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Established Contributor
masscredit
Posts: 855
Registered: ‎07-17-2012
0

Re: Merrick Bank is it worth it?

I received my Merrick last August. Started at $1k, auto increase to $1200. this past July then another auto increase to $1600. last month. Have 7 cards now. Had 3 including this when I received it. Actually, it was kind of in with an app spree last year.

|****$8000****|****$6000*****|****$6000*****|****$2500****|****$1600****|****$3000*****|*****$1400*****|****$1350*****|
EX - 657 (MyFico 10/02/14) TU - 657 (Walmart 11/08/14 ) EQ 04 - 701 (DCU -11/28/14) EQ 08 - 684 (MyFico -12/04/14)
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Senior Contributor
SunriseEarth
Posts: 4,831
Registered: ‎08-12-2013
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Re: Merrick Bank is it worth it?


Legions36 wrote:

SunriseEarth wrote:

Legions36 wrote:

They sent me a prescreen offer $700 line and double to $1400 after 7 months, APR of 25.45 market rate. Is it even worth the hard pull or should i just save my hp's for better card like USAA, chase, etc? The good thing is i know im approved and they have a free fico score but i have scorewatch so im not sure.


Merrick is a great rebuilder.  However, if you have a 10K CL with NFCU, you've definitely outgrown them.

The secured cards and the high fee Credit One also don't make much sense to me.  You should consider closing them.  Maybe you should run your info through some of the pre-qualifiers at Chase or Citi or BofA and see if they bite.


Yeah I checked Chase and they say im prequalified for slate and freedom. Citi doesn't have a special card but offers me other cards i might like. 


If you need a new TL, I'd say go for the Freedom.  


Start: 619 (Wally, 9/2013) | Current: 669 (Wally, 12/8/14), 703 (EQ myFICO 8/13/14)
Care Credit $10200 | JCP $5000 | Walmart Store $5000 | Amazon Store $5000 | AMEX BCE $4500 | Overstock $4300 | Cap 1 QS1 $4000 | AMEX Costco TE $3500 | Macy's Special Events $2900 | Macy's Revolving $2500 | CU Visa $2500 | Sony Card $2500 | Macy's AMEX $1500 | Citi DC WMC $1200 | Merrick $1200 | VS $1150 | Gold Violin $1150 | Target $1000 | ~~Gardening Since 12/2/14
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Senior Contributor
SunriseEarth
Posts: 4,831
Registered: ‎08-12-2013
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Re: Merrick Bank is it worth it?


unusuallyconfused wrote:

Here's the one reason to NOT accept:

 

Look at their Terms of Service agreement: you can't have more than 2 credit accounts (including theirs) and they won't "let you" open more credit lines without them shutting down the credit they gave you.

 

Research that, it's true.


I wonder how often they enforce that term?   I guess that would give them a good "out" if the ever wanted to take AA on someone.

 

Anyway, I'm not terribly worried about it.  If that happens, I'll just have to obtain a new TL.  


Start: 619 (Wally, 9/2013) | Current: 669 (Wally, 12/8/14), 703 (EQ myFICO 8/13/14)
Care Credit $10200 | JCP $5000 | Walmart Store $5000 | Amazon Store $5000 | AMEX BCE $4500 | Overstock $4300 | Cap 1 QS1 $4000 | AMEX Costco TE $3500 | Macy's Special Events $2900 | Macy's Revolving $2500 | CU Visa $2500 | Sony Card $2500 | Macy's AMEX $1500 | Citi DC WMC $1200 | Merrick $1200 | VS $1150 | Gold Violin $1150 | Target $1000 | ~~Gardening Since 12/2/14
Regular Contributor
BackInTheSaddleAgain
Posts: 191
Registered: ‎02-08-2013
0

Re: Merrick Bank is it worth it?

I have a Merrick card that's jjust a little over a year old and never had any of these issues. I have 5 credit credit cards, 3 of which were obtained AFTER the Merrick card. I've also used the full cash advance option a couple of times and never had any issues with it either. For the most part, however, I pay in full each month.


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

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Regular Contributor
dollar_bill
Posts: 134
Registered: ‎02-19-2008
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Re: Merrick Bank is it worth it?

Merrick is familar to most people who had the Hooters MC. Same website, same everything except no more Hooters :smileysad: 

 

I closed my account with a 5k CL which was at 5k from Hooters. Merrick literally has very little to offer unless you are rebuilding. I had no issues while the card was open, but then again I never used it.

