topic Re: Merrick Bank "Pre-Approval" - Any Success Stories? in Credit Cards

Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Thu, 18 Sep 2008 22:03:32 GMT

Hey,

I'm actually stunned to receive this as I have a 648 TU with 3 ca's. One will be off within a month or so but I still cannot believe they would approve me. Have any of you been approved with this bank even with ca's?

My util is low and I have at most 7 tu inquiries in the last 2 years but I cannot see them approving me. Could they?

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Thu, 18 Sep 2008 22:06:49 GMT

Merrick bank is sending out preapprovals? For which card?

BF has a hooters card with a CO, but that ain't sayin' much.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Thu, 18 Sep 2008 22:15:02 GMT

only two merick backed cards i know of, hooter and geico. may be more out there, just haven't heard of any.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Thu, 18 Sep 2008 22:24:11 GMT

It's just called a merrick bank visa. With a pre-qualified acceptance certificate, code and 'convenience fee' of $159

Not sure it's worth it. Not planning on apping TU again for 6+ month so I might...but I might wait for a CA to fall off, too. Not sure what to do.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Thu, 18 Sep 2008 22:25:32 GMT

Wow, that sure doesn't sound convenient to me. Sounds like Merrick just came out with their own FP card! I wouldn't touch that. I'm gonna do some googling to see if I find anything.

jbh wrote:
It's just called a merrick bank visa. With a pre-qualified acceptance certificate, code and 'convenience fee' of $159

Not sure it's worth it. Not planning on apping TU again for 6+ month so I might...but I might wait for a CA to fall off, too. Not sure what to do.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Thu, 18 Sep 2008 22:29:24 GMT

Sorry, $139

It actually would not upset me to be approved for it because I can pay that back quickly and then use the NY 5 year law to my advantage. I can clear 'em up, pay this in full and wait til they are off my reports and let this age and, by april (my dream date to really apply for bank cards) it's another half year of positive history/etc

It is also just enough to help me pay for small business expenses to build my Dunn/bradstreet file. So, I am tempted since JFCU/Alliant/PartnersFirst have yet to get back to me and PenFed told me to take a long walk off a short pier.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Thu, 18 Sep 2008 22:33:36 GMT

Looks like it's by invitation only, though it hardly seems like a black tie affair.

From consolidating a bunch of reports, best I can see is that you'd be better off with a hooters card, this one has a higher fee and then of course also comes with low limits and high interest rates. No thanks! I'd shred that invitation if I were you.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Thu, 18 Sep 2008 22:36:21 GMT

NY 5 year rule is for collections, etc. (negative accounts) not positive. Positive accounts would still remain for 7 years. Seriously, if you would consider this offer, you'd be better off apping for Hooters because I think their highest AF is only $79. BF's was only 39.

How would this help your D&B? Not a business card is it?

jbh wrote:
Sorry, $139

It actually would not upset me to be approved for it because I can pay that back quickly and then use the NY 5 year law to my advantage. I can clear 'em up, pay this in full and wait til they are off my reports and let this age and, by april (my dream date to really apply for bank cards) it's another half year of positive history/etc

It is also just enough to help me pay for small business expenses to build my Dunn/bradstreet file. So, I am tempted since JFCU/Alliant/PartnersFirst have yet to get back to me and PenFed told me to take a long walk off a short pier.

Message Edited by UpUpUp on 09-18-2008 06:36 PM

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Thu, 18 Sep 2008 22:47:23 GMT

Hey,

Sorry for not being clear.

The 5 year rule (as you know) would be used to pay off old ca's that I am waiting to hit their 5 year anniversary. And any limit over $500 (my high is $300, bleh) would help me do quick payments for things like quills or staples where I build tradelines. Theoretically, I could use my cash and business checking but having extra limits to pay other expenses SAVES me that money upfront to build that D&B file.

It's just that extra cushion, that's all. This is why I don't need a $3k limit but I MUST have a real cc over $500. I'm thinking of biting the bullet. As for Hooters, I assumed I would be denied instantly with 3 ca's, to be quite honest.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Creditaddict — Thu, 18 Sep 2008 23:03:56 GMT

this paticular card is by offer only. I got it after I filed bk. they gave auto increase every 6 months. but after almost 3 years they sent me letter saying changing apr from like 12-39! never late, never over limit... they just said they changed there lending criteria, I chose not to accept and just closed it.

