topic Re: Merrick CC in Credit Card Applications

Merrick CC

Anonymous — Fri, 24 Jul 2015 02:39:38 GMT

Has any one heard of and/or applied for the Merrick CC. I received a pre-approval for a credit card from them and wanted to know if any one had any experience with them?

Thanks

Re: Merrick CC

woodyman100 — Fri, 24 Jul 2015 02:57:29 GMT

You don't apply. It's invitation only.

i had this card when I was rebuilding.

its a great card and will double the credit line in 7 months.

if you're rebuilding, I would recommend the card, pay in full every month and then reap the benefits

Re: Merrick CC

Anonymous — Fri, 24 Jul 2015 03:09:10 GMT

This is my only rebuilder card that I'm not closing. My 7th statement cut last month and I got my cli. Go for it!

Re: Merrick CC

LadyVee — Fri, 24 Jul 2015 05:33:42 GMT

I am in the rebuilding stage as well and I currently have the card. I have only had it less than a month, I haven't even received a statement yet. I hope the card does me well. To you, I would say go for it!

Re: Merrick CC

Anonymous — Fri, 24 Jul 2015 07:06:21 GMT

@Anonymous wrote:
Has any one heard of and/or applied for the Merrick CC. I received a pre-approval for a credit card from them and wanted to know if any one had any experience with them?

Thanks

I have the Merrick Bank credit card. They were good to me when others were not. Before I stopped using it, each time my account came up for review, I was always granted a CLI. The ONLY issue I have with them is the annual fee that is billed monthly. Because they are a subprime card and don't want to cross over into prime there is no incentive for them to remove the annual fee. I will be clsoing my account next month. It's my last subprime credit card. Another pet peeve is that you can't request CLIs.

If you can get a secured or other credit card without an annual fee, then apply for that one instead. It does not grow with you (from rebuild to excellent credit) so eventually you will have to close it or keep paying the annual fee. Goodluck!!! Please let us know what you decide.

Re: Merrick CC

Anonymous — Fri, 24 Jul 2015 14:15:46 GMT

Thanks everyone for your comments. I am in the rebuilding stage with my credit. I will accept their invitation and see how it does for me.

Re: Merrick CC

Anonymous — Fri, 24 Jul 2015 14:32:08 GMT

Stay away from credit one , verve, and milestone

Re: Merrick CC

Erusidhion — Fri, 24 Jul 2015 15:48:40 GMT

I've got a list of all the sub-subprime cards here if you want to take a gander: Sub-subprime Cards

I'll be checking all the terms again and updating it. I haven't done too much with the spreadsheet personally which I also need to work on but these are all the sub-subprime cards that I could find that normally you want to avoid but if you went through a bankruptcy and still have your income; picking all these cards up for like 2 years while you pay some money to do so could help you out overall.

We all have our own justifications for these cards. I have prime cards now but I have every card on this list except for First Access, Total Visa, (Surge/Matrix can't get because you can only have one from them, I already have Verve) and the First Savings. I decided to get them to see what they do over 24 months and just take one for the team for myFICO science and see what happens.

So far, Credit One has increased me from $500 starting limit to $700 limit. I only used these cards for a small purchase once a month and then pay in full as soon as they post to my account. Merrick is a good card because you get double your credit limit in 7 months; I started with $700 so it'll be $1400 eventually. Other than that no other CLIs and I've had no problems making payments on all the cards or anything.

Some of these cards will offer CLIs for a % of the CLI as a fee to get it. It's really up to you if it's worth it or not depending on how much they're going to increase you by. I MAY take them up on it only for the ability to show on my credit history that I can be responsible with higher limits. But that is a decision you'll have to make when it happens.

Good luck in your rebuild!

Re: Merrick CC

Anonymous — Fri, 24 Jul 2015 17:41:58 GMT

I closed mine because I was no longer using it, but it was a great builder. Started at $1250, doubled to $2500 at 7 months, and no annual fee. Head and shoulders above the others in the sub prime market.

Re: Merrick CC

SunriseEarth — Fri, 24 Jul 2015 19:03:49 GMT

@Anonymous wrote:
I closed mine because I was no longer using it, but it was a great builder. Started at $1250, doubled to $2500 at 7 months, and no annual fee. Head and shoulders above the others in the sub prime market.

+1. Similar experience. Mine started at $600, doubled to $1200. There are no rewards and the APR is atrocious, but there were also no fees. it was a good rebuilder, but I closed it since I wasn't using it.

Re: Merrick CC

DaveInAZ — Fri, 24 Jul 2015 22:34:41 GMT

@SunriseEarth wrote:
@Anonymous wrote:
I closed mine because I was no longer using it, but it was a great builder. Started at $1250, doubled to $2500 at 7 months, and no annual fee. Head and shoulders above the others in the sub prime market.
+1. Similar experience. Mine started at $600, doubled to $1200. There are no rewards and the APR is atrocious, but there were also no fees. it was a good rebuilder, but I closed it since I wasn't using it.

+2 I got mine in Dec 2012, just under 1 yr BK7 discharge, invitation letter. No fees, $1k SL, now up to $3100 CL. I've outgrown it with CCs with rewards & much larger CLs but I'm keeping it open with Netflix & another small monthly bill charging to it. As long as they stay happy with that I'll keep it open, that $3100 CL is a nice addition to my total available credit.

Re: Merrick CC

ddemari — Sat, 25 Jul 2015 01:30:35 GMT

I agree received a letter in later 2013. Opened it, 550 cl doubled to 1100 in 6 months and they gAve tu fico 08 bankcard. Its the only rebuilder that i would go for. Apr is HIGH and u dont want to call them unless ABSOLUTELY needed. They are rude csrs. Closed
The card once i had better cards.

Re: Merrick CC

NichelleN — Sat, 25 Jul 2015 11:37:41 GMT

Good luck with your new Merrick card. I accepted a $550 credit line offer from them last year. It doubled at 6 months. I now rarely use the card but it was great for me. There was no monthly or annual fee, just a really high interest rate. So, I don't carry a balance. I'll likely keep the card for a long while.