topic Re: Merrick Bank in Bankruptcy

Merrick Bank

AcidKoolz — Sun, 29 Mar 2015 23:47:15 GMT

Hey all -

Trying to follow the 24mo plan, but I have ran into a snag with the CB loan...Current CU told me upfront that as long as I was a member in good standing for 30 days it wouldn't be an issue, only to find out after I applied that they don't extend credit to anyone with BK for 3 years. I am saving up now to repay NFCU and then I am going to try to get back in with them and hopefully restablish a relationship...then I will try to CB with them.

My question is...I received an "preapproved" offer from Merrick Bank today. I've searched around the forums but come up with mixed results.. Just wondering how it would fit into my plan...I don't want to take the inq and pay the AF if it wouldn't be worth it in the long run. I currently have CreditOne ($400) and I am an authorized user on my wifes cap1 ($300)

Here's the offer:

$550 initial credit line - doubled to $1100 after 7 monthly payments on time.

27.70% APR, but APR doesn't matter to me because I PIF each month...

$48 AF - billed @ $4 per month

$75 setup fee

I hate that there is setup and AF...but that's not much different from my Credit one...I like that the available credit increases to $1100, which would be my biggest credit line both now and maybe then....

Just looking for some advice...I don't have an issue paying these fees if it will be benficial in the long term. Thoughts?

Re: Merrick Bank

TRC_WA — Mon, 30 Mar 2015 00:41:58 GMT

If I were in your shoes I'd probably do it.

$75 + AF is worth it for the help it will give your credit profile.

BUT...

Why haven't you applied for a Capital One CC?

You need 3 revolving accounts reporting for max benefit... preferably your own not AU accounts.

Re: Merrick Bank

AcidKoolz — Mon, 30 Mar 2015 00:46:25 GMT

I applied for Cap1 prior to credit one....they declined me without pulling my reports because I burned them in BK for about $100 or so on a secured card...

Re: Merrick Bank

TRC_WA — Mon, 30 Mar 2015 00:47:12 GMT

Give it some time then... they'll let you back in.

In the meantime, yes I would add the Merrick card.

Re: Merrick Bank

bstone — Mon, 30 Mar 2015 01:07:32 GMT

Are you saying you did the Capital One pre qual and it said there were no cards at this time? Don't rely on that. My wife and I both burned Cap One, the pre qual said nothing available for us, but we both decided to hard app and both were approved for Platinum and Quicksilver.

If it's the pre qual tool you are relying on give that hard app a shot. You may be pleasantly surprised.

Re: Merrick Bank

TRC_WA — Mon, 30 Mar 2015 01:31:30 GMT

He said he applied and was auto-declined without a credit pull. Wouldn't be the first time someone who burned them got that response.

Obviously doesn't apply to everyone though.

Re: Merrick Bank

bstone — Mon, 30 Mar 2015 01:36:42 GMT

Yeah, I read that, just wanted to clarify. Too many rely on the pre qual tool and shouldn't.

Re: Merrick Bank

AcidKoolz — Mon, 30 Mar 2015 01:55:35 GMT

Yeah I actually applied. I did however recheck the prequal now and it still doesn't recommend anything. I guess I could reapply. Might not hurt anything since they didn't pull reports last time. When I called for recon, CRA suggested secured first and then she though they'd let me back in. My credit one is reporting now (I think this might be why I got the merrick offer), but my wife's cap 1 isn't reporting to either of our reports yet, even though we opened the account towards the end of Jan. maybe once they start reporting they will approve me for one.

Re: Merrick Bank

DaveInAZ — Mon, 30 Mar 2015 19:03:37 GMT

I got a Merrick pre-qual letter a little shy of 1 yr. post discharge & was approved, but my offer was $1k CL & no annual fee or processing fee, and I thought 25.45% APR was bad. . Good credit builder card, much better than Credit On or First Premier - just PIF every month to avoid the horrendous interests rate. They're good with auto CLIs (you can't ask for a CLI), I'm at $3100 CL now, haven't had a CLI for well over a year and probably won't get one -. I've outgrown the card, but since no AF I keep it open, just have Netflix & another small monthly bill post to it and then PIF before statement, forcing a $0 balance report.

Re: Merrick Bank

Anonymous — Tue, 31 Mar 2015 18:29:01 GMT

I have bad credit and I got one of those offers for the pre-approved. It's almost definate I responded last year got a $600 CL and no I am at 1200 DL. I think its worth it.

Re: Merrick Bank

Pway — Tue, 31 Mar 2015 18:38:29 GMT

I burned Capital One as well, although when I first applied I was denied. I opened a secured card with my credit union the same day I opened my checking and savings account. I then obtained a fingerhut account. I let those age for about 4 months and then I gave Capital One a try again and I was approved, 500 QS1 and 500 Platinum. Those were my starting limits. With you BK being so new I would give them some time. Some are able to get right back in with Capital One while others have to wait a while. They are BK friendly. I would go ahead and apply for the Merrick Bank since you have a pre approval and that is the only way you get in with them other than their secured card. Good Luck. Get some positive trade lines going on you reports after the BK.

Re: Merrick Bank

Anonymous — Wed, 01 Apr 2015 23:14:25 GMT

i got a card with Merrick and my BK info is in my signature. But i did not have merrick card included in the BK. Just an FYI if that helps anyone.

Re: Merrick Bank

padme — Thu, 02 Apr 2015 03:35:42 GMT

I too, had this card.. I got credit one 4 months post BK, then Merrick a few months later.. yeah has a AF, rate was 18% though.. it was secured though for only $200.. I never could figure how to add more without calling them... it was a year before i moved onto capitol one QS1 for $3k/venture 10k. always stayed at 10% or less... hope this helps