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!
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.
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.
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.
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.
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.