Merrick Bank HELP!

[bear812c]

I just received a Pre-Screen offer from Merrick Bank. It says I have been "pre-selected for a Merrick Bank Visa Credit Card with a $1250 credit line". I don't have very high credit limits on my current credit cards so I'm thinking the $1250 available credit limit alone would help out my score, am I right about this? Also, more importantly, does anyone have any experience with this company? I know it "says" I am pre-selected for a $1250 credit limit but I'm worried when I apply they will only give me something like a $200 credit limit. Is that what usually happens with these pre screen offers? Please help!

[guiness56]

Pre-selected just means you meet the requirements to send you an application.  You would still need to meet their credit decision requirements, whatever those may be.

CLs in and of themselves do not help your score.  FICO doesn't score them.  A higher limit can help your overall utilization if you carry higher balances.

[Shokk]

I received one of these yesterday.  It said pre-approved for $500 with auto CLI with 7 months of ontime payments.

I got the $500 it said I was approved for.  My favorite thing about it is ZERO fees.

[guiness56]

Pre-approved are a bit different than pre-selected.  With both of them you still have to be approved.

Congrats.

[totallymytravis]

I got one of these in the mail too. It seems like it is too good to be true. Did you apply? Let us know how it goes. I would want to research to see if this is a fishy bank. They have no fees ect which is the too good part.

[Shokk]

My brain read pre selected as pre approved. Honestly don't remember which mine was, but I think pre approved. totalymytravis, if you're referring to me, then yes. I applied and was approved. I've heard of them before, but not much else. I poured over the fine print and couldn't really find anything. Basically only a charge for late fees. Yearly is my main thing. Hate those charges. Always pops up when not expecting it. Yes, I should b prepared, but I never remember what month it was in. My score was only mid 500s when I got it.

[Shokk]

Just remembered this as well.  Sign up for paperless billing and get a free FICO score each month.  Didn't see any details and it doesn't say which bureau.  Hopefully not EQ since I already have a CM program with them.

[bear812c]

Thank you all for replying! I have not applied yet. I'm still on the fence about it mainly because it does say "pre-selected" and not pre -approved. 

[bear812c]

Thanks! I originally read "pre-selected" as pre-approved but when I re read I realized it was a pre-select and that's why I hesitated. So I assume if they sent you a pre-approved then there IS a difference.

[totallymytravis]

I just took my letter (same as yours) and applied. I was approved. They did not tell me the limit but I am assuming it is the same that is on the letter (500 then double to $1000) after 7 mos.