Merrick Bank Credit Card

[LadyVee]

Today I received an pre-approval in the mail for $700 Visa. After 7 months of on-time payments they will automatically increase the limit to $1400. I accepted the offer but after reading the mixed reviews for this card I am now wondering if I should cancel it. My purpose of accepting this card was for the free FICO score, utilization purposes and to add another positive tradeline to my report which would then increase my scores. I have mixed feelings now and don't know what I should do.

[Pway]

What's the mixed feeling about?  This card is great for rebuilding and you can only apply if you are sent a letter in the mail.  

[Anonymous]

My understanding is that Merrick Bank is a better rebuilder card than Credit One and First Premier, but I have no experience so maybe someone else can chime in.

[IllinoisNative]

Merrick is a great rebuilder card.  I have them.  I also had Credit One (yuk).  Merrick is head and shoulders above Credit One.  I haven't had a problem with Merrick.  I now have a Capital One Quicksilver Visa and a Chase Freedom card and am being solicited for Discover It and American Express.  Don't want to take the hit with opening too many cards right now, though.  Merrick served it's purpose and I have no complaints.  I'm keeping them open to help with utilization.  Mine has no annual fee so I see no reason to close it yet.

[LadyVee]

Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.

[taxi818]

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@LadyVee wrote:
Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.

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Prime lenders could care less. They are only concerned with their card. Not if your card is prime or subprime.  Payment history trumps all. 

[Anonymous]

My Merrick used to be a Hooters card. It's a solid rebuilder. In keeping it, even with the fee, