Merrick Bank - Account Restructure Program

[Anonymous]

Has anyone done this or heard of this?

I was over my credit line of $300 by about $300 and kept making small payments that could not cover the late fee and interest I was accruing every month.

They finally sent me an email to enroll in their Account Restructure Program.

This would be at 6% APR and min payment of $15 dollars over 60 months and it closes the account versus I believe 27% APR and my min was a payment of $255 or so.

I did it—just wondering what the con of this was? If they still report to the credit bureaus of on time payments under this program.

[Anonymous]

I just called them. The gentleman told me after the first 3 months of being in the program it would show past due and not making the min. Payment. After the first 3 months of being enrolled—it would then start reporting to the bureaus as a closed account, but report on time payments.