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Hey all -
Trying to follow the 24mo plan, but I have ran into a snag with the CB loan...Current CU told me upfront that as long as I was a member in good standing for 30 days it wouldn't be an issue, only to find out after I applied that they don't extend credit to anyone with BK for 3 years. I am saving up now to repay NFCU and then I am going to try to get back in with them and hopefully restablish a relationship...then I will try to CB with them.
My question is...I received an "preapproved" offer from Merrick Bank today. I've searched around the forums but come up with mixed results.. Just wondering how it would fit into my plan...I don't want to take the inq and pay the AF if it wouldn't be worth it in the long run. I currently have CreditOne ($400) and I am an authorized user on my wifes cap1 ($300)
Here's the offer:
$550 initial credit line - doubled to $1100 after 7 monthly payments on time.
27.70% APR, but APR doesn't matter to me because I PIF each month...
$48 AF - billed @ $4 per month
$75 setup fee
I hate that there is setup and AF...but that's not much different from my Credit one...I like that the available credit increases to $1100, which would be my biggest credit line both now and maybe then....
Just looking for some advice...I don't have an issue paying these fees if it will be benficial in the long term. Thoughts?
If I were in your shoes I'd probably do it.
$75 + AF is worth it for the help it will give your credit profile.
BUT...
Why haven't you applied for a Capital One CC?
You need 3 revolving accounts reporting for max benefit... preferably your own not AU accounts.
I applied for Cap1 prior to credit one....they declined me without pulling my reports because I burned them in BK for about $100 or so on a secured card...
Give it some time then... they'll let you back in.
In the meantime, yes I would add the Merrick card.
He said he applied and was auto-declined without a credit pull. Wouldn't be the first time someone who burned them got that response.
Obviously doesn't apply to everyone though.
I got a Merrick pre-qual letter a little shy of 1 yr. post discharge & was approved, but my offer was $1k CL & no annual fee or processing fee, and I thought 25.45% APR was bad. . Good credit builder card, much better than Credit On or First Premier - just PIF every month to avoid the horrendous interests rate. They're good with auto CLIs (you can't ask for a CLI), I'm at $3100 CL now, haven't had a CLI for well over a year and probably won't get one -. I've outgrown the card, but since no AF I keep it open, just have Netflix & another small monthly bill post to it and then PIF before statement, forcing a $0 balance report.
I have bad credit and I got one of those offers for the pre-approved. It's almost definate I responded last year got a $600 CL and no I am at 1200 DL. I think its worth it.