Pre-approved for Merrick - not sure what to do

[Xistaben]

So I've been rebuilding over the past year and I am finally starting  to get pre-approvals!  It's a great feeling to be working my way back into credit worthiness.

I currently have a USAA secured visa at $750.  I will soon be up'ing it to $2000 this month.  9.9 apr with $35 AF.  8 month perfect history.

just got (3 weeks ago) a cap one unsecured MC for $300.  Waived first AF and this is my first unsecured card.  Credit steps and all that.

The only INQ I have in the last 8 months is the cap one which hit all 3 CRA.  Running about 25%UTIL right now.

I've done research on this Merrick card and I am not sure about trying it.  It's a 550 limit that doubles after 7 statements, free monthly TU score which would be good, but it has a $36 AF.

Should I garden my current 2 cards more or take this shot?  My end goal is prime cards, no secured and to upgrade the cap one to a prime card.

[juggalo9er]

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@Xistaben wrote:

So I've been rebuilding over the past year and I am finally starting  to get pre-approvals!  It's a great feeling to be working my way back into credit worthiness.

I currently have a USAA secured visa at $750.  I will soon be up'ing it to $2000 this month.  9.9 apr with $35 AF.  8 month perfect history.

just got (3 weeks ago) a cap one unsecured MC for $300.  Waived first AF and this is my first unsecured card.  Credit steps and all that.

The only INQ I have in the last 8 months is the cap one which hit all 3 CRA.  Running about 25%UTIL right now.

I've done research on this Merrick card and I am not sure about trying it.  It's a 550 limit that doubles after 7 statements, free monthly TU score which would be good, but it has a $36 AF.

Should I garden my current 2 cards more or take this shot?  My end goal is prime cards, no secured and to upgrade the cap one to a prime card.

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whats your history before rebuild ?

[money28]

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@juggalo9er wrote:

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@Xistaben wrote:

So I've been rebuilding over the past year and I am finally starting  to get pre-approvals!  It's a great feeling to be working my way back into credit worthiness.

I currently have a USAA secured visa at $750.  I will soon be up'ing it to $2000 this month.  9.9 apr with $35 AF.  8 month perfect history.

just got (3 weeks ago) a cap one unsecured MC for $300.  Waived first AF and this is my first unsecured card.  Credit steps and all that.

The only INQ I have in the last 8 months is the cap one which hit all 3 CRA.  Running about 25%UTIL right now.

I've done research on this Merrick card and I am not sure about trying it.  It's a 550 limit that doubles after 7 statements, free monthly TU score which would be good, but it has a $36 AF.

Should I garden my current 2 cards more or take this shot?  My end goal is prime cards, no secured and to upgrade the cap one to a prime card.

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whats your history before rebuild ?

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I say go for it. You will get a cli at 7 months. If you get it, try to PIF because the apr will be high.

[Xistaben]

Tons of charge offs and delinquency.  

The he shape im in now is - 

Paid CO student loan, have a GW in for this.  Last adverse was in 2008.

Paid CO sallie Mae, due to fall off this November.

Current rehabbed sallie mae in good standing, last late in 2008.

15 month auto loan in 2012, perfect history

8 month auto loan from 2013 to current, perfect history

then the CC listed above, perfect history.  8 month usaa, 1 month cap one.

[Creditaddict]

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@Xistaben wrote:

So I've been rebuilding over the past year and I am finally starting  to get pre-approvals!  It's a great feeling to be working my way back into credit worthiness.

I currently have a USAA secured visa at $750.  I will soon be up'ing it to $2000 this month.  9.9 apr with $35 AF.  8 month perfect history.

just got (3 weeks ago) a cap one unsecured MC for $300.  Waived first AF and this is my first unsecured card.  Credit steps and all that.

The only INQ I have in the last 8 months is the cap one which hit all 3 CRA.  Running about 25%UTIL right now.

I've done research on this Merrick card and I am not sure about trying it.  It's a 550 limit that doubles after 7 statements, free monthly TU score which would be good, but it has a $36 AF.

Should I garden my current 2 cards more or take this shot?  My end goal is prime cards, no secured and to upgrade the cap one to a prime card.

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If it is only an AF and no monthly fees I would jump at it... it's better then Cap1 FOR right now!

debate next year before the AF where you are and rather the now $1100 CL is worth another year.

[juggalo9er]

i would say app for barclay for average credit then merrick i might be wrong but i would try to go no af first

[Supermama75]

Merrick is actually one of the better sub-prime lenders.  I got their card in late 2011 after a huge car accident credit disaster in late 2007.  They started me at 700 and have CLI me every four months like clockwork.  All you have to do is pay on time and they will treat you fairly (in my experience).  They provide a free credit score every month and payments are easily made online.

[Xistaben]

What worries me is the talk of Merrick closing accounts for having a lot of inquiries, in a short amount of time.  Not that I would, but it's possible.

I'm thinking about waiting.  The offer expires in April, so I have time.  I just paid my UTIL down to 5% tonight in time for my statement cut and up'd my USAA limit to $1000.

This should reflect well this month and let's see what offers I get from now until April.

Good plan?

[gdale6]

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@Xistaben wrote:

What worries me is the talk of Merrick closing accounts for having a lot of inquiries, in a short amount of time.  Not that I would, but it's possible.

I'm thinking about waiting.  The offer expires in April, so I have time.  I just paid my UTIL down to 5% tonight in time for my statement cut and up'd my USAA limit to $1000.

This should reflect well this month and let's see what offers I get from now until April.

Good plan?

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Sounds good to me, no reason to jump in at this early date.

[wacdenney]

I eventually closed my Merrick account due to the AF and horrible rate.  That being said...  At the time I got the preapproval from them I needed the additional accounts on my file and the card did serve its purpose.  They are fine to deal with and if you feel you need the additional line then go for it.  Just be mindful of the AF and certainly never carry a balance with the APRs they offer.