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Merrick Bank

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AcidKoolz
Valued Member

Merrick Bank

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?

Message 1 of 13
12 REPLIES 12
TRC_WA
Senior Contributor

Re: Merrick Bank

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. 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 13
AcidKoolz
Valued Member

Re: Merrick Bank

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...

Message 3 of 13
TRC_WA
Senior Contributor

Re: Merrick Bank

Give it some time then... they'll let you back in.

 

In the meantime, yes I would add the Merrick card.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 4 of 13
bstone
Frequent Contributor

Re: Merrick Bank

Are you saying you did the Capital One pre qual and it said there were no cards at this time? Don't rely on that. My wife and I both burned Cap One, the pre qual said nothing available for us, but we both decided to hard app and both were approved for Platinum and Quicksilver.

If it's the pre qual tool you are relying on give that hard app a shot. You may be pleasantly surprised.
NFCU Rewards - $18,000, NFCU Signature - $18,000, NFCU LOC - $15,000, Care Credit - $7,700, Lowe's - $6,400, Capital One QS - $5,000, Walmart - $5,000, Amazon - $4,000
Message 5 of 13
TRC_WA
Senior Contributor

Re: Merrick Bank

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.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 6 of 13
bstone
Frequent Contributor

Re: Merrick Bank

Yeah, I read that, just wanted to clarify. Too many rely on the pre qual tool and shouldn't.
NFCU Rewards - $18,000, NFCU Signature - $18,000, NFCU LOC - $15,000, Care Credit - $7,700, Lowe's - $6,400, Capital One QS - $5,000, Walmart - $5,000, Amazon - $4,000
Message 7 of 13
AcidKoolz
Valued Member

Re: Merrick Bank

Yeah I actually applied. I did however recheck the prequal now and it still doesn't recommend anything. I guess I could reapply. Might not hurt anything since they didn't pull reports last time. When I called for recon, CRA suggested secured first and then she though they'd let me back in. My credit one is reporting now (I think this might be why I got the merrick offer), but my wife's cap 1 isn't reporting to either of our reports yet, even though we opened the account towards the end of Jan. maybe once they start reporting they will approve me for one.
Message 8 of 13
DaveInAZ
Senior Contributor

Re: Merrick Bank

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.

Message 9 of 13
Anonymous
Not applicable

Re: Merrick Bank

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. 

Message 10 of 13
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