I loved it up unitl then though, no complaints.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Thu, 18 Sep 2008 23:09:04 GMT

Interesting. Makes me wonder if I will be approved. I have to type in my activation # and fill out a small app. I'm just so tired of denails. TY for the reply.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Creditaddict — Thu, 18 Sep 2008 23:11:10 GMT

I would guess yes. I think i got the pre-approval within 2 months of bk discharge and was approved for the max on the pre-approval, $750, then 1000, then 1250, then 1500, then 1750. i think that's what i had when i closed it.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Thu, 18 Sep 2008 23:18:40 GMT

Makes sense. I am just sensitive to having that 3rd ca. It has led to nonstop issues with all tu/exp pulls. I'll give it a shot, because the last tu pull was July and then May before that.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Fri, 19 Sep 2008 00:05:22 GMT

Ooooh, I see what you mean. Sorry, I totally misunderstood. Hooters is by Merrick bank though, that's why I was comparing them. You think you'll get approved for this card but not for Hooters? I don't know, maybe this has different eligibility criteria??

jbh wrote:
Hey,

Sorry for not being clear.

The 5 year rule (as you know) would be used to pay off old ca's that I am waiting to hit their 5 year anniversary. And any limit over $500 (my high is $300, bleh) would help me do quick payments for things like quills or staples where I build tradelines. Theoretically, I could use my cash and business checking but having extra limits to pay other expenses SAVES me that money upfront to build that D&B file.

It's just that extra cushion, that's all. This is why I don't need a $3k limit but I MUST have a real cc over $500. I'm thinking of biting the bullet. As for Hooters, I assumed I would be denied instantly with 3 ca's, to be quite honest.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Fri, 19 Sep 2008 00:07:24 GMT

Try googling, it does seem that a few years back this card was not so bad and decent at CLI, but now, not so much. Maybe there was a merger or something that caused things to change? That would also coincide with Creditaddicts experience.

I see where you are coming from, I just don't want you to end up with a total crap card.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Fri, 19 Sep 2008 00:09:25 GMT

And I DO appreciate that. Since I have to be realistic until May (when all 3 ca's fall off) I am ok with $750. I just noticed that Hooters seemed to put the kabosh on all high initial limit approvals so I figure a safe 750 with fees > a maybe $500 limit with my 648 fico and 3 ca's.

Though it'd be funny as all hell to have a Hooter's card. I WOULD use it at a fancy restaurant just for the yucks.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Fri, 19 Sep 2008 00:22:09 GMT

Well, good luck if you pull the trigger tonight!

Hooters used to be more generous, too, but lately they seem to be handing out a lot of $500 CL.

I am half tempted to send you my BF's Hooters card just to let you pull that off in a nice restaurant. That would be so darn funny. He keeps the activation sticker across the top he's so embarassed! Hehe. It's embarassing enough that it shows up on his credit report. Though, I suppose that's better than say, "Bunny Ranch" haha.

Message Edited by UpUpUp on 09-18-2008 08:22 PM

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Fri, 19 Sep 2008 00:23:32 GMT

Denied

i'll NEVER get a card. Ever. Can't wait for JFCU/Alliant to also turn me down. So aggravated. Every 'credit pull/give me credit' result I saw seemed to lead to approval. I hate these gd companies. I give up. My GF with a 771 eq but no history can't get a card but an 18 year old can. I have a 682 EQ with just one ca and people with bk's get approved with Penfed.

It's just pathetic. What the hell is the point? How is there not one gd card over $500 for me to get? I'm so angry right now.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

jbh — Fri, 19 Sep 2008 00:26:37 GMT

Also noticed they got my middle initial wrong. All reports either had a bogus address or bad name/middle initial. So they probably thought I was somebody else.

Re: Merrick Bank "Pre-Approval" - Any Success Stories?

Anonymous — Fri, 19 Sep 2008 00:27:14 GMT

Aw, man, I'm sorry! I totally feel your frustration. Have you tried BofA? I know you wanted more than $500CL, but they would probably decline you and possibly offer the $99/500 card. It's better than paying a fee, because atleast you get your $99 back after it graduates. Most graduate from 9-12 months and they typically bump your limit when that happens, too.

Chin up, you'll get there. I promise!

Goonies never day die!

(Sorry, I so love that movie - even to this day and it's such a good line.)

jbh wrote:
Denied

i'll NEVER get a card. Ever. Can't wait for JFCU/Alliant to also turn me down. So aggravated. Every 'credit pull/give me credit' result I saw seemed to lead to approval. I hate these gd companies. I give up. My GF with a 771 eq but no history can't get a card but an 18 year old can. I have a 682 EQ with just one ca and people with bk's get approved with Penfed.

It's just pathetic. What the hell is the point? How is there not one gd card over $500 for me to get? I'm so angry right now.