topic Re: Merrick Bank Pre-approval Question in Credit Card Applications

Merrick Bank Pre-approval Question

Anonymous — Wed, 02 Jun 2021 19:12:37 GMT

I just received a pre-approved offer from Merrick for $1,000 with a double up offer to 2k in 7 months. The apr 25%. My issue is this, I have three secure cards and they will reach 13 months in July. i have 1 unsecure with nfcu. I want to close the three secure cards. Would this be considered going backwards due to me having a NFCu cash rewards card?

I need to replace the three secure cards with non secure cards to keep my score optimized.

Re: Merrick Bank Pre-approval Question

blindambition — Wed, 02 Jun 2021 19:47:22 GMT

Secured cards contribute to optimal scoring. Are they cards that graduate? If so, Merrick is going backwards. It's a subprime card, even without extra fees. You're well into rebuild, and should be focused on more Prime cards.

Re: Merrick Bank Pre-approval Question

rostrow416 — Wed, 02 Jun 2021 22:15:38 GMT

I can't really hate on Merrick. I had a card with them for almost 5 years that I just recently closed. No AF, APR that kept getting reduced (19.xx as of closing), and no problems with it.

If you think having the additional credit line can help, or you want to get an unsecured card, there are worse options than Merrick

Re: Merrick Bank Pre-approval Question

Shooting-For-800 — Thu, 03 Jun 2021 01:48:23 GMT

I never paid a dime to Merrick and never had a single issue until they closed my account for not using.

GL!

Re: Merrick Bank Pre-approval Question

lgtwriter — Thu, 03 Jun 2021 03:15:33 GMT

I got my Merrick card years ago with a pre-approval and it grew steadily to a $5,000 limit as I rebuilt. Even though I don't need it anymore I keep it for age. It was a good card that I occasionally still put a charge or two on to keep it active. Good Luck with your pre-approval!

Re: Merrick Bank Pre-approval Question

babygirl1256 — Thu, 03 Jun 2021 03:20:37 GMT

I would pass on Merrick Bank and focus on watering and growing your NFCU card that has the potential to have a credit limit exceeding $20k. Who are the 3 secured cards with -and- will any of them graduate to unsecured?

Re: Merrick Bank Pre-approval Question

Webspry — Thu, 03 Jun 2021 04:05:01 GMT

You don't need it. Keep going and burn a hard pull on a Discover card in a few months.

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 15:07:35 GMT

@blindambition wrote:
Secured cards contribute to optimal scoring. Are they cards that graduate? If so, Merrick is going backwards. It's a subprime card, even without extra fees. You're well into rebuild, and should be focused on more Prime cards.

Yes, they contribute to the scoring optimization however mine unfortunately do not graduate. I am really trying to focus on prime cards. I am being patient. I have not accepted any of the offers that have been sent to me. I ask questions about them to help me through the process. I was unware of what is considered well into the rebuild, but thank you for pointing that out.

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 15:29:29 GMT

@Webspry wrote:
You don't need it. Keep going and burn a hard pull on a Discover card in a few months.

I want the discover card, I keep checking their pre-approval site but only get appproved for their secured card. I need to wait patiently until they pre-approve me for their unsecure card. Is discover a subprime card?

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 16:44:55 GMT

@babygirl1256 wrote:
I would pass on Merrick Bank and focus on watering and growing your NFCU card that has the potential to have a credit limit exceeding $20k. Who are the 3 secured cards with -and- will any of them graduate to unsecured?

None of my secure cards graduate and need some other cards to replace the secure cards. I have had my NFCU cash reward since Feb 2021. I dont know if they will give me a second card or a CLi with two baddies left on my report. When i started with them I had seven baddies on my credit file and they gave me a 3k sl on my cash rewards. I want to apply for the second card or CLI and planed to do it in about 15 days.

My three secure cards.

1. OpenSky $300 limit no balance

2. Assent card $400 limit no balance

3. First Progress $500 limit $100 balance

4. NFCU cash rewards 3k limit it reports after today and I am thinking about testing to leave it with a $100 to see if my credit score will change. It has always reported with zero balance.

What are your thoughts?

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 16:47:35 GMT

@lgtwriter wrote:
I got my Merrick card years ago with a pre-approval and it grew steadily to a $5,000 limit as I rebuilt. Even though I don't need it anymore I keep it for age. It was a good card that I occasionally still put a charge or two on to keep it active. Good Luck with your pre-approval!

Wow that is actually awesome. That is a high CL in my opionon. What did they start you out at and how often were your CL increases? Did they have good customer service?

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 16:49:19 GMT

@Shooting-For-800 wrote:
I never paid a dime to Merrick and never had a single issue until they closed my account for not using.
GL!

Wow they closed your account. How long did you have the card? How long was your inactive period before they closed the card? What was your CL?

Re: Merrick Bank Pre-approval Question

lgtwriter — Thu, 03 Jun 2021 17:12:46 GMT

@Anonymous wrote:
@lgtwriter wrote:
I got my Merrick card years ago with a pre-approval and it grew steadily to a $5,000 limit as I rebuilt. Even though I don't need it anymore I keep it for age. It was a good card that I occasionally still put a charge or two on to keep it active. Good Luck with your pre-approval!
Wow that is actually awesome. That is a high CL in my opionon. What did they start you out at and how often were your CL increases? Did they have good customer service?

They started me out with $1,000 and I got regular credit line increases that I didn't have to ask for about every 90 days. Customer service was good and it was easy to pay, dispute charges, etc. I read somewhere at some point that $5,000 is the maximum they give out on their cards. Merrick bank is a subprime card that basically acts as a prime card in many ways. I see no reason to close mine, as my apr is about 19% and I keep it for age.

