Should I get this Merrick Bank Double Your Line Mastercard($1000 CL)?

[MikeyMagic]

Hello,

So I want to ask the experts here. I am trying to build my credit as some of you know and for about 2 months I have the following 4 cards

Cap1 Platinum Mastercard (unsecured) with a $300 CL

Chase Freedom Rise Visa (unsecured) with a $500 CL

Discover It Card (secured) put $500 on it

Amazon Card(secured) put $200 on it.

I had no plans for any other cards but then in my Credit Karma account tonight it told me I have the CK guarantee approval for 2 cards. 1 of them was a Credit One Platinum which I have no interest.

BUT the other credit card is this Merrick Bank Double your Line Unsecured Mastercard and if i am not approved CK promises me $50. The card will have a $1000 CL(my highest yet), no annual fee and if I make 6 consecutive on time payments my CL will automatically go up to $2000. I read some reviews and people seem to like this. 

So here's my question - i know I wasn't planning on getting anymore cards but a no annual fee, $1000 CL card with a guarantee double CL seems pretty good right? Should I apply and get this card and then stop? Or not.

Please help, thx.

[Brian_Earl_Spilner]

Merrick is meh. I wouldn't get any more for a while, but if I was, it would be a us bank secured card to establish a relationship since they love to throw out $500 starting limits. 

[MikeyMagic]

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@Brian_Earl_Spilner wrote:

Merrick is meh. I wouldn't get any more for a while, but if I was, it would be a us bank secured card to establish a relationship since they love to throw out $500 starting limits. 

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i am only considering it because it has a $1000 CL which doubles to $2000 guaranteed in 7 months and no annual fee. It's not a rewards card though. I have 4 cards now but I hate these small limits.

[Jeffster1]

@MikeyMagic I think you should go for it and apply. The Merrick Double-Your-Limit card worked for me, and while my overall experience post-DC is just my experience, I cannot fault this no-AF card. I got it within 4 months of my DC. I closed it about a year ago but it served me well. 

Looking back...even though not by design...there were two phases to my rebuild.

I had received my DC from my 13 case a little less than 1.5 years early. Due to a large increase in salary, it was in my best interest to convert to a 100 percent plan.

I had gotten used to using my debit card everywhere and had decided I really did not need credit. I had become very comfortable during my 3.5 years in the 13 with just paying cash or using my debit card. During the two years leading up to my BK filing, I was in a nightmarish world of treading water to keep myself above water on my minimum payments, and, quite frankly, my time in BK was like paradise, comparatively speaking.

Once I got my DC in January 2021,  I rethought my plan and began my rebuild.

I received an invite from OLLO through one of the apps a few days after DC and was approved. This began Phase 1.

Phase 1...In the 4 months following my DC in January 2021, I applied ONLY for cards within my reach...OLLO, Cap 1, Merrick and Mercury, along with a secured card each from BofA and TD.

I received an invite from OLLO a few days after my DC, and was approved, followed by my checking for a Cap1 pre-qualification. Cap1 Plat was approved.

I then opened a secured each at BofA and TD.

Shortly thereafter, I received a pre-approval for Mercury, followed by a pre-approval for a Merrick Double-Your-Limit card. Both were approved.

I had set a personal policy of not applying for low-hanging fruit like store cards.

During the Fall of 2021, both my BofA and TD cards graduated.

Around the same time, I did a PC on my Cap 1 Platinum to a QS, and I was also approved for a Cap 1 Walmart card.

I then gardened from late Fall 2021 until May 2022.

May 2022 began my phase 2.

Phase 2...I was now 61 months post-filing so I applied to Amex and was approved for the Gold, immediately followed by an approval for the Amex BCE. I then acquired the cards in my signature below, while closing Ollo, Merrick and Mercury in early Fall 2022. They had served their purpose.

Subsequent Amex approvals came via soft pulls. 

By restraining myself on the inquiries earlier, I now had the luxury to begin risking just a little by apping for a few months and ending up with some nice cards that are listed in my signature.

I do AZEO. I maintain a $3.00 balance on my Cap 1 Savor One, and I PIF everything else. I have only one loan...an SSL through NFCU…which I paid down immediately. leaving 8.9% remaining for FICO scoring purposes.

There were definitely two defined phases to my rebuild. I really didn’t set out for it to be that way but it worked out that way, and it worked out well for me.

