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How Often Does Merrick Bank Increase Your Credit Limit?

Sarah Edwards | May 15, 2023

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Summary: If you have a Merrick Bank credit card, you may be hoping for a credit line increase. Merrick Bank regularly evaluates its cardholders for credit responsibility before approving increases. SoloSuit explains what to expect.

Your credit history plays a big role in many things in life, including your ability to obtain a mortgage, buy a vehicle, or obtain a loan. With a solid credit score, you’ll alleviate many of the burdens people with low credit suffer from, like high-interest loans and limited funding availability.

An unexpected increase in your credit line is a sign that your creditors like doing business with you. Most credit card companies, including Merrick Bank, regularly evaluate customers and raise their credit lines when they make prompt payments.

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Merrick Bank may increase your credit limit if you manage your finances well

Like other creditors, Merrick Bank regularly grants credit line increases to people who maintain their finances well. Pay your bills on time and limit the use of your credit card. If Merrick Bank sees you handle your card responsibly, it will reward you appropriately.

Why an increase to your credit line is a good sign

Credit reporting bureaus determine your credit score based on several factors, including making timely payments, your credit utilization, and the age of your open accounts. Late payments and collections activity can drop your credit score by 50 or more points for every adverse report.

When a creditor like Merrick Bank decides to increase your credit line, your credit utilization drops. For instance, if your card initially had a $1,000 limit and you carry a $500 balance, your credit utilization is 50%.

However, if Merrick Bank increases your credit limit to $2,000, your credit utilization becomes 25%. Since you’re now using less of the credit available to you, your credit score will increase.

You want your credit score to be in good shape. A great credit score will open the door for better financing options when you apply for a mortgage or make another major purchase.

Most creditors won’t raise your credit line just because you ask

It’s important to understand that credit line increases are a reward. Most creditors (including Merrick Bank) won’t raise your credit line just because you decide to call them or send them a letter. The process is usually automatic, and it occurs when you stay on top of your bills.

You can improve your chances of obtaining a credit line increase by doing the following:

  • Paying your monthly bill on time.
  • Maintaining a low monthly balance on your card or paying it off completely each month.
  • Refraining from using your credit card as a “cash crutch.”
  • Keeping your credit applications to a minimum.

Merrick Bank will monitor your payment and balance activity and increase your credit line once it sees at least seven months of your hard work.

Let’s consider an example.

Example: Trisha applies for a new Merrick Bank Mastercard and gets the green light for a card with a $1,000 credit limit. She uses the card to buy a new TV for $700 and makes $75 monthly payments for seven months. At the end of the seven months, her remaining balance is $225 since she incurs $50 in interest charges. Merrick Bank sees that Trisha is diligently staying on top of her debt, so it doubles her credit line to $2,000. Trisha’s credit utilization on her Merrick Bank card drops from 22.5% to 11.25%, and she sees a subsequent 40-point increase in her credit score.

In this example, Trisha does everything right — she makes a purchase with her credit card and regularly pays her debt each month. Merrick Bank rewards her for her efforts. Trisha will have no trouble qualifying for low-interest loans on future major purchases if she stays on the same path.

Use your credit line increases responsibly

If you suddenly receive a credit line increase from Merrick Bank, it can be tempting to celebrate by buying something you’ve had your eye on, like a trip to the Bahamas or a new iMac. However, you shouldn’t view credit line increases like free cash. Instead, treat them as a lesson in learning to manage your buying impulses.

Many people fall into debt because they overextend their credit usage. Avoid this mistake by using your card only for things you absolutely need and can afford to pay off within a few months.

Don’t like Merrick Bank charge off your account

When you go several months without paying your credit card bills, Merrick Bank will most likely charge off your account. At this point, you’ve probably heard from Merrick Bank from several attempts to collect the debt, but if they charge off your account, your credit score will drop significantly and you may find yourself in the middle of a debt lawsuit.

If you’ve been sued for a debt with Merrick Bank, it’s not too late to resolve the matter. First, you should respond to the lawsuit with a written Answer. This will protect you from losing automatically by a default judgment.

Next, consider settling the debt once and for all. You can reach out to Merrick Bank to discuss debt settlement at any part of the lawsuit process. Send a settlement offer to gauge how much they are willing to accept in order to resolve the debt for good.

SoloSettle, powered by SoloSuit, makes the debt settlement process simple. Our software helps you send and receive settlement offers until you reach an agreement with Merrick Bank.

To learn more about how to settle a debt with Merrick Bank, check out this video:

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