topic Re: Merrick Bank in Credit Card Applications

Merrick Bank

Anonymous — Tue, 21 Apr 2015 20:33:00 GMT

Just recieved a pre-approval for Merrick Bank Visa un-secured card with $600.00 starting limit. Not sure that I really need this card given I have three other revolving credit cards. Trying to re-establish my credit scores but really don't want to do a hard pull so as to decrease my current scores.

Re: Merrick Bank

Anonymous — Tue, 21 Apr 2015 21:21:11 GMT

@Anonymous wrote:
Just recieved a pre-approval for Merrick Bank Visa un-secured card with $600.00 starting limit. Not sure that I really need this card given I have three other revolving credit cards. Trying to re-establish my credit scores but really don't want to do a hard pull so as to decrease my current scores.

How many inquiries do you have on TU? That's the report they typically pull. If you really want the TL, the pull itself might not be bad, assuming you don't already have a lot on TU, but I think the bigger concern might be what it does to your AAoA.

If you're rebuilding, and already have 3 bankcards (not retail) then I'd probably pass, unless any of your current cards are secured. Even then, you also have to consider that while this is a decent card for rebuilding, and might be many people's first unsecured offering, it's also their only offering (aside from a secured product.) So, while you'll "double your line" from your SL eventually, it will only grow so much, and unlike a Capital One, or BoA, where you get your foot in the door to qualify for better products from the lender later on, you're not getting that internal history with Merrick. It also doesn't offer any rewards, though that's not unusual at all in the rebuilding card market.

I have one, and so far no complaints, other than their website is a little outdated. But, I knew what I was getting into, and will ultimately be getting rid of it when my file is thicker.

Read the fine print, too. There are wildly different terms - mine came with an AF, another reason this one will be getting the eventual boot.

Re: Merrick Bank

Erusidhion — Tue, 21 Apr 2015 21:35:11 GMT

Make sure you know what you're getting into when you accept the offer for this card. Here are the terms and conditions. I assume everyone will get their own tailored offer so make sure you know how much per year/month you'll be spending to keep this card. This card is one you would want to keep for 1-2 years, I always recommend 2 years and then dump it. It'll pad your AAoA to a minimum of 2 years, at 2 years your account is no longer new and a credit report keeps track of the last 24 payments made on the account. At least interest seems to be charged like a regular credit card and it's not like Credit One where they charge from the day it posts.

I would take a look at the Credit One Visa or Milestone Gold MasterCard first before this one. What amount is your Account Set-up Fee and Annual Fee in your offer? Both Credit One and Milestone have a pre-qualification questionnaire that won't affect your credit score to see if you qualify for one of theirs. Depending on your terms you got in your offer, they only have an Annual Fee.

Of course I would always recommend trying for a Secured Card since you can get your deposit back in the end. Good luck and congratulations!

Re: Merrick Bank

Anonymous — Tue, 21 Apr 2015 23:00:02 GMT

What are your 3 other cards, what are the limits, and how old are they? Merrick will double your limit in 7 months.

Re: Merrick Bank

Anonymous — Tue, 21 Apr 2015 23:52:34 GMT

Concur, they doubled mine in exactly 7 months

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:27:51 GMT

I have the following secured cards:
1. Open Sky $300.00
2. Freedom Credit Union $500.00
Un-secured cards:
1. Credit One $500.00
2. First Savings $700.00

I have only had these cards since Nov and Dec of 2014.

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:28:44 GMT

What is AAoA?

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:32:51 GMT

@Anonymous wrote:
What is AAoA?

Average age of accounts. Looking at your accounts I would say yes, apply for the Merrick card. You need to build up your file.

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:35:45 GMT

If this is the no fee version, go for it. That's what I have. Started at $1250, doubled to $2500 after 7 months. If it's the fee version, take a pass.

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:45:20 GMT

The fee us $72.00

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:52:16 GMT

I have about 9 inquiries with transunion. Some will drop off in august 2015. Reluctant to loose points with hard pull.

Re: Merrick Bank

babynurse06 — Wed, 22 Apr 2015 01:52:44 GMT

I have nothing bad to say about Merrick. The $72 annual fee might sway me to not apply, but in general, mine has been a great card for me. Started my rebuild in March 2013 with a Cap1 secured card. Got my Merrick offer in October. Mine was no annual fee, $1000 starting limit. I didn't get the double your line offer, but mine has increased to $1800 over the last year 1/2 pretty steadily $300 at a time. No hidden fees. Interest is high, so you definitely don't want to carry a balance. Because of this card I now have a QS1 with a $2750 limit and just got a Freedom last month with a $2500 SL.

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 01:55:42 GMT

The fee for the Merrick Card is $72.00

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 02:01:44 GMT

I guess 1 more inquirie wont make a differance. At least the double line increase is attractive.

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 02:06:29 GMT

Ours was a no fee. But you have a very thin file. I would take this card and also try for a Cap One and the Shopping Card trick for Overstock and J Crew. I would not apply for anything else as your small limits and thin file won't support it. If you are able to get a couple of these accounts by Christmas things should start moving up for you .

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 02:12:24 GMT

I dont understand the shopping card trick though. How does it work.

Re: Merrick Bank

Anonymous — Wed, 22 Apr 2015 05:45:36 GMT

Just do a search for it . LOT'S of info on the forum about it. You basically can go on the websites of Stores that a Comenity Bank handles the credit cards for put an item or 2 in the shopping cart, input your credit info EXACTLY as it appears on your bureaus ( particularly Equifax) and if you get a pop up saying you're approved for a credit card, you accept the offer and you got a new account with a soft pull where the inquiry won't show on your bureaus, but the account will report to all 3.

you don't have to buy what you put in your account to get approved.

Re: Merrick Bank

joedtx — Wed, 22 Apr 2015 06:31:47 GMT

@Anonymous wrote:
The fee for the Merrick Card is $72.00

Based on your current score you aren't too many points away from getting Prime cards, if your CS was in the 500's and your are starting your rebuilding then this would be an option but you are past this stage, work with your exisiting lines and your CS will go up and you won't have to deal with closing out this card or any other fees.

Re: Merrick Bank

DaveInAZ — Wed, 22 Apr 2015 16:19:41 GMT

I've been happy with Merrick Bank, got it back in 4/2012, auto CLI'd to $3100 CL. I've outgrown it with much larger CLs & Rewards, but as one of my oldest post BK TLs I keep it open, letting a couple small monthly bills charge to it & PIF before statement, forcing a $0 balance report. they recently sent me a replacement card ith new expiration date of 3/2020, so I guess they're happy with that.

But I think maybe they've been seeing what Credit One & First Premier get away with on fees, mine has no AF but horrendous 25.5% APR, which just guarantees I'll never carry a balance. But $6/mo. isn't bad for a better rebuilding card. Use it and let balances report before PIF and Barclays & Cap One will come a'knocking in 6 mos or so.