• Report: #132587

Complaint Review: Merrick Bank Corp. Credit Dept.

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  • Submitted: Wed, February 23, 2005
  • Updated: Wed, March 23, 2005

  • Reported By:Elk Grove California
Merrick Bank Corp. Credit Dept.
P. O. Box. 5000 Draper, Utah U.S.A.

Merrick Bank Corp. Credit Dept. ripoff Raise Credit Limits, then dramatically raise interest rates Draper Utah

*Consumer Comment: Merrick Bank Corp. Credit Dept. ripoff Raise Credit Limits, then dramatically raise interest rates Draper Utah"

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I have had a Merrick Credit Card for a couple of years. In no way have I ever been in default of any kind. I have routinely paid the balance off. Needless to say, I was shocked to get a letter in the mail today that the interest rates will increase from 20.20% to 30.20% with a ceiling of 35.00%.

They increased my credit limit twice in the past 4 months, yet have listed an eroneous reason on the letter that it had to do with something in my credit report. They should be a bit wiser, I reviewed my credit report on-line immediately and had absolutely no change it since this time last year when applying for a mortgage.

They did this deliberately to have consumers charge their cards over Christmas with increased limits to then increase the interest rates over 50%.

Further more, pay close attention to your credit report with this creditor, my credit report shows inquiries every month since the time I received this credit card. No other creditor has done this on my report. What are they looking for, other than a way to get rich quick. They were established in 1997, does that tell anyone something?

Beware and caution, Oh by the way, I not only closed my account upon receipt of the letter today, I have also reported them to the Federal Trade Commision and paid my account off.

I feel worse for others who may not have the funds to do the same and may be caught in the same predicament as another gentlemen, which story I read posted here.

C
Sacramento, California
U.S.A.

This report was posted on Ripoff Report on 02/23/2005 08:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Merrick-Bank-Corp-Credit-Dept/Draper-Utah-84020/Merrick-Bank-Corp-Credit-Dept-ripoff-Raise-Credit-Limits-then-dramatically-raise-intere-132587. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Merrick Bank Corp. Credit Dept. ripoff Raise Credit Limits, then dramatically raise interest rates Draper Utah"

AUTHOR: Alesia - (U.S.A.)

Creditors sometime monitor your credit reports in order to review your credit worthiness. If there have been late payments (even if not to their company) the may alter your interest rates. This is outlined in the fine print of your terms and agreement.

I, too, noticed their monthly "monitorings" on my credit reports. However, I discovered they were not the only creditor who did this. I made inquiries to both Merrick Bank and the other creditor doing this as well as consulting with a creditor rights attorney and the explaination was the same across the board.
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