Merrick bank

[Anonymous]

So after I came from vacation Monday I had a preapproval letter in the mail from Merrick bank. $700 cl, double to $1400 after 7 months ontime pymts.it has a high apr of 25.45% , annual fee $48 1st yr billed $4 per month with no account setup fee. I'm Still in the rebuilding stage and was actually thinking abt getting it. I've read a lot of mix reviews though. I only plan to do a small purchase a month for like Netflix or some type of recurring small pymt and pay in full. Seems like the $4 a month won't be bad for the credit TL. any thoughts?

[Anonymous]

Take it! They are a great re-building tool and you can always cancel after the first year or when your able to move on to prime cards. I also recieved this same offer and accepted. I am very happy with them so far.

[Anonymous]

It serves a purpose in the beginning.  Higher cl and all.  But once you get going, I would cancel it.  Apr is too high & the $4.00 monthly charge too.  Also work on getting a Cap One QS.  They should start you out with a small limit, but it is a better card.  

[Anonymous]

It's a good card to rebuild with. Have one on my moms credit no problems. They also give you your Fico 8 score once a month.

[Anonymous]

I had one. SL of $1250, doubled to $2500. No AF, though. I closed it last month only because I wasn't using it any more.

[Anonymous]

Thx for all the replies everyone.

[Erusidhion]

    I recently accepted an offer from Merrick that I just got at the beginning of this week on Tuesday. It's funny because I actually called Merrick Bank to see if I could use an old pre-approval they sent me back in February I think to just accept the card. They said I couldn't so I told them to just mail me another pre-approval. They said they only send them to people that fit a certain criteria that they get in a list from the credit bureaus. I would like to think she took the time out of her day and put me on some sort of list. No matter, I have it now.

    25.45% Purchase APR

    30.45% Cash Advance APR (they let you take out your entire credit limit for cash advances, $500 a day limit, useful for cash emergencies)

    $36 Annual Fee

    I got a $700 limit which will double with 7 months of on time payments to $1400. Other than that this card has a 25 day grace period. Seems just like a normal credit card that just has no rewards or benefits. It could be a potential long term card if the credit limit increases regularly like some posts have pointed to from people that already own this card.

    I think for a rebuilding card it's not bad. And if you wanted to keep it beyond the first year; then annual fee of $36 isn't really that big of a deal. I see nothing but good things on myFICO and a couple of other google searches of people's experiences with this card.

[Anonymous]

I have it. 550 cl, next month will be my 7th payment. Hope to see the 1100cl. I like them, no problems. I will close it in April when I get the rest of my prime cards.

[TRC_WA]

I've got a couple of them in the last few months...  no AF $700 CL to $1400 after a few payments...

... about 2 years too late to be useful to me.

[BallBounces]

IMO:
1) Merrick is the least painful rebuilder.  You got pretty nice terms.  I would certainly accept it and then immediately app for QS1 if I were you.

2) Don't take the CreditOne offer when you get it.

3) When the Verve offer comes, dispose of it immediately and in the most complete manner possible.