Contributor
JoshuaHolySpirit
Posts: 140
Registered: ‎11-21-2013
0

Re: Merrick Bank is it worth it?

unusuallyconfused wrote: Look at their Terms of Service agreement: you can't have more than 2 credit accounts (including theirs) and they won't "let you" open more credit lines without them shutting down the credit they gave you

 

I just received a PRE-SELECTED "double your line" from $1250 to $2500 after 7th Statement.(acceptance certificate expiring December 2013) by Merrick Bank.

I already have more than 2 credit cards and they know it from SP/CR. How are they even considering me for credit if they only allow 2 TL's? I am confused. I have been researching this Merrick Bank and do read baddies but mostly modest and good on this forum-site, so I assume, it is all about responsibility and you're all set like any other prime cards, so as it is the credit game..(whiners out there are ''late payments'' and ''derogs people'')

 

Question: Do they Hard Pull again after your go to their website and ACCEPT the offer? or is it just SP or nothing, with YOU'RE APPROVED since they already have the Acceptance Certificate??? I am confused. I have until the 4th week of December 2013 to accept their offer. So any advice would be appreciated.-!!!!! God bless-!!!!!!!:smileyvery-happy:

New Contributor
Mrm-na
Posts: 53
Registered: ‎10-07-2013
0

Re: Merrick Bank is it worth it?


JoshuaHolySpirit wrote:

unusuallyconfused wrote: Look at their Terms of Service agreement: you can't have more than 2 credit accounts (including theirs) and they won't "let you" open more credit lines without them shutting down the credit they gave you

 

I just received a PRE-SELECTED "double your line" from $1250 to $2500 after 7th Statement.(acceptance certificate expiring December 2013) by Merrick Bank.

I already have more than 2 credit cards and they know it from SP/CR. How are they even considering me for credit if they only allow 2 TL's? I am confused. I have been researching this Merrick Bank and do read baddies but mostly modest and good on this forum-site, so I assume, it is all about responsibility and you're all set like any other prime cards, so as it is the credit game..(whiners out there are ''late payments'' and ''derogs people'')

 

Question: Do they Hard Pull again after your go to their website and ACCEPT the offer? or is it just SP or nothing, with YOU'RE APPROVED since they already have the Acceptance Certificate??? I am confused. I have until the 4th week of December 2013 to accept their offer. So any advice would be appreciated.-!!!!! God bless-!!!!!!!:smileyvery-happy:


I have a hard pull on TU from the time when I responded to a similar offer.  I haven't actually seen it spelled out that it's from Merrick, but I think it must be.

I'm not sure of the technical definition of "preselected", but I'm 90% sure that Merrick's invitation still requires a hard pull if you apply, and isn't a guaranteed approval.

 

From what I've read, credit card mail offers are typically the result of buying a list of people who meet general criteria. eg everyone with a score between 600-700 who lives in this ZIP code, and has utilization between 15 and 30%.. or whatever.  They buy a list and send out the offers, but they might not ever see your individual credit report unless you apply.  Maybe they do a soft pull before mailing, but I'm not sure that's the case.  Even if they did, it would still make sense for them to do a hard pull at the time of application.

It sounds like you don't need to worry much about the 2 card limit. It seems to just be an excuse if they want to close an account, but as long as they like you, they won't.

Moderator
09Lexie
Posts: 26,593
Registered: ‎09-13-2012
0

Re: Merrick Bank is it worth it?

@Mrm-na

Offers of pre selected cc's will result in a hp if you decide to apply. The warning is usually stated that the offer is based on credit worthiness or credit approval required.
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Super Contributor
ArmyVietVet
Posts: 5,799
Registered: ‎10-03-2008
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Re: Merrick Bank is it worth it?

You have a great prime selection of credit cards. Save your hard inquiries for prime cards.


Starting Score: 760
Current Score: 812
Goal Score: 850


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chymara
Posts: 2
Registered: ‎11-30-2013
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Re: Merrick Bank is it worth it?

I have had Merrick bank for years. It has been a great credit rebuilder. I have obtained  a lot of CCs including several Web Bank accounts since getting my Merrick Card and they have never cancelled my card. I have outgrown Merrick by leaps and bounds, but I keep them out of loyalty and to keep my AAoA up.

NFCU Rewards - $18000, NAVLOC - $15000, NFCU Flagship - $5000, Kay - $6000, Merrick Bank (old faithful) - $2050, Barclay - $1750, Cap One - $750, Lowes -$500, Walmart -$450.
Bankruptcy - 2008, No negatives since.

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