Merrick Bank

[Anonymous]

Just recieved a pre-approval for Merrick Bank Visa un-secured card with $600.00 starting limit. Not sure that I really need this card given I have three other revolving credit cards. Trying to re-establish my credit scores but really don't want to do a hard pull so as to decrease my current scores. 

[Anonymous]

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@Anonymous wrote:

Just recieved a pre-approval for Merrick Bank Visa un-secured card with $600.00 starting limit. Not sure that I really need this card given I have three other revolving credit cards. Trying to re-establish my credit scores but really don't want to do a hard pull so as to decrease my current scores. 

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 How many inquiries do you have on TU? That's the report they typically pull. If you really want the TL, the pull itself might not be bad, assuming you don't already have a lot on TU, but I think the bigger concern might be what it does to your AAoA.

If you're rebuilding, and already have 3 bankcards (not retail) then I'd probably pass, unless any of your current cards are secured. Even then, you also have to consider that while this is a decent card for rebuilding, and might be many people's first unsecured offering, it's also their only offering (aside from a secured product.) So, while you'll "double your line" from your SL eventually, it will only grow so much, and unlike a Capital One, or BoA, where you get your foot in the door to qualify for better products from the lender later on, you're not getting that internal history with Merrick. It also doesn't offer any rewards, though that's not unusual at all in the rebuilding card market.

I have one, and so far no complaints, other than their website is a little outdated. But, I knew what I was getting into, and will ultimately be getting rid of it when my file is thicker.

Read the fine print, too. There are wildly different terms - mine came with an AF, another reason this one will be getting the eventual boot.

[Erusidhion]

    Make sure you know what you're getting into when you accept the offer for this card. Here are the terms and conditions. I assume everyone will get their own tailored offer so make sure you know how much per year/month you'll be spending to keep this card. This card is one you would want to keep for 1-2 years, I always recommend 2 years and then dump it. It'll pad your AAoA to a minimum of 2 years, at 2 years your account is no longer new and a credit report keeps track of the last 24 payments made on the account. At least interest seems to be charged like a regular credit card and it's not like Credit One where they charge from the day it posts.

    I would take a look at the Credit One Visa or Milestone Gold MasterCard first before this one. What amount is your Account Set-up Fee and Annual Fee in your offer? Both Credit One and Milestone have a pre-qualification questionnaire that won't affect your credit score to see if you qualify for one of theirs. Depending on your terms you got in your offer, they only have an Annual Fee.

    Of course I would always recommend trying for a Secured Card since you can get your deposit back in the end. Good luck and congratulations!

[Anonymous]

What are your 3 other cards, what are the limits, and how old are they? Merrick will double your limit in 7 months.

[Anonymous]

Concur, they doubled mine in exactly 7 months

[Anonymous]

I have the following secured cards:
1. Open Sky $300.00
2. Freedom Credit Union $500.00
Un-secured cards:
1. Credit One $500.00
2. First Savings $700.00

I have only had these cards since Nov and Dec of 2014.

[Anonymous]

What is AAoA?

[Anonymous]

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@Anonymous wrote:
What is AAoA?

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Average age of accounts. Looking at your accounts I would say yes, apply for the Merrick card. You need to build up your file.

[Anonymous]

If this is the no fee version, go for it. That's what I have. Started at $1250, doubled to $2500 after 7 months. If it's the fee version, take a pass.

[Anonymous]

The fee us $72.00