Merrick Bank ripoff deceptive company Draper Utah

Gather all your records showing at least one year of on-time "Paid as Agreed" history with NextCard, AND pull your credit report off all three credit reporting agencies. Make photocopies of all this information and Mail to Merrick in a certified letter. Include an introduction letterhead, asking for an account review and reduction in your rates based on your (a) good credit and (b) proven history of on-time payment. Don't forget to include copies of your credit reports and copies of your canceled checks and NextCard statements. COPIES.. Not originals.

Send a copy of your letter to Merrick (and the attachments) to your local Attorney General's Office of Consumer Affairs. In this letter, complain about Merrick's interest rates as "predatory lending" ( use that exact phrase )and line out all your account numbers, address and SS number. Better safe than sorry.

Merrick did finally reduce my interest rate substantially after reviewing my history. It's still not below 9.9% where my other cards are, but it's much better than the 29.9% APR I was hit with. Be persistent. It took several follow-up conversations with Merrick Bank people to get this done. They all were most pleasant to deal with, but they move very slow.

Merrick Bank may and can still refuse to drop your rates based on your total debt to income ratio, but if you show them in writing that you have "good" credit and a proven history of paying on-time, they should at least set your account up for a review. It won't hurt to point out that their NextCard takeover interest rates are higher than the rates they give to "C" credit Secured Card holders as published on their web site. One final comment..

Mail your payments to Merrick the day you get the bill. Merrick takes a LONG time to post payments. From where I live in MA, 12 working days from day of mailing on average.