Merrick Bank Preapproval?

[Taoron]

It's been 1 year since I got BK 7 discharged.

I got a preapproval letter in the mail today from Merrick Bank.  I don't really know much about this card, but it has one hell of a APR.  25.45%, worse then the Credit One card I had-- only with no AF.

But I have other cards, why would I need a card from Merrick Bank??  Is this card offer sent to everyone who has had a BK?

[TRC_WA]

I started getting Merrick Bank offers a few months back... about a year after I started my rebuild which made the card pretty worthless to me.

Had they sent the offers right after discharge I'd have probably accepted... I don't care about the APR and the auto CLI after 7 months of payments would have been nice.

Either way a better deal than Credit One and First Premier... neither of which I had to use.  I started with Capital One and never looked back...

[Taoron]

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@TRC_WA wrote:

I started getting Merrick Bank offers a few months back... about a year after I started my rebuild which made the card pretty worthless to me.

Had they sent the offers right after discharge I'd have probably accepted... I don't care about the APR and the auto CLI after 7 months of payments would have been nice.

Either way a better deal than Credit One and First Premier... neither of which I had to use.  I started with Capital One and never looked back...

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Thank you @TRC_WA, I basically think I reached the same conclusion.  I too feel that had they offered this a year ago, (ie after discharge,) I probably would have jumped on it.  I just closed my first card out of BK this month, the Credit One card per the 24 month to 700 thread.

[DaveInAZ]

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@Taoron wrote:

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@TRC_WA wrote:

I started getting Merrick Bank offers a few months back... about a year after I started my rebuild which made the card pretty worthless to me.

Had they sent the offers right after discharge I'd have probably accepted... I don't care about the APR and the auto CLI after 7 months of payments would have been nice.

Either way a better deal than Credit One and First Premier... neither of which I had to use.  I started with Capital One and never looked back...

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Thank you @TRC_WA, I basically think I reached the same conclusion.  I too feel that had they offered this a year ago, (ie after discharge,) I probably would have jumped on it.  I just closed my first card out of BK this month, the Credit One card per the 24 month to 700 thread.

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Yeah, with the other cards you have in your siggy you sure don't need Merrick Bank. But too bad they took too long to find you, and you can only get this card with an invitation letter w/code. Luckily they found me just under 1 year BK7 discharge, in 12/2012 Great rebuilding card, much superior to Credit One or First Premier. They started me at $1k SL and now up to $3100 CL. I actually still have it open altho I've outgrown it with much better cards - no fees and the $3100 CL is nice for my total available credit, so I keep it active having Netflix & another small monthly bill charge to it. As long as they stay happy with that I'll keep it open.

[Shooting-For-800]

Merrick is 10 times better than credit one.

no bs fees, double credit line after 7 months, etc.

YMMV

[Anonymous]

I got this card yesterday. I'm 2 months post discharge and got Credit One with a $1500 limit 1 month ago.

I'm fine with paying a little bit for credit right now to move the rebuild process along. I'm just watching cycle, due and payment posting dates like mad and being very careful with these cards.

My scores are up 75 points so far