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Merrick DL annual fee

Ecast6680
Valued Member

Merrick DL annual fee

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?

Starting Score: 492
Current Score: 619 Exp F8
Goal Score: 670


Take the myFICO Fitness Challenge

Message 1 of 6
5 REPLIES 5
Jannelo
Frequent Contributor

Re: Merrick DL annual fee


@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?

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

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC to Quicksilver (9/19) - $2300 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $2800 CL
Amazon Prime Store Card (4/20) - $10,000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL
Navy Federal More Rewards American Express® Card (3/21) - $9700 SL - at 9.65 %.
Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2021 - 675
Equifax FICO 8 score 9/2021- 680
TransUnion FICO 8 score 9/2021 - 670
Message 2 of 6
recoveringfrombk7
Established Contributor

Re: Merrick DL annual fee

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.










Desired BK recovery line up complete 7/12/2021. Planning to garden until 8/2023 and potentially try for AMEX.
Message 3 of 6
CreditInspired
Super Contributor

Re: Merrick DL annual fee


@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?

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. 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $7K || BOA CashRewards $6K
Message 4 of 6
Ecast6680
Valued Member

Re: Merrick DL annual fee

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?

Starting Score: 492
Current Score: 619 Exp F8
Goal Score: 670


Take the myFICO Fitness Challenge

Message 5 of 6
recoveringfrombk7
Established Contributor

Re: Merrick DL annual fee

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










Desired BK recovery line up complete 7/12/2021. Planning to garden until 8/2023 and potentially try for AMEX.
Message 6 of 6
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