I never asked for a cli on the card. All increases were automatic.

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 17:10:51 GMT

@rostrow416 wrote:
I can't really hate on Merrick. I had a card with them for almost 5 years that I just recently closed. No AF, APR that kept getting reduced (19.xx as of closing), and no problems with it.

If you think having the additional credit line can help, or you want to get an unsecured card, there are worse options than Merrick

Knowing the right time to close a card is the key. I am waiting until I get better cards to close my three secure cards. I have not found the right partner to have two additional cards yet. Still patiently looking.

Its not so much the credit line that will help. I just want unsecure cards. It sounds like some have had success with the growth of their cards, but the highest I have seen so far is 5k credit limit. I have a goal of four major credit cards with 10k limits for each card. It is important that each card I apply for will have that opportunity of growth. I am not so concerned if card is subprime or not because I do not carry balances on my cards. I am afraid to ever let get out of hand. I know at some point I will carry a balance when I invest in more real estate, but not at this time. When I do carry a balance it will only be on a card that has an intro rate of zero percent for 12-18 months.

Thank you for sharing your information.

Re: Merrick Bank Pre-approval Question

FinStar — Thu, 03 Jun 2021 17:11:32 GMT

@Anonymous wrote:
@Webspry wrote:
You don't need it. Keep going and burn a hard pull on a Discover card in a few months.
I want the discover card, I keep checking their pre-approval site but only get appproved for their secured card. I need to wait patiently until they pre-approve me for their unsecure card. Is discover a subprime card?

Discover isn't in the same ballpark as First Premier, Credit One, etc., when comparing them in that regard.

Sure, you can be approved with not the best terms such as a higher APR or perhaps a lower limit, but that would be driven by your overall profile. If you are currently being offered the secured option, that means Discover hasn't warmed up to your profile for an unsecured card. Patience is key.

That said, Discover is pretty flexible with lowering the standard APR over time and there are no [monthly/annual] predatory fees of any sort.

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 17:22:21 GMT

@FinStar wrote:
@Anonymous wrote:
@Webspry wrote:
You don't need it. Keep going and burn a hard pull on a Discover card in a few months.
I want the discover card, I keep checking their pre-approval site but only get appproved for their secured card. I need to wait patiently until they pre-approve me for their unsecure card. Is discover a subprime card?
Discover isn't in the same ballpark as First Premier, Credit One, etc., when comparing them in that regard.

Sure, you can be approved with not the best terms such as a higher APR or perhaps a lower limit, but that would be driven by your overall profile. If you are currently being offered the secured option, that means Discover hasn't warmed up to your profile for an unsecured card. Patience is key.

That said, Discover is pretty flexible with lowering the standard APR over time and there are noI [monthly/annual] predatory fees of any sort.

Thanks for your imput. The intro rate is not a biggie to me. I am in it for the long run and could keep the card for years and work down the rate with it is applicable. It is great that they are not a predatory lender. I look forward to having them in my wallet in the near future.

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 17:24:43 GMT

@lgtwriter wrote:
@Anonymous wrote:
@lgtwriter wrote:
I got my Merrick card years ago with a pre-approval and it grew steadily to a $5,000 limit as I rebuilt. Even though I don't need it anymore I keep it for age. It was a good card that I occasionally still put a charge or two on to keep it active. Good Luck with your pre-approval!
Wow that is actually awesome. That is a high CL in my opionon. What did they start you out at and how often were your CL increases? Did they have good customer service?
They started me out with $1,000 and I got regular credit line increases that I didn't have to ask for about every 90 days. Customer service was good and it was easy to pay, dispute charges, etc. I read somewhere at some point that $5,000 is the maximum they give out on their cards. Merrick bank is a subprime card that basically acts as a prime card in many ways. I see no reason to close mine, as my apr is about 19% and I keep it for age.

I never asked for a cli on the card. All increases were automatic.

My my my that is awesome how they treat you. What are your data points that caused them to treat you so well?

Re: Merrick Bank Pre-approval Question

Anonymous — Thu, 03 Jun 2021 17:26:00 GMT

@lgtwriter wrote:
I got my Merrick card years ago with a pre-approval and it grew steadily to a $5,000 limit as I rebuilt. Even though I don't need it anymore I keep it for age. It was a good card that I occasionally still put a charge or two on to keep it active. Good Luck with your pre-approval!

Thank you for the good luck!

Re: Merrick Bank Pre-approval Question

lgtwriter — Sat, 05 Jun 2021 17:28:29 GMT

@Anonymous At the time, I had ficos in the low to mid 600s (they are in the mid 700s now) and was working towards cleaning a couple of small collections off of my reports. I did not have any lates and I had a decent history with my two Capital One cards. I had a car loan from Capital One as well. I was four years out of a bk7. I had student loans which helped my aging and my dti was low.

Re: Merrick Bank Pre-approval Question

Anonymous — Fri, 04 Jun 2021 14:24:15 GMT

@lgtwriter wrote:
@Anonymous At the time, I had ficos in the low to mid 600s (they are in the mid 700s now) and was working towards cleaning a couple of small collections off of my reports. I did not have any lates and I had a decent history with my two Capital One cards. I had a car loan from Capital One as well. I was six years out of a bk7. I had student loans which helped my aging and my dti was low.

That is good info, thank you for sharing. i am mid 600's now and have a two baddies left. One will fall off by October and the other I will need to wait until the end of next year.