Merrick Bank is insane

Discussion in 'Credit Talk' started by JacquiG, Aug 3, 2002.

  1. JacquiG

    JacquiG Well-Known Member

    I got my Welcome to Merrick Bank letter today. My acct is still open; $9K limit, $450 balance, 18.99% rate.

    They believe I'm willing to pay 29.70%, plus a prorated annual fee, and bills an extra $1 per card PER MONTH for the privilege. My limit cannot exceed $5K without their approval. The new terms, and other such crap, take effect October something.

    I was willing to wait and see what they did; guess the CN experts really knew what they were talking about. My statement closes August 16th; after that my ratios are going to take a big hit. Bye Bye NextCard.

    p.s. Sorry for the attitude; my mind and body are still numb :-(
     
  2. SisterGirl

    SisterGirl Well-Known Member

    Dang......they must be out of thier freaking mind.

    Sister Girl
     
  3. GEORGE

    GEORGE Well-Known Member

    WHAT WAS YOUR INTEREST RATE???

    $9,000 LIMIT WITH $5,000 MAX W/O PERMISSION...SO IT IS A "FAKE" CREDIT LIMIT???

    "THIS ACCOUNT MUST STAY AS IS...I AUTHORIZED NO CHANGE IN TERMS"!!!
     
  4. curiouser

    curiouser Well-Known Member

    I opened my letter and nearly fell out of my chair. Same terms as yours. This is from a NextCard Account with the 9.99% APR and no annual fee. (If I wanted terms like that I'd apply for a CCB card!)

    Called up and immediately closed that sucker.
     
  5. tmitchell

    tmitchell Well-Known Member

    I feel left out.....They kept my card open but I haven't gotten any letters yet.
     
  6. Marie

    Marie Well-Known Member

    whatcha want to bet Merrick will report the account as a new one and hit your scores with a "new" trade line
     
  7. Gabriella

    Gabriella Well-Known Member

    Just got my letter too and I am sickened by the terms. They are the same as JacquiG's except nothing was said about my credit limit. My terms with NextCard were 14% and NO annual fee.

    I expect they will get a lot of cancellation letters in the coming weeks!
     
  8. GEORGE

    GEORGE Well-Known Member

    CLOSE THE ACCOUNT IMMEDIATELY...IF IT SHOWS UP AS A NEW ACCOUNT, DISPUTE IT..."I never accepted the new terms of this account that was sold...PLEASE REMOVE"
     

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