topic Re: Merrick Bank Visa App or nah? in Credit Cards

Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 11:33:24 GMT

I just got an offer in the mail for Merrick Visa Double Credit line offer. SL $700 with an increase to $1400 after 7 months. $36 annual fee. I'm wondering if it's worth it to apply. I just applied for Barclay Apple Rewards Visa last week and was instantly approved for $2k. Cap 1 Credit steps completed last week at $750. I also have a Jcrew $1000, and Overstock $1000. 2 INQ across all reports. FICO scores in signature. No love on other prequalify sites like chase, citi, amex. etc. (discover IT is questionable). I have a closed Navy federal card I'm paying on from years ago.

Is it worth it to apply or should I garden?

Re: Merrick Bank Visa App or nah?

jdxprs1 — Wed, 15 Mar 2017 11:40:41 GMT

It's an ok card. But seems to me you should be looking to do better.

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 11:41:27 GMT

I'd go with nah. Build what you have and take it from there in 6-12 months.

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 11:49:06 GMT

I'd say nah. Cap1 can always PC to no AF and can grow quick in the beginning. You could get something better than Merrick in a few months

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 11:55:08 GMT

You got enough to build, so think of it like this, don't app for anything you won't want in a couple years.

Re: Merrick Bank Visa App or nah?

AverageJoesCredit — Wed, 15 Mar 2017 11:58:23 GMT

Nah

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 12:43:13 GMT

Thanks everyone. I'm trashing the Merrick Bank offer.

Re: Merrick Bank Visa App or nah?

SouthJamaica — Wed, 15 Mar 2017 12:49:49 GMT

@Anonymous wrote:
I just got an offer in the mail for Merrick Visa Double Credit line offer. SL $700 with an increase to $1400 after 7 months. $36 annual fee. I'm wondering if it's worth it to apply. I just applied for Barclay Apple Rewards Visa last week and was instantly approved for $2k. Cap 1 Credit steps completed last week at $750. I also have a Jcrew $1000, and Overstock $1000. 2 INQ across all reports. FICO scores in signature. No love on other prequalify sites like chase, citi, amex. etc. (discover IT is questionable). I have a closed Navy federal card I'm paying on from years ago.

Is it worth it to apply or should I garden?

No it isn't. It would be a step down for you at this point. Just tend to your present cards.

Re: Merrick Bank Visa App or nah?

joltdude — Wed, 15 Mar 2017 15:48:50 GMT

@Anonymous wrote:
I just got an offer in the mail for Merrick Visa Double Credit line offer. SL $700 with an increase to $1400 after 7 months. $36 annual fee. I'm wondering if it's worth it to apply. I just applied for Barclay Apple Rewards Visa last week and was instantly approved for $2k. Cap 1 Credit steps completed last week at $750. I also have a Jcrew $1000, and Overstock $1000. 2 INQ across all reports. FICO scores in signature. No love on other prequalify sites like chase, citi, amex. etc. (discover IT is questionable). I have a closed Navy federal card I'm paying on from years ago.

Is it worth it to apply or should I garden?

I'd let this offer pass you by...

That said...

Do you still have an open account with Navy? (Yes i know the card account is closed) ....Navy is not known for being forgiving.. but theres been a few posters who have mentioned paying them back fully and able to get some products from them... I'm very curious about this... And it might be an avenue to explore during your rebuilding..... consider getting that paid off.....

-J

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 15:58:46 GMT

@joltdude wrote:
@Anonymous wrote:
I just got an offer in the mail for Merrick Visa Double Credit line offer. SL $700 with an increase to $1400 after 7 months. $36 annual fee. I'm wondering if it's worth it to apply. I just applied for Barclay Apple Rewards Visa last week and was instantly approved for $2k. Cap 1 Credit steps completed last week at $750. I also have a Jcrew $1000, and Overstock $1000. 2 INQ across all reports. FICO scores in signature. No love on other prequalify sites like chase, citi, amex. etc. (discover IT is questionable). I have a closed Navy federal card I'm paying on from years ago.

Is it worth it to apply or should I garden?

I'd let this offer pass you by...
That said...
Do you still have an open account with Navy? (Yes i know the card account is closed) ....Navy is not known for being forgiving.. but theres been a few posters who have mentioned paying them back fully and able to get some products from them... I'm very curious about this... And it might be an avenue to explore during your rebuilding..... consider getting that paid off.....

-J

Hey There. Yes, Navy Federal is my primary bank. Direct Deposit, paid off 5 yr car loan with no lates. Paid off secured loan with no lates. The Credit Card was a Joint Account that I refused to be responsible for because they weren't my charges and I no longer talk to the joint owner. We live and we learn. In the end, I'm making minimum payments, no lates ever reported on the card. I haven't tried to app for a New Credit Account because of it.

