Merrick Bank Double your line

[Anonymous]

I received a pre-approved letter in the mail today for the double your line offer with terms of 22.95% apr, $36 AF, $700 SL which will double to $1400 after 7 months of on time payments.

My current cards:
Credit One - $450 ($0 Balance)

Im recovering from a Bankruptcy disharged 10/2016 so I've been following the "Bankruptcy to 700" thread. This card isnt listed on that guide so I wonder if I should follow through on the offer.

[Anonymous]

It may be a good offer to start with now, but will be one to get rid of move past once you are farther from BK.
I'd try Cap1 to see if you pre-qualify there; you might be able to get a third card there.
Credit One I would dump the first chance you get

[garagebandking]

I haven't had to deal with a bankruptcy (yet or hopefully ever), but I did dig a DEEP hole with judgments/collections/repo/etc dating back to 2009-2010 and most of which went ignored into 2014-2015

I received an offer from Merrick, sans the AF, that I accepted in the summer of 2015. Around that time I also opened a Credit One...they were what showed up in the mailbox and I was just excited to get offers and have a shot at rebuilding.

Merrick was pretty decent. The website sucked, but I had no issues with payments clearing and they treated me fairly as a rebuilder. Once my Merrick card and Credit One hit 1 year, I closed them both out. Within that period I was able to significantly improve my portfolio thanks to their help.

Credit One, I can't hate on them as they did what I needed them to. They're a pain in the ass when you close them, they'll try to get you to stay then they'll bombard your with "we miss you" emails...how long have you had the card?

What are your scores like?

I think Cap1 is a good place to check for offers like Tigers said, I was able to get a QS one with them early in the rebuild and the credit steps thing is pretty solid. Beyond that, if you can get three cards, use them well for a year and start climbing out of that hole. Good luck!!

[Anonymous]

Capital one isnt an option right now as I had to burn them in my BK. They also arent showing any offers in the pre-qual.

My scores showing in MyFico are

TU:583  EQ:547 EX:563

[Anonymous]

Pass on the offer

my DW started getting those every 2-3 weeks after we discharged...the curious thing was that the longer we waited, the better the offers got, until we finally bit on one that was $1250 SL doubling to $2500, and NO AF

hang in there, at least until they offer no AF

Good Luck!

[Anonymous]

You mentioned burning Cap1; I'd keep checking to see if you prequalify. They are one of the more forgiving creditors I've seen with decent products to rebuild. You may be back in with them sooner than you think

[2GreenThumbs]

I got a similar offer from Merrick in the mail yesterday.  Straight to the shredder it went.  Instead, I opted to leave the garden when I saw a pre-qual offer for QS MC after logging into my Cap1 account.  I was approved for another $10,000 credit line.  Can't wait to dump the stupid Credit One card too once this new one starts reporting.  I know you said that Cap1 wasn't an option right now.  I burned them too, but there is hope.  They let me back in.  Hang in there.  

[Anonymous]

I had that exact deal and took it, and I haven't regretted the decision. CapOne is better, but if you're unable to get regular cards, and you can't get CapOne, you should get the Merrick. At least for awhile.

[Anonymous]

Merrick is great rebuilder.  My wife has one that now upto $4K.  The APR is terrible but if you need to make a large purchase and pay in full not so bad.   Credit One I never had but know who owns it.  Giant Shark.  They (Credit One)  are right up there with First Premier as far cards you get rid of as soon as possible. Merrick charges $3 or $4 a month and has given her regular increases.  Last year I had a minor situation where I had to pay for a big suprise and used it for the month otherwise sock drawer (It has has a very high AA so she does not trash it)