established Contributor

Tell me to close this Merrick Bank card

These are my lowest limit cards. 

Closed 2yo $425 First Premier in September 

Closed 1yo $450 Credit One yesterday. 

This is my final annual/monthly fee card. Had it 5 years. $500. Never an increase. 

I want to be in the garden for two solid years. Age my accounts (5 new in 2021). Get CLIs.  I know I need to close them now. 

Idk why I'm hesitating. 

 

 

BK 7 Discharged May 2014. Removal Feb 2024! Let the countdown begin!!
Last App: Apr 2023
Newest to Oldest:


FICO8s Dec 2019

FICO8s Oct 31 2023
15 REPLIES 15
Raisondetre
Contributor

Re: Tell me to close this Merrick Bank card

Just close it. It looks like you have better cards now and used it as a stepping stone into rebuilding, it has done it's job. It will also stay on your reports for 8 years or more, even if it is closed. No need in keeping a fee card that you're not going to use.

Most Used
Amex Hilton Honors Aspire - $30K
Amex Hilton Honors Business - $10K
Amex Amazon Prime Business - $12.4K

Used sparingly or in sock drawer
X1 Visa - $27K
PenFed Gold Visa - $9K
NavyFed Cash Rewards - $5K
Care Credit - $20K
Walmart Mastercard - $2K
Tractor Supply card - $6K
Amazon Prime Synchrony Card - $10K
Home Depot card - $12K
PNC Points - $13K
FNBO Evergreen - $2.8k
Discover It Chrome - $2.8K
Discover it Cash Back - $1K
FNBO Visa Signature - $1K
Commence Bank Special Connections - $2K
WF Reflect - $4K

Fico scores September 2023
Equifax - 786
Experian - 770
Transunion - 776
Had scores in the 500s 5 years ago
Message 2 of 16
M_Smart007
Legendary Contributor

Re: Tell me to close this Merrick Bank card

I  will give you another reason to close itSmiley Very Happy9E98485C-9E59-44F5-BD0E-F90756DBD2F9.jpeg

Message 3 of 16
collics
Established Contributor

Re: Tell me to close this Merrick Bank card


@M_Smart007 wrote:

I  will give you another reason to close itSmiley Very Happy9E98485C-9E59-44F5-BD0E-F90756DBD2F9.jpeg


Loooool that looks familiar 

BK 7 Discharged May 2014. Removal Feb 2024! Let the countdown begin!!
Last App: Apr 2023
Newest to Oldest:


FICO8s Dec 2019

FICO8s Oct 31 2023
Message 4 of 16
collics
Established Contributor

Re: Tell me to close this Merrick Bank card


@Raisondetre wrote:

Just close it. It looks like you have better cards now and used it as a stepping stone into rebuilding, it has done it's job. It will also stay on your reports for 8 years or more, even if it is closed. No need in keeping a fee card that you're not going to use.


You're right. *tear* 

BK 7 Discharged May 2014. Removal Feb 2024! Let the countdown begin!!
Last App: Apr 2023
Newest to Oldest:


FICO8s Dec 2019

FICO8s Oct 31 2023
Message 5 of 16
Red1Blue
Super Contributor

Re: Tell me to close this Merrick Bank card

Two weeks ago I closed my Merrick Secured Credit Card. They are sending me the deposit money back to me.  I had the card for 2 years and 4 months. It did its job. I dont want to keep paying $3 every month and get no rewards. I would say close your Merrick Card and move on.

Message 6 of 16
SUPERSQUID
Valued Contributor

Re: Tell me to close this Merrick Bank card


@M_Smart007 wrote:

I  will give you another reason to close itSmiley Very Happy9E98485C-9E59-44F5-BD0E-F90756DBD2F9.jpeg


I hope to get one of those in 2022.

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 7 of 16
collics
Established Contributor

Re: Tell me to close this Merrick Bank card


@SUPERSQUID wrote:

@M_Smart007 wrote:

I  will give you another reason to close itSmiley Very Happy9E98485C-9E59-44F5-BD0E-F90756DBD2F9.jpeg


I hope to get one of those in 2022.


Claim it!! I was so shocked when I got that approval. 

BK 7 Discharged May 2014. Removal Feb 2024! Let the countdown begin!!
Last App: Apr 2023
Newest to Oldest:


FICO8s Dec 2019

FICO8s Oct 31 2023
Message 8 of 16
Anonymous
Not applicable

Re: Tell me to close this Merrick Bank card

The Merrick card is a decent option for what it's meant for.  They seem to be a pretty  straighforward company.  But it's served it's purpose for you.  My vote would be to close it out at this point.  Put your efforts into paying down balances, not "padding".

Message 9 of 16
SoCalGardener
Valued Contributor

Re: Tell me to close this Merrick Bank card

Another vote for closing it! It's served its purpose, and you don't need it any more. Yes, you're going to lose its little bit of history/age it adds to your credit, but you'll make that up in no time. At this point, why keep subprime cards, especially if they're charging you [silly, ridiculous] fees  just for the privilege of having them?!

 

Close it, cut it up, have a 'goodbye' ceremony if you like--or frame it, put it on the wall and look at it occasionally as a reminder of where you were. Smiley Very Happy

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 10 of 16
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