I applied for this card because of all the good reviews and I had been searching for a good Visa card as part of my credit rebuilding process, but my experience in particular was absolutely dismal.
I applied for the card a couple of months ago and got the email a week or so later to send the deposit in. I did so via paying through my bank. A week went by, then 2 weeks. On the 3rd week I called and asked for an application status and they couldn't even find my information. I checked my bank account and the payment had cleared weeks before. I called Merrick bank and pointed out that my payment had been received weeks before and flustered, they connected me to the credit application dept.
The credit application department said that MY bank had to fax them proof that the payment was sent. So I contacted my bank to do so. Within the week the card had arrived. But wait - there was another wrinkle - they sent the card to me with a part of my last name omitted.
I applied with my correct full name in the original application. I called customer service (spoke to a rep named Kent) and patiently explained this to him. And, I further explained to him, I don't see why Merrick Bank went ahead and left out a part of my last name if I entered all of my details correctly into their system when I applied.
Kent's only response was that if I wanted this card changed to the correct name, the onus of responsibility was on ME to now have to now submit copies of government ID in order to get the name corrected. They would not assume responsibility for this error even though their system, or a member of their staff, chose to put my name incorrectly on the card.
I asked for the address of corporate to write to them about this and Kent said he didn't know the address. He totally stonewalled me. He said he could only provide the payment address.
So, I haven't even activated this card yet. They were incredibly quick about reporting to the credit agencies that the account was opened (mind you, the credit agencies have my correct name).
Now, having been stung twice without even activating the card, much less making a purchase, my question is how do I close this account without dinging my credit score? Also, I am already hearing horror stories about folks not getting their deposit bank. Or that this can stay on my credit reports, which by reading the forums it sounds like my credit score will go down again.
How do I proceed here? Gurus please reply and assist thanks!
Also found this website - not very encouraging: Edited to delete link to emails, phone numbers, etc. guiness56, myFICO Moderator.
You can search google for the corporate address and CEO. I would write a letter outlining everything you just mentioned.
Did they ever get your deposit?
Is there a AF on the card?
If not, there is no reason you cannot close it. It will not hurt your score and will still be factored into your AAoA.
It will also not hurt to leave it open and sock drawer it.
Thanks for your advice.
So to answer your questions, yes they did get my deposit weeks ago. There is an AF of $36, which they already deducted from my available credit.
I also applied for and got a Cap One visa card recently. They sent extensive disclosures along with the card. AF, annual interest rate, etc.
Oddly, Merrick Bank did not send a confirmation of their AF, nowhere in the paperwork did I find annual interest rate information. I thought that was a tad strange. Just thinking out loud here.
Based on the replies here, I am thinking about it and it's likely I'll bite the bullet and send in their govt id proof and sock drawer it. I'll keep it for a while to rebuild credit and hope nothing else crazy happens (fingers crossed).
To end this on a positive note, it boosted my credit report scores 20-50 points already (depending on CRA). Merrick is very fast at reporting obviously. I would just proceed watchfully if taking out a Merrick card is part of one's credit rebuilding strategy.
Thanks again for your advice and if you have any other helpful tidbits please do send my way.
If you don't like having the AF, keep it for a year to let it age, then cancel it before the AF is due again. If you decide you like the card you can always keep it.
Does it graduate to an unsecured?
Is it possible to get a Merrick Visa with out a security deposit?
Yes you can get a Merrick Card with no security deposit but usually you have to receive an invitation to apply.