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Written by: davis06 on 2008-04-21

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davis06's review: Limit $500

Highest APR @ 26.2

Highest Annual fee - $72

I have Merrick Visa with no annual fee and 18.95 APR which was the only revolving account reporting at the time of application.

Recently approved for Household (I'm guessing those terms will suck as well) and Target. I now have Cap One reporting with 16.9 APR and $19 annual fee (I know they are good for CLI's and waiving annual fees from previous exp).

So folks - I can't afford to give anyone $72 dollars right now :) Sorry - had to close.

"Patience is a virtue!"

5 Comments

Comment 1 by hjm331
No Offense... on 2008-04-21

No offense but you should've expected the worst. When you apply for the card, it tells you that the highest AF you may be charged is $72. If you can't afford to pay $72, then why apply for it? This is not going to look good on your report because opened an account and closed it within a month.
Comment 2 by meya
Closing! on 2008-04-22

Oush, after all you have been through? Well, you know what is best because you are the one who have to pay the $72. HJM331 davis is in the clear, it is when you close the card after 6 months. Call the cb and ask them to remove it if it shows as close. I just did it myself with eq for my Lane bryant account because they changed our accounts over to Spirit of america and sent us out new cards, which I never received. It said closed on my report, but I just asked them to remove it because I did not like the way it looked on my cr. They did it!
Comment 3 by yoyo11
Well on 2008-04-22

I'm sorry you had to closed this card... The annual fee would have been placed on your card... Which would have lowered your avaliable credit... But you would still have this card on your credit report.

Think about it first. Before you close this card... Here's a option... Pay the $20 a month until you pay off the $79 annual fee... After 4 months if you don't use the card your ava/credit would be the full $500 and at least 15 to 20 points would be added to your score... The extra 3 moths payment history... And your debt ratio...

I just had to pay a $150 annual fee that I could not afford... But I cannot afford a high interest rate when I buy a house in the long run... For my future goals.

thought i'll give you the an open option and I hope everything goes well with you. I see that you are on your way...

good luck... With everything and the decisions you make that's right for you... And you only..
Comment 4 by rockin35
Keep The Account on 2008-04-22

I agree with YoYo11. In the long run this will help you. You've already experienced the credit hit on your profile, so go ahead and keep it for 7 months. Maybe your scores will be higher and you can check with Merrick Bank to ask them to remove next years fee, then it will have been a full year. Then you can re apply all over again for a higher limit, demonstrating a previous history of excellent payments, and you would come out on top because your FICO score has gotten higher. Think about this a little before you close it!! Rockin35!
Comment 5 by davis06
Thanks For Support... on 2008-04-23

Thank you all for your comments! Surprisingly the credit score was not affected as much as you'd think. There were only 2 inquires on TU at the time.

Hjm - Yoyo had a much lower score and rec'd the same limit with a lower AF so - heck nah I didn't expect the worst of terms! :) Obviously other factors were taken into consideration.

Now terms like Rockin are a little hard to refuse! Go girl!

Cap One gave the same limit with a $19 AF and 0% for 6 months. I also opened a Target card as well so the scores are going to improve with or without this card AND I get to keep $72 in the bank.

By the grace of my Heavenly Father we have been able to obtain everything we "need" so I'm not in a rush to jump on cards with terms I'm not comfortable with. We have a home, not looking for a new car, so we have time.
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