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Merrick bank

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Anonymous
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Merrick bank

So after I came from vacation Monday I had a preapproval letter in the mail from Merrick bank. $700 cl, double to $1400 after 7 months ontime pymts.it has a high apr of 25.45% , annual fee $48 1st yr billed $4 per month with no account setup fee. I'm Still in the rebuilding stage and was actually thinking abt getting it. I've read a lot of mix reviews though. I only plan to do a small purchase a month for like Netflix or some type of recurring small pymt and pay in full. Seems like the $4 a month won't be bad for the credit TL. any thoughts?

Message 1 of 27
26 REPLIES 26
Anonymous
Not applicable

Re: Merrick bank

Take it! They are a great re-building tool and you can always cancel after the first year or when your able to move on to prime cards. I also recieved this same offer and accepted. I am very happy with them so far.

Message 2 of 27
Anonymous
Not applicable

Re: Merrick bank

It serves a purpose in the beginning.  Higher cl and all.  But once you get going, I would cancel it.  Apr is too high & the $4.00 monthly charge too.  Also work on getting a Cap One QS.  They should start you out with a small limit, but it is a better card.  

Message 3 of 27
Anonymous
Not applicable

Re: Merrick bank

It's a good card to rebuild with. Have one on my moms credit no problems. They also give you your Fico 8 score once a month.

Message 4 of 27
Anonymous
Not applicable

Re: Merrick bank

I had one. SL of $1250, doubled to $2500. No AF, though. I closed it last month only because I wasn't using it any more.

Message 5 of 27
Anonymous
Not applicable

Re: Merrick bank

Thx for all the replies everyone.

Message 6 of 27
Erusidhion
Frequent Contributor

Re: Merrick bank

 

    I recently accepted an offer from Merrick that I just got at the beginning of this week on Tuesday. It's funny because I actually called Merrick Bank to see if I could use an old pre-approval they sent me back in February I think to just accept the card. They said I couldn't so I told them to just mail me another pre-approval. They said they only send them to people that fit a certain criteria that they get in a list from the credit bureaus. I would like to think she took the time out of her day and put me on some sort of list. No matter, I have it now.

 

    25.45% Purchase APR

    30.45% Cash Advance APR (they let you take out your entire credit limit for cash advances, $500 a day limit, useful for cash emergencies)

    $36 Annual Fee

 

    I got a $700 limit which will double with 7 months of on time payments to $1400. Other than that this card has a 25 day grace period. Seems just like a normal credit card that just has no rewards or benefits. It could be a potential long term card if the credit limit increases regularly like some posts have pointed to from people that already own this card.

 

    I think for a rebuilding card it's not bad. And if you wanted to keep it beyond the first year; then annual fee of $36 isn't really that big of a deal. I see nothing but good things on myFICO and a couple of other google searches of people's experiences with this card.

EQ 654 -- 43 Inquiries
TU 695 -- 54 Inquiries
EX 668 -- 50 Inquiries

Utilization: 9% AAoA: 20 months Total History: 3Y
Updated: 08/04/2017 Premier 3B
Message 7 of 27
Anonymous
Not applicable

Re: Merrick bank

I have it. 550 cl, next month will be my 7th payment. Hope to see the 1100cl. I like them, no problems. I will close it in April when I get the rest of my prime cards.
Message 8 of 27
TRC_WA
Senior Contributor

Re: Merrick bank

I've got a couple of them in the last few months...  no AF $700 CL to $1400 after a few payments...

 

... about 2 years too late to be useful to me.

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 9 of 27
BallBounces
Valued Contributor

Re: Merrick bank

IMO:
1) Merrick is the least painful rebuilder.  You got pretty nice terms.  I would certainly accept it and then immediately app for QS1 if I were you.

 

2) Don't take the CreditOne offer when you get it.

 

 

 

3) When the Verve offer comes, dispose of it immediately and in the most complete manner possible.

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 10 of 27
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