Received Merrick Bank prequalify offer

Kb109 · ‎02-10-2019

Hi everyone! I received an offer in the mail yesterday from Merrick Bank. Says if approved, they will increase credit limit with on-time payments. No annual fee and typical crappy post-BK interest rate (I would pay it off every month). Should I bite? I really don’t know anything about Merrick. You can see my info in my signature. Thanks in advance!

P.S. I just noticed in my signature says GARDENING FOR TWO YEARS lol! I have heard good things about this card on this forum which is the only reason I am wanting opinions on it.

Filed Ch7: 6/21/17
Discharged: 10/03/17
Current FICO8 Scores as of 2/10/2019: EX 651, TU 678, EQ 679
My Cards: 1FBUSA $2,900 (survived BK7 and is my oldest account!), Fingerhut $1,100, CreditOne $900, Ollo Rewards $2,500, LendUp Arrow card $2,000, CapitalOne Platinum $3,000. GARDENING FOR THE NEXT TWO YEARS!

Anonymous · ‎02-10-2019

From what I understand, it’s an OK rebuilder card. Probably one of the better subprime cards out there. That said, it will never grow with you. They may double your limit in a few months, but don’t expect much growth after that.

If I was you, and based upon the cards listed in your signature, I’d pass and remain in the garden awaiting a card that will grow with you for years to come.

Kb109 · ‎02-10-2019

Thank you so much for your advice! You're probably right. I have just heard good things about the Merrick card on the bankruptcy forum but if they aren't going to grow with me after the initial "double your credit line to $2,100" and then not increase (automatically) at all, then I will likely pass.

Filed Ch7: 6/21/17
Discharged: 10/03/17
Current FICO8 Scores as of 2/10/2019: EX 651, TU 678, EQ 679
My Cards: 1FBUSA $2,900 (survived BK7 and is my oldest account!), Fingerhut $1,100, CreditOne $900, Ollo Rewards $2,500, LendUp Arrow card $2,000, CapitalOne Platinum $3,000. GARDENING FOR THE NEXT TWO YEARS!

Anonymous · ‎02-10-2019

@Kb109 wrote:
Thank you so much for your advice! You're probably right. I have just heard good things about the Merrick card on the bankruptcy forum but if they aren't going to grow with me after the initial "double your credit line to $2,100" and then not increase (automatically) at all, then I will likely pass.

Your scores are climbing and not bad at all right now. Your rebuild has been established with positive history since the BK. There is no reason to continue to apply for subprime cards. I would only apply for cards that you feel you would keep long term. Merrick won't be one of those cards.

DaveInAZ · ‎02-11-2019

@Kb109 wrote:
Thank you so much for your advice! You're probably right. I have just heard good things about the Merrick card on the bankruptcy forum but if they aren't going to grow with me after the initial "double your credit line to $2,100" and then not increase (automatically) at all, then I will likely pass.

Well, Merrick won't grow like a Synchrony account, I got my Walmart store card in Feb 2013, I think around $800 limit, todays it's $10k. But with no fees Merrick is much better than your Credit One. I got my Merrick card in Dec. 2011 my BK was discharged in Jan. 2011. I think the starting limit was also around $800, today it's $3100. It's my oldest open CC, I outgrew it years ago but I keep it open because with no fees why not? It hasn't gotten any use in years except my $10.xx monthly Netflix sub, but that seems to keep them happy.

Anonymous · ‎02-11-2019

Merrick is just fine as a rebuilder card, but honestly you're already past them IMO.

I would sit tight and think about joining a BK friendly credit union. That is where you'll find the products for the next stage of your rebuild. Then kick Ollo, Credit One, etc., to the curb.