Merrick CC

[Anonymous]

Has any one heard of and/or applied for the Merrick CC. I received a pre-approval for a credit card from them and wanted to know if any one had any experience with them? 

Thanks 

[woodyman100]

You don't apply. It's invitation only.

i had this card when I was rebuilding.

its a great card and will double the credit line in 7 months.

if you're rebuilding, I would recommend the card, pay in full every month and then reap the benefits

[Anonymous]

This is my only rebuilder card that I'm not closing. My 7th statement cut last month and I got my cli. Go for it!

[LadyVee]

I am in the rebuilding stage as well and I currently have the card. I have only had it less than a month, I haven't even received a statement yet. I hope the card does me well. To you, I would say go for it!

[Anonymous]

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@Anonymous wrote:

Has any one heard of and/or applied for the Merrick CC. I received a pre-approval for a credit card from them and wanted to know if any one had any experience with them? 

Thanks 

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I have the Merrick Bank credit card. They were good to me when others were not. Before I stopped using it, each time my account came up for review, I was always granted a CLI. The ONLY issue I have with them is the annual fee that is billed monthly. Because they are a subprime card and don't want to cross over into prime there is no incentive for them to remove the annual fee. I will be clsoing my account next month. It's my last subprime credit card. Another pet peeve is that you can't request CLIs.

If you can get a secured or other credit card without an annual fee, then apply for that one instead. It does not grow with you (from rebuild to excellent credit) so eventually you will have to close it or keep paying the annual fee. Goodluck!!! Please let us know what you decide.

[Anonymous]

Thanks everyone for your comments. I am in the rebuilding stage with my credit. I will accept their invitation and see how it does for me.

[Anonymous]

Stay away from credit one , verve, and milestone

[Erusidhion]

    I've got a list of all the sub-subprime cards here if you want to take a gander: Sub-subprime Cards

    I'll be checking all the terms again and updating it. I haven't done too much with the spreadsheet personally which I also need to work on but these are all the sub-subprime cards that I could find that normally you want to avoid but if you went through a bankruptcy and still have your income; picking all these cards up for like 2 years while you pay some money to do so could help you out overall.

    We all have our own justifications for these cards. I have prime cards now but I have every card on this list except for First Access, Total Visa, (Surge/Matrix can't get because you can only have one from them, I already have Verve) and the First Savings. I decided to get them to see what they do over 24 months and just take one for the team for myFICO science and see what happens.

    So far, Credit One has increased me from $500 starting limit to $700 limit. I only used these cards for a small purchase once a month and then pay in full as soon as they post to my account. Merrick is a good card because you get double your credit limit in 7 months; I started with $700 so it'll be $1400 eventually. Other than that no other CLIs and I've had no problems making payments on all the cards or anything.

    Some of these cards will offer CLIs for a % of the CLI as a fee to get it. It's really up to you if it's worth it or not depending on how much they're going to increase you by. I MAY take them up on it only for the ability to show on my credit history that I can be responsible with higher limits. But that is a decision you'll have to make when it happens.

    Good luck in your rebuild!

[Anonymous]

I closed mine because I was no longer using it, but it was a great builder. Started at $1250, doubled to $2500 at 7 months, and no annual fee. Head and shoulders above the others in the sub prime market.

[SunriseEarth]

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@Anonymous wrote:

I closed mine because I was no longer using it, but it was a great builder. Started at $1250, doubled to $2500 at 7 months, and no annual fee. Head and shoulders above the others in the sub prime market.

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+1.   Similar experience.   Mine started at $600, doubled to $1200.   There are no rewards and the APR is atrocious, but there were also no fees.   it was a good rebuilder, but I closed it since I wasn't using it.