I’m a little less than 3 years post-DC and have about $230K in total limits.

In short, the Merrick Double-Your-Limit card served its purpose, and I would recommend you go for it.

[MikeyMagic]

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@Jeffster1 wrote:

@MikeyMagic I think you should go for it and apply. The Merrick Double-Your-Limit card worked for me, and while my overall experience post-DC is just my experience, I cannot fault this no-AF card. I got it within 4 months of my DC. I closed it about a year ago but it served me well. 

Looking back...even though not by design...there were two phases to my rebuild.

I had received my DC from my 13 case a little less than 1.5 years early. Due to a large increase in salary, it was in my best interest to convert to a 100 percent plan.

I had gotten used to using my debit card everywhere and had decided I really did not need credit. I had become very comfortable during my 3.5 years in the 13 with just paying cash or using my debit card. During the two years leading up to my BK filing, I was in a nightmarish world of treading water to keep myself above water on my minimum payments, and, quite frankly, my time in BK was like paradise, comparatively speaking.

Once I got my DC in January 2021,  I rethought my plan and began my rebuild.

I received an invite from OLLO through one of the apps a few days after DC and was approved. This began Phase 1.

Phase 1...In the 4 months following my DC in January 2021, I applied ONLY for cards within my reach...OLLO, Cap 1, Merrick and Mercury, along with a secured card each from BofA and TD.

I received an invite from OLLO a few days after my DC, and was approved, followed by my checking for a Cap1 pre-qualification. Cap1 Plat was approved.

I then opened a secured each at BofA and TD.

Shortly thereafter, I received a pre-approval for Mercury, followed by a pre-approval for a Merrick Double-Your-Limit card. Both were approved.

I had set a personal policy of not applying for low-hanging fruit like store cards.

During the Fall of 2021, both my BofA and TD cards graduated.

Around the same time, I did a PC on my Cap 1 Platinum to a QS, and I was also approved for a Cap 1 Walmart card.

I then gardened from late Fall 2021 until May 2022.

May 2022 began my phase 2.

Phase 2...I was now 61 months post-filing so I applied to Amex and was approved for the Gold, immediately followed by an approval for the Amex BCE. I then acquired the cards in my signature below, while closing Ollo, Merrick and Mercury in early Fall 2022. They had served their purpose.

Subsequent Amex approvals came via soft pulls. 

By restraining myself on the inquiries earlier, I now had the luxury to begin risking just a little by apping for a few months and ending up with some nice cards that are listed in my signature.

I do AZEO. I maintain a $3.00 balance on my Cap 1 Savor One, and I PIF everything else. I have only one loan...an SSL through NFCU…which I paid down immediately. leaving 8.9% remaining for FICO scoring purposes.

There were definitely two defined phases to my rebuild. I really didn’t set out for it to be that way but it worked out that way, and it worked out well for me.

I’m a little less than 3 years post-DC and have about $230K in total limits.

In short, the Merrick Double-Your-Limit card served its purpose, and I would recommend you go for it.

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Wow thx for your story. You have succeeded greatly!

I want to get it but here's the thing, I am 4/24 and my earliest card was the Cap1 unsecured Platinum in mid September. So I'd have to wait 21 months to apply for another better Chase card. Sure I can product change my Rise to Unlimited or Flex in 9-12 months but I would miss out on the SUB.

Also that would be 6 hard pulls on my credit reports on Experian now and less on the other 2. So that is a concern.

But I'm not gonna lie, knowing I am pretty much automatically approved for a $1000 CL with a 100% guarantee to get $2000 in 7 months is pretty nice. I know I won't be getting that CL from Cap1(I'm definitely bucketed) and the Amazon secured is only for Amazon. Discover will give me a $2000 CL after 7 months I think too. And the Chase Rise I have no idea when I would get a CL and how much it would be for. It's only $500 now so I'm gonna say it'll take me 9-12 months to get a CL from the Rise imo.

So I am torn. Do I need 5 cards right now? Or should I garden more? But Jeffster you telling me I should get it means something. Can I pay online or do I have to mail it in? What I also worry is if Merrick Bank is going to charge me all kinds of ridiculous fees like Credit One is known to do. Plus I heard their customer service is outsourced(Merrick) and not very good. So that's a factor too.

