Advice on Merrick card

[Anonymous]

Hi I recently got an offer in the mail for a Merrick card $700 limit that will double it's limit with 7 months of paying on time. At first I thought wow that would be $1400, quite a bit compared to what I have now. I have bad credit history from a few years ago, few COs and 120+lates but my score is 622 right now. The cards I have now are:

  Credit one $400

  Show MC   $300

  Rzmc          $300

I'm fairly certain that in the next few months, my score will rise some. My utilization was 67% and I payed that off to 0, and I am hoping to negotiate a PFD within the week. I also paid a collection off. So I'm being optimistic and hoping for at least 10 points. I've had all the cards I have now for over a year, rzmc 11 months. My last inquiry was 6/11, and I've had no late payments on my current cards.Do you think I should wait till my score goes up to get something better than the Merrick card?

[TNTransplant]

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@Anonymous wrote:

Hi I recently got an offer in the mail for a Merrick card $700 limit that will double it's limit with 7 months of paying on time. At first I thought wow that would be $1400, quite a bit compared to what I have now. I have bad credit history from a few years ago, few COs and 120+lates but my score is 622 right now. The cards I have now are:

  Credit one $400

  Show MC   $300

  Rzmc          $300

I'm fairly certain that in the next few months, my score will rise some. My utilization was 67% and I payed that off to 0, and I am hoping to negotiate a PFD within the week. I also paid a collection off. So I'm being optimistic and hoping for at least 10 points. I've had all the cards I have now for over a year, rzmc 11 months. My last inquiry was 6/11, and I've had no late payments on my current cards.Do you think I should wait till my score goes up to get something better than the Merrick card?

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I know Merrick is considered sub-prime, but I think it would be a good idea for you to get a card with a higher CL.  I don't like the fact that they split their AF into monthly payments, but other than that, they're no worse than your other options at this point, which are Capital One/Orchard Bank, etc.

They gave me a starting CL of $1000 in 2000, and over a period of 4-5 years they gave regular CL increases until I reached $3600.

This is just my opinion of course, but if you're looking to expand your portfolio you could definitely do worse.  Good luck to you.  

[adavis425]

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@Anonymous wrote:

Hi I recently got an offer in the mail for a Merrick card $700 limit that will double it's limit with 7 months of paying on time. At first I thought wow that would be $1400, quite a bit compared to what I have now. I have bad credit history from a few years ago, few COs and 120+lates but my score is 622 right now. The cards I have now are:

  Credit one $400

  Show MC   $300

  Rzmc          $300

I'm fairly certain that in the next few months, my score will rise some. My utilization was 67% and I payed that off to 0, and I am hoping to negotiate a PFD within the week. I also paid a collection off. So I'm being optimistic and hoping for at least 10 points. I've had all the cards I have now for over a year, rzmc 11 months. My last inquiry was 6/11, and I've had no late payments on my current cards.Do you think I should wait till my score goes up to get something better than the Merrick card?

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I have a Merrick card from my rebuilding days and I must say they are very generous with CLIs. Every 4 months like clockwork I receive a CLI of $400 without asking. It's the only reason I keep the card. There is an annual fee of $3 per month which they will not allow me to PIF, but I figure $36 for what is now a $2000 CL is ok. Going for the Merrick can't hurt, I'd go for it.

[Anonymous]

I guess I'm not exactly looking for a new card right now, but I know it'll help with the higher limit. The thing is I'm hoping to get an auto loan in 4-5 months, so I'm not sure how long it takes for the inquiry to fade off.