Merrick Bank "Pre-Approval" - Any Success Stories?

[jbh]

Hey,

I'm actually stunned to receive this as I have a 648 TU with 3 ca's. One will be off within a month or so but I still cannot believe they would approve me. Have any of you been approved with this bank even with ca's?

My util is low and I have at most 7 tu inquiries in the last 2 years but I cannot see them approving me. Could they?

[Anonymous]

Merrick bank is sending out preapprovals?  For which card?

BF has a hooters card with a CO, but that ain't sayin' much.

[Anonymous]

only two merick backed cards i know of, hooter and geico. may be more out there, just haven't heard of any.

[jbh]

It's just called a merrick bank visa. With a pre-qualified acceptance certificate, code and 'convenience fee' of $159

Not sure it's worth it. Not planning on apping TU again for 6+ month so I might...but I might wait for a CA to fall off, too. Not sure what to do.

[Anonymous]

Wow, that sure doesn't sound convenient to me. Sounds like Merrick just came out with their own FP card! I wouldn't touch that.  I'm gonna do some googling to see if I find anything.

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jbh wrote:
It's just called a merrick bank visa. With a pre-qualified acceptance certificate, code and 'convenience fee' of $159

Not sure it's worth it. Not planning on apping TU again for 6+ month so I might...but I might wait for a CA to fall off, too. Not sure what to do.

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[jbh]

Sorry, $139

It actually would not upset me to be approved for it because I can pay that back quickly and then use the NY 5 year law to my advantage. I can clear 'em up, pay this in full and wait til they are off my reports and let this age and, by april (my dream date to really apply for bank cards) it's another half year of positive history/etc

It is also just enough to help me pay for small business expenses to build my Dunn/bradstreet file. So, I am tempted since JFCU/Alliant/PartnersFirst have yet to get back to me and PenFed told me to take a long walk off a short pier.

[Anonymous]

Looks like it's by invitation only, though it hardly seems like a black tie affair.

From consolidating a bunch of reports, best I can see is that you'd be better off with a hooters card, this one has a higher fee and then of course also comes with low limits and high interest rates. No thanks! I'd shred that invitation if I were you.

[Anonymous]

NY 5 year rule is for collections, etc. (negative accounts) not positive. Positive accounts would still remain for 7 years.  Seriously, if you would consider this offer, you'd be better off apping for Hooters because I think their highest AF is only $79. BF's was only 39.

How would this help your D&B? Not a business card is it?

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jbh wrote:
Sorry, $139

It actually would not upset me to be approved for it because I can pay that back quickly and then use the NY 5 year law to my advantage. I can clear 'em up, pay this in full and wait til they are off my reports and let this age and, by april (my dream date to really apply for bank cards) it's another half year of positive history/etc

It is also just enough to help me pay for small business expenses to build my Dunn/bradstreet file. So, I am tempted since JFCU/Alliant/PartnersFirst have yet to get back to me and PenFed told me to take a long walk off a short pier.

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Message Edited by UpUpUp on 09-18-2008 06:36 PM

[jbh]

Hey,

Sorry for not being clear.

The 5 year rule (as you know) would be used to pay off old ca's that I am waiting to hit their 5 year anniversary. And any limit over $500 (my high is $300, bleh) would help me do quick payments for things like quills or staples where I build tradelines. Theoretically, I could use my cash and business checking but having extra limits to pay other expenses SAVES me that money upfront to build that D&B file.

It's just that extra cushion, that's all. This is why I don't need a $3k limit but I MUST have a real cc over $500. I'm thinking of biting the bullet. As for Hooters, I assumed I would be denied instantly with 3 ca's, to be quite honest.

[Creditaddict]

this paticular card is by offer only. I got it after I filed bk. they gave auto increase every 6 months. but after almost 3 years they sent me letter saying changing apr from like 12-39! never late, never over limit... they just said they changed there lending criteria, I chose not to accept and just closed it.

I loved it up unitl then though, no complaints.