cancel
Showing results for 
Search instead for 
Did you mean: 

First Pre-approval mailer received since 2005

tag
slund5499
Established Contributor

First Pre-approval mailer received since 2005

Got my first pre-approval mailer today from Merrick Bank. Pre-approved for $700 Visa with 2X CL increase to $1,400 after 7 months of minimum payments.

 

Annual fee is $48 billed at $4 per month

Apr is 25.45% on purchases and 30.45% on cash advances.

 

Isn't Merrick Bank considered a predator card issuer?

 

Will have to think alittle about this offer....but I am inclined to trash it and wait for a couple of months to see if any of the mainstream banks send me pre-approvals.

In the garden since 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: First Pre-approval mailer received since 2005

What is a predator card issuer?
Message 2 of 9
Anonymous
Not applicable

Re: First Pre-approval mailer received since 2005

With your scores you can do better. Merrick even has a no annual fee card. It's not worth it. You should be able to get capital one stuff have you checked their prequal site?

Message 3 of 9
Anonymous
Not applicable

Re: First Pre-approval mailer received since 2005


@slund5499 wrote:

Got my first pre-approval mailer today from Merrick Bank. Pre-approved for $700 Visa with 2X CL increase to $1,400 after 7 months of minimum payments.

 

Annual fee is $48 billed at $4 per month

Apr is 25.45% on purchases and 30.45% on cash advances.

 

Isn't Merrick Bank considered a predator card issuer?

 

Will have to think alittle about this offer....but I am inclined to trash it and wait for a couple of months to see if any of the mainstream banks send me pre-approvals.


Your scores are pretty decent, so unless you need a card, you might want to wait.  Two years ago I had scores in the low 500s and I couldn't get a credit card to save my life, and Merrick sent me that same pre-approved offer, with double the CL after six months (although my AF was waived the first year).  I was thrilled at the time, and I took it.  They were really good to me in rebuilding, so I have kept them around, both out of loyalty and for AAoA.  Their CLI's haven't been so great ($200 or $300 here and there), but it's not terrible.  

Message 4 of 9
willwar14
Valued Contributor

Re: First Pre-approval mailer received since 2005

From what ive heard/seen its one of the better sub-prime cards, I believe CAPTOOL and few of the other gurus around here had it.

CH7 FILED: 08/18/2022, DC: 01/23/2023
Message 5 of 9
Anonymous
Not applicable

Re: First Pre-approval mailer received since 2005

Better than Surge, Blaze, Credit One, or First Premiere
A lot worse than anything Capital One or a credit union would offer
Shred it
Message 6 of 9
slund5499
Established Contributor

Re: First Pre-approval mailer received since 2005

I thought this was a bit strange since I already have Venture 10K, QS 3K and Discover $3K

Thrilled to get the pre-approval but just not my cup of tea .

In the garden since 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

Message 7 of 9
BallBounces
Valued Contributor

Re: First Pre-approval mailer received since 2005

The good thing is getting a Merrick pre aproval is that it means you can get a Cap1 card now.  (Probably!)

 

Many will say good things about Merrick as a rebuilder.  I say do not apply until you have tested the Cap1 waters.

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 8 of 9
BallBounces
Valued Contributor

Re: First Pre-approval mailer received since 2005


@slund5499 wrote:

I thought this was a bit strange since I already have Venture 10K, QS 3K and Discover $3K

Thrilled to get the pre-approval but just not my cup of tea .


haha, oh NOW you tell us!

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.