Tough decisions lol. If it was only a $500 CL I would definitely pass but the $1000 CL is having me consider it. Plus my total CL would then be $2500 which makes it easier on utilization for me. By the way, isn't it better for AZEO to switch which card is reporting a balance every month or is it fine to only use your QS every month. I thought it's bad to keep showing a zero balance on the same accounts over and over but maybe I'm wrong.

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[Brian_Earl_Spilner]

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@MikeyMagic wrote:

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@Brian_Earl_Spilner wrote:

Merrick is meh. I wouldn't get any more for a while, but if I was, it would be a us bank secured card to establish a relationship since they love to throw out $500 starting limits. 

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i am only considering it because it has a $1000 CL which doubles to $2000 guaranteed in 7 months and no annual fee. It's not a rewards card though. I have 4 cards now but I hate these small limits.

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When I said meh, I didn't mean the card itself, I meant the lender and their handling of it. I had one a while back, wasn't a fan when there was issues.

Also, I didn't mention us bank because of rewards, I mention them because you should be positioning yourself for better cards. Us bank likes to give people with good credit $500 starting limits on their first card. Having an established relationship would get you a better starting limit. If you're keen on getting another chase card then you shouldn't be applying for anything at all.

The biggest mistake re/builders make is applying for whatever they can be approved for and it screws them every single time in the long run. Been there, done that, don't recommend. 

[Drifter73]

As mentioned by others, you should probably wait to let your file age.

While the limit sounds great in the short run game, grabbing it will just make your long game take even longer.

See if you can get a few cli's on your existing cards in 6 to 12 months. Then reevaluate your card deck to see how you stand for that chase you wanted or if there's a better card you may qualify for by then.

Work to stay over the 700+ hump and try not to app until closer to 750 to get better deals/apy.

If you keep pulling the trigger too soon, it makes it harder to get the better cards.

In my opinion anyways.

[MikeyMagic]

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@Drifter73 wrote:

As mentioned by others, you should probably wait to let your file age.

While the limit sounds great in the short run game, grabbing it will just make your long game take even longer.

See if you can get a few cli's on your existing cards in 6 to 12 months. Then reevaluate your card deck to see how you stand for that chase you wanted or if there's a better card you may qualify for by then.

Work to stay over the 700+ hump and try not to app until closer to 750 to get better deals/apy.

If you keep pulling the trigger too soon, it makes it harder to get the better cards.

In my opinion anyways.

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This is actually great advice and that's what I decided to do. i passed on this card although i must admit it was tempting lol.

I'll suffer now for a year with these small limits but it'll pay off for me hopefully after that. 

[NoMoreE46]

Congrats on your discretion.   

Don't let the 'fomo' get to you when reading the posts in Approvals.  Stay put for 12 months. 

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@MikeyMagic wrote:

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@Drifter73 wrote:

As mentioned by others, you should probably wait to let your file age.

While the limit sounds great in the short run game, grabbing it will just make your long game take even longer.

See if you can get a few cli's on your existing cards in 6 to 12 months. Then reevaluate your card deck to see how you stand for that chase you wanted or if there's a better card you may qualify for by then.

Work to stay over the 700+ hump and try not to app until closer to 750 to get better deals/apy.

If you keep pulling the trigger too soon, it makes it harder to get the better cards.

In my opinion anyways.

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This is actually great advice and that's what I decided to do. i passed on this card although i must admit it was tempting lol.

I'll suffer now for a year with these small limits but it'll pay off for me hopefully after that. 

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[youngandcreditwrthy]

GO FOR IT. 

also check out that Unicorn card. it will auto report a 1500 limit which will lead to other higher limits.. or you could skip the merrick and get the Unicorn AI card. 

it will report like a normal credit card, but its not a credit card at all. you load money on to it, the card is cool and completely free, and yeah it spends like a pre paid card. 

check it out. I hate these subprime lenders but you gotta start somewhere

P.S. one way to build higher limits is to start with store cards too.. like the Synrchony or COmentiy cards, they are reliable for 1000 limits with mid 600 scores and will grow quite a bit every 4-6months then eventually upgrade to MC or Visa versions. As far as utility though, not much there but credit building is what it is.

another P.S. Don't believe Credit karma and make sure you take a picture if you do do it because those credit karma approval odd things are such a doggone scam lol. I read all the reviews and so many people complain about how off they are because once again Credit Score is not the only thing that matters. Experians pre approvals are pretty solid though. Sign up for an experian FREE account and see what they telll you. I also get my FICO 08 for free with experian.