Re: Merrick Bank Visa App or nah?

joltdude — Wed, 15 Mar 2017 16:00:07 GMT

@Anonymous wrote:
@joltdude wrote:
@Anonymous wrote:
I just got an offer in the mail for Merrick Visa Double Credit line offer. SL $700 with an increase to $1400 after 7 months. $36 annual fee. I'm wondering if it's worth it to apply. I just applied for Barclay Apple Rewards Visa last week and was instantly approved for $2k. Cap 1 Credit steps completed last week at $750. I also have a Jcrew $1000, and Overstock $1000. 2 INQ across all reports. FICO scores in signature. No love on other prequalify sites like chase, citi, amex. etc. (discover IT is questionable). I have a closed Navy federal card I'm paying on from years ago.

Is it worth it to apply or should I garden?

I'd let this offer pass you by...
That said...
Do you still have an open account with Navy? (Yes i know the card account is closed) ....Navy is not known for being forgiving.. but theres been a few posters who have mentioned paying them back fully and able to get some products from them... I'm very curious about this... And it might be an avenue to explore during your rebuilding..... consider getting that paid off.....

-J

Hey There. Yes, Navy Federal is my primary bank. Direct Deposit, paid off 5 yr car loan with no lates. Paid off secured loan with no lates. The Credit Card was a Joint Account that I refused to be responsible for because they weren't my charges and I no longer talk to the joint owner. We live and we learn. In the end, I'm making minimum payments, no lates ever reported on the card. I haven't tried to app for a New Credit Account because of it.

I just found the post...

Moving this part of the conversation over to

http://ficoforums.myfico.com/t5/Credit-Cards/NFCU-woes-I-messed-up-how-long-should-I-wait/m-p/4759676#M1384673

Re: Merrick Bank Visa App or nah?

Blackswizz750 — Wed, 15 Mar 2017 17:03:48 GMT

I say Nah. I get these abut once a month. Grow what you have and look for better.

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 17:58:10 GMT

I would rather go for a secured with BoA, Discover, Citi, etc, then go to Merrick, CreditOne, or FirstPremier.

Re: Merrick Bank Visa App or nah?

Anonymous — Wed, 15 Mar 2017 18:39:38 GMT

Interesting. I thought I was past the "secured" card phase??

@Anonymous wrote:
I would rather go for a secured with BoA, Discover, Citi, etc, then go to Merrick, CreditOne, or FirstPremier.

Re: Merrick Bank Visa App or nah?

Blackswizz750 — Wed, 15 Mar 2017 21:18:54 GMT

From talks on here, if you want in with a good prime lender and have been denied before or just want in, BOA is a good one. So is Discover and Navy. I know folks with good cards but wanted the three here and wasn't in a hurry, the waited about 12 months and have been granted up to 40K in limits.

Re: Merrick Bank Visa App or nah?

Anonymous — Thu, 16 Mar 2017 01:16:27 GMT

When my scores were around yours, I made a personal choice to stay away from CreditOne/Merrick/First Premier/Total and instead I did the discover secured route ($200) because I thought discover would grow with me. The lenders I mentioned before, would not. This is my opinion, but they will not grow with you. At least with a prime bank, as your scores grow, better products will become available to you.

Re: Merrick Bank Visa App or nah?

joltdude — Thu, 16 Mar 2017 01:44:06 GMT

@Anonymous wrote:
Interesting. I thought I was past the "secured" card phase??
@Anonymous wrote:
I would rather go for a secured with BoA, Discover, Citi, etc, then go to Merrick, CreditOne, or FirstPremier.
No.. I wouldn't say your beyond the secured card phase.... Going the secured and graduating route is another very valid way to get in with a prime lender with less than ideal scores... Think of it as a way of gaining their trust..... And prime lender cards that are secured tend to have better terms and become unsecured when your scores go up...

Secure card with a mainstream lender, vs an unsecured card with crappy terms... Hmm its a toss up but id take the secured card ....

Re: Merrick Bank Visa App or nah?

Anonymous — Thu, 16 Mar 2017 02:23:30 GMT

@joltdude wrote:
@Anonymous wrote:
Interesting. I thought I was past the "secured" card phase??
@Anonymous wrote:
I would rather go for a secured with BoA, Discover, Citi, etc, then go to Merrick, CreditOne, or FirstPremier.
No.. I wouldn't say your beyond the secured card phase.... Going the secured and graduating route is another very valid way to get in with a prime lender with less than ideal scores... Think of it as a way of gaining their trust..... And prime lender cards that are secured tend to have better terms and become unsecured when your scores go up...

Secure card with a mainstream lender, vs an unsecured card with crappy terms... Hmm its a toss up but id take the secured card ....

Agree - good way to put it.

Just for fun I was reading the terms of the TOTAL visa last night... apparently you aren't allowed to buy gift cards with it, or gas stations, or sit down restraunts....And don't forget that some of these sub-prime cards have NO grace period - interest starts right way.