topic Re: Merrick Bank Credit Card in Credit Cards

Merrick Bank Credit Card

LadyVee — Fri, 26 Jun 2015 03:44:32 GMT

Today I received an pre-approval in the mail for $700 Visa. After 7 months of on-time payments they will automatically increase the limit to $1400. I accepted the offer but after reading the mixed reviews for this card I am now wondering if I should cancel it. My purpose of accepting this card was for the free FICO score, utilization purposes and to add another positive tradeline to my report which would then increase my scores. I have mixed feelings now and don't know what I should do.

Re: Merrick Bank Credit Card

Pway — Fri, 26 Jun 2015 03:46:57 GMT

What's the mixed feeling about? This card is great for rebuilding and you can only apply if you are sent a letter in the mail.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 04:01:55 GMT

My understanding is that Merrick Bank is a better rebuilder card than Credit One and First Premier, but I have no experience so maybe someone else can chime in.

Re: Merrick Bank Credit Card

IllinoisNative — Fri, 26 Jun 2015 04:43:34 GMT

Merrick is a great rebuilder card. I have them. I also had Credit One (yuk). Merrick is head and shoulders above Credit One. I haven't had a problem with Merrick. I now have a Capital One Quicksilver Visa and a Chase Freedom card and am being solicited for Discover It and American Express. Don't want to take the hit with opening too many cards right now, though. Merrick served it's purpose and I have no complaints. I'm keeping them open to help with utilization. Mine has no annual fee so I see no reason to close it yet.

Re: Merrick Bank Credit Card

LadyVee — Fri, 26 Jun 2015 04:55:05 GMT

Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.

Re: Merrick Bank Credit Card

taxi818 — Fri, 26 Jun 2015 13:23:16 GMT

@LadyVee wrote:
Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.

Prime lenders could care less. They are only concerned with their card. Not if your card is prime or subprime. Payment history trumps all.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 13:27:28 GMT

My Merrick used to be a Hooters card. It's a solid rebuilder. In keeping it, even with the fee, for a while longer. I'm closing Credit One, which is very predatory.

Re: Merrick Bank Credit Card

masscredit — Fri, 26 Jun 2015 15:20:35 GMT

I got one when I was rebuilding a few years ago. It's a decent rebuilder but it doesn't grow much. And they don't do customer initiated CLIs. I have a no fee card so I don't have a reason to cancel but it's now my lowest credit line.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 16:02:03 GMT

@LadyVee wrote:
Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.

I had a Merrick card for a while. As to how prime lenders will view you, they'll like you just fine. The annual fee sucks, (mine didn't have one), but it's not that bad.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 16:26:08 GMT

Yep, My experience has been good as well. They have done everything they said they would do. Had mine for almost an year. They helped me when no one else would. I don't have the annual fee either, so I plan on keeping it a long time, just prolly sock drawer it most of the time.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 18:05:42 GMT

If you look at it as though the main benefit of this card is the free Fico score, then you are paying about 48 a year for the free score.

If you need another CC and are somewhat early in the rebuild process, this is a good card.

I got the 550 to 1100 deal a couple years ago and I just got a giant 300 auto cli last month.

I am going to close out later this fall unless I can get the AF waived.

Good rebuilder card though.

hth

Re: Merrick Bank Credit Card

nursepower — Fri, 26 Jun 2015 19:03:37 GMT

I received this offer too and accepted even though it was preapproval and got a wait message. They immediately hit me with 2 HP but no card. Not sure what happened.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 20:37:28 GMT

Funny to read what offers everyone gets, I just got one today as well, 600 line to be doubled after 7 monthly payments. Annual fee however is 72$. Kinda pricey for fico credit score each month...

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 20:41:08 GMT

Hey, this is a great card to to exactly what you wanted! It will give you a decent limit and a free score. Nothing wrong with that. It's a great rebuilding/starting card. I had one too. Congrats!

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 20:57:00 GMT

@taxi818 wrote:
@LadyVee wrote:
Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.
Prime lenders could care less. They are only concerned with their card. Not if your card is prime or subprime. Payment history trumps all.

Very true! Had my Merrick when I was approved for Amex, BofA, Venture, etc. Np.

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 21:02:23 GMT

I wonder if after one year would be possible to ask for reduction or waving AF?

Re: Merrick Bank Credit Card

Anonymous — Fri, 26 Jun 2015 22:01:17 GMT

@Anonymous wrote:
I wonder if after one year would be possible to ask for reduction or waving AF?

Merrick is known for refusing any and all cardholder requests.

Re: Merrick Bank Credit Card

smitty1 — Fri, 26 Jun 2015 22:02:24 GMT

Had mine since 2006. No annual fee, no monthly fees. Credit line is 9,200- started at 1400. They increase it whenever they feel like it. Great card, to me, I'm keeping it....

Re: Merrick Bank Credit Card

NichelleN — Sat, 27 Jun 2015 01:36:51 GMT

Here's another vote for Merrick. It was good for me when I needed it most. I got the double your credit line offer. After making on time payments for 6 months, my credit line automatically doubled. I rarely use the card now but still have it. It was a great rebuilder card and is another account on my credit report with a perfect payment history.e

Re: Merrick Bank Credit Card

Anonymous — Sat, 27 Jun 2015 02:00:58 GMT

Merrick is wayyyy better than credit one. I will never forget credit one fiasco of trying to view the account online. I had to change my login/password every time!

The apr is high, but they report, and dont charge insane fees like first premier or credit one.

As a newbie, to me, it looks like you are on the right track. You are in with discover and capital one. And they do say you should have 3+ cards reporting.

This is just me, but if I were you I would pick one card, and use it for EVERYTHING. Pay that puppy off once a week if you can. Capital one has been so good to me. In 6 months from nothing to 3500, they have really been good to me.