Merrick DL annual fee

[Ecast6680]

I went on the prequalify page and was pre-approved for 550 SL. However, it has 48 dollars AF and 75 dollar set up fee. After first year, AF is 4 dollars month. That's pretty high. Should I go ahead and get it?

[Jannelo]

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@Ecast6680 wrote:
I went on the prequalify page and was pre-approved for 550 SL. However, it has 48 dollars AF and 75 dollar set up fee. After first year, AF is 4 dollars month. That's pretty high. Should I go ahead and get it?

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Don't bite yet.   I had prequalified a few times with a SL of $500 and DYL after seven months, but it always had the set-up fee and AF and once with just the AF.  So I wasn't interested.  Then the offer went away one time I checked after getting new credit.   But I was in their system now, I guess, after filling out the pre-qual info.   A month later  I received an offer in the mail  with no AF, no set-up fee, with a SL of $700, double your line to $1,400 after seven months, which I will receive in about a week now.   As a rebuilder and not too many options out there, I took the offer.  I had a charge-off amount on a CC I was paying down, so the $700 CL helped as far as utilization.  Thankfully, that's now paid off.   Also, I had read on here that after seven months and the double the SL, they give you automatic CLIs every few months of a couple hundred dollars.   They've been very easy to deal with.  I never carry a balance on the card, so no worries about the high interest rate on it.

I wouldn't take the offer now, but wait and keep checking every so often.  You should eventually get an offer either by the prequalify feature, or by mail, without the set-up fee and AF.   But I don't know your options.  It depends on your profile if this is a good CC for you.  For me, it was a good CC  to get in my rebuild, and I can finally close my secured Green Dot CC.    Three months later I finally prequalified for an unsecured Discover, so moving on up.  LOL

[recoveringfrombk7]

With both Ollo and Merrick I just waited them out a few months and ended up with 0 AF on both. If you don't need it right now to improve util etc I'd wait.

[CreditInspired]

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@Ecast6680 wrote:
I went on the prequalify page and was pre-approved for 550 SL. However, it has 48 dollars AF and 75 dollar set up fee. After first year, AF is 4 dollars month. That's pretty high. Should I go ahead and get it?

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Absolutely not! Your CL is really $427 and I'm willing to bet there are other fees. Don't do it! See if Cap1 or Disco will offer secured cards. 

[Ecast6680]

By waiting them out, do you mean that you waited and then went to the prequalify page or did they mail or email you the no AF offer? Or did they change the fees after you signed up?

[recoveringfrombk7]

I received mailers, but you could just recheck the prequalify page - same idea. There is no penalty credit report wise until you actually apply.