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Mercury MC? worth it?

anniea4001
Contributor

Mercury MC? worth it?

Good evening everyone.

 

I am about a month a 3 days post discharge on my Chapter 7.

So far I have managed to secure 2 CCs wih no AF.

CapOne 3k SL.

Ollo 500 SL.

 

Today I received a pre approval for the Mercury MC via Credit Karma. No AF and 1% cash back.

 

When I click on the details, it only asks for last 4 of my SS.

 

Anyone that can chime in about this card? I have never heard of it and I am not sure if its even worth considering it.

What bureau do they pull from? 

 

My current goal is to garden for a few months so I can apply for a Penfed CC. 

 

My only new inquiries are the 2 cards I got plus 1 other I got denied for. But I do have several inquiries from purchasing a vehicle a year ago and 3 months ago.

 

Suggestions? 

Current FICO 8 scores EQ 632 - TU 630 - EX 653

8 REPLIES 8
chalupaman
Super Contributor

Re: Mercury MC? worth it?

I got it for the free FICO score basically but I've heard of people around here who got pretty great starting limits out of the card. It's definitely worth a look in my book. 

Main cards: Penfed Power Cash Rewards - $10k, Capital One Platinum - $3k, NFCU cashRewards - $500

Other cards I use atm: Best Buy (Citi) - $2k, Mercury MC - $1.5k, Amex Delta Gold (AU) - $1k, Ollo MC - $600, Mission Lane Visa - $500

Other TLs: Kay Jewelers - $4.5k, Appliances Connection - $3.8k, Jared - $3.5k, Firestone CFNA - $1.8k (opened 2016), Williams Sonoma - $600, NY & Company - $500, Home Depot (Citi) - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: EX - 662, EQ - 681, TU - 670
Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516
Total TLs: $37.3k
Total Utilization: 4%

It is possible to get your credit back into shape. Just be patient, let accounts age when needed and apply for what you need
Message 2 of 9
anniea4001
Contributor

Re: Mercury MC? worth it?

Thanks @chalupaman 

 

I know it is recommended to have at least 3 cards, so I figured this might be the 3rd one. 

Do you remember what score they pulled when you applied? 

 

I also noticed you have Penfed listed on your signature. That is really the next bank I want a credit card from. 

Can you share some of your data points? What score they pulled? How soon after BK discharge did you apply? 

TIA

Message 3 of 9
chalupaman
Super Contributor

Re: Mercury MC? worth it?


@anniea4001 wrote:

Thanks @chalupaman 

 

I know it is recommended to have at least 3 cards, so I figured this might be the 3rd one. 

Do you remember what score they pulled when you applied? 

 

I also noticed you have Penfed listed on your signature. That is really the next bank I want a credit card from. 

Can you share some of your data points? What score they pulled? How soon after BK discharge did you apply? 

TIA


Sure thing. 

 

Penfed I've been a member with them since 2014 approximately, but I never really had any products with them beyond the checking and savings and overdraft LOC. After BK, they gave me another overdraft LOC account right off the bat and a year and 8 months after DC, that's when I got instantly approved for the PCR when my FICOs reached the 660s. I tried some other cards on the same HP, but no dice, so I'm just letting the card age now and using it for everyday purchases and I also did a balance transfer on there as well I'm paying off within the next month. 

 

I recommend getting a checking/savings account with them now so you can establish that relationship to boost your chances. 

 

Main cards: Penfed Power Cash Rewards - $10k, Capital One Platinum - $3k, NFCU cashRewards - $500

Other cards I use atm: Best Buy (Citi) - $2k, Mercury MC - $1.5k, Amex Delta Gold (AU) - $1k, Ollo MC - $600, Mission Lane Visa - $500

Other TLs: Kay Jewelers - $4.5k, Appliances Connection - $3.8k, Jared - $3.5k, Firestone CFNA - $1.8k (opened 2016), Williams Sonoma - $600, NY & Company - $500, Home Depot (Citi) - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: EX - 662, EQ - 681, TU - 670
Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516
Total TLs: $37.3k
Total Utilization: 4%

It is possible to get your credit back into shape. Just be patient, let accounts age when needed and apply for what you need
Message 4 of 9
anniea4001
Contributor

Re: Mercury MC? worth it?


@chalupaman wrote:

@anniea4001 wrote:

Thanks @chalupaman 

 

I know it is recommended to have at least 3 cards, so I figured this might be the 3rd one. 

Do you remember what score they pulled when you applied? 

 

I also noticed you have Penfed listed on your signature. That is really the next bank I want a credit card from. 

Can you share some of your data points? What score they pulled? How soon after BK discharge did you apply? 

TIA


Sure thing. 

 

Penfed I've been a member with them since 2014 approximately, but I never really had any products with them beyond the checking and savings and overdraft LOC. After BK, they gave me another overdraft LOC account right off the bat and a year and 8 months after DC, that's when I got instantly approved for the PCR when my FICOs reached the 660s. I tried some other cards on the same HP, but no dice, so I'm just letting the card age now and using it for everyday purchases and I also did a balance transfer on there as well I'm paying off within the next month. 

 

I recommend getting a checking/savings account with them now so you can establish that relationship to boost your chances. 

 


@chalupaman  thanks for sharing!

 

I ended up applying for Mercury, and after some identity verification I was instantly approved for 2k. Not too bad for a starting limit. Plus the 1% cash back and no AF, not bad at all. Better to get some cash back than none. 

I am done with card applications for at leats 6-9 months.

 

After filing for my CH7, I starting researching this forum ad decided to join Penfed with a savings account after reading such good things about them.

I put a little money there at least once a month (just to have a secondary emergency fund) and I am waiting to build some more credit history before I apply for a card with them and maybe a car refinance. We'll see.

So far, I am extremely happy with the approvals I have been able to secure so far. No hard pulls wasted except a Care Credit denial. I was not planning on applying for Care Credit until next year but I had some dental work for about $1400 and I was hoping (more like dreaming) to get some love there but NOPE. 

With my 3 cards to garden I go for the next few months. Technically I have 4 cards but it does not look like Tomo is reporting to all bureaus any time soon. So it technically does not count 

Message 5 of 9
Total80sKid
Valued Contributor

Re: Mercury MC? worth it?

@anniea4001 

 

Congrats on the approval!

Message 6 of 9
M_Smart007
Epic Contributor

Re: Mercury MC? worth it?

Congratulations on your approvals!

Message 7 of 9
anniea4001
Contributor

Re: Mercury MC? worth it?

Thank you @Total80sKid @M_Smart007 

 

For however may be interested in this card, here is some data. Mercury pulled TU. Hope that helps 

Message 8 of 9
AllZero
Super Contributor

Re: Mercury MC? worth it?

Congratulations on your approval!
Message 9 of 9
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