Merrick Bank Pre-approval Question

[Anonymous]

I just received a pre-approved offer from Merrick for $1,000 with a double up offer to 2k in 7 months. The apr 25%. My issue is this, I have three secure cards and they will reach 13 months in July. i have 1 unsecure with nfcu. I want to close the three secure cards. Would this be considered going backwards due to me having a NFCu cash rewards card?

I need to replace the three secure cards with non secure cards to keep my score optimized.

[blindambition]

Secured cards contribute to optimal scoring. Are they cards that graduate? If so, Merrick is going backwards. It's a subprime card, even without extra fees. You're well into rebuild, and should be focused on more Prime cards.

[rostrow416]

I can't really hate on Merrick.  I had a card with them for almost 5 years that I just recently closed.  No AF, APR that kept getting reduced (19.xx as of closing), and no problems with it. 

If you think having the additional credit line can help, or you want to get an unsecured card, there are worse options than Merrick 

[Shooting-For-800]

I never paid a dime to Merrick and never had a single issue until they closed my account for not using.

GL!

[lgtwriter]

I got my Merrick card years ago with a pre-approval and it grew steadily to a $5,000 limit as I rebuilt. Even though I don't need it anymore I keep it for age. It was a good card that I occasionally still put a charge or two on to keep it active. Good Luck with your pre-approval!

[babygirl1256]

I would pass on Merrick Bank and focus on watering and growing your NFCU card that has the potential to have a credit limit exceeding $20k. Who are the 3 secured cards with -and- will any of them graduate to unsecured? 

[Webspry]

You don't need it. Keep going and burn a hard pull on a Discover card in a few months. 

[Anonymous]

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@blindambition wrote:

Secured cards contribute to optimal scoring. Are they cards that graduate? If so, Merrick is going backwards. It's a subprime card, even without extra fees. You're well into rebuild, and should be focused on more Prime cards.

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Yes, they contribute to the scoring optimization however mine unfortunately do not graduate. I am really trying to focus on prime cards. I am being patient. I have not accepted any of the offers that have been sent to me. I ask questions about them to help me through the process. I was unware of what is considered well into the rebuild, but thank you for pointing that out.

[Anonymous]

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@Webspry wrote:

You don't need it. Keep going and burn a hard pull on a Discover card in a few months. 

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I want the discover card, I keep checking their pre-approval site but only get appproved for their secured card. I need to wait patiently until they pre-approve me for their unsecure card. Is discover a subprime card?

[Anonymous]

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@babygirl1256 wrote:

I would pass on Merrick Bank and focus on watering and growing your NFCU card that has the potential to have a credit limit exceeding $20k. Who are the 3 secured cards with -and- will any of them graduate to unsecured? 

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None of my secure cards graduate and need some other cards to replace the secure cards. I have had my NFCU cash reward since Feb 2021. I dont know if they will give me a second card or a CLi with two baddies left on my report. When i started with them I had seven baddies on my credit file and they gave me a 3k sl on my cash rewards. I want to apply for the second card or CLI and planed to do it in about 15 days.

My three secure cards.

1. OpenSky $300 limit no balance

2. Assent card $400 limit no balance

3. First Progress $500 limit $100 balance

4. NFCU cash rewards 3k limit it reports after today and I am thinking about testing to leave it with a $100 to see if my credit score will change. It has always reported with zero balance.

What are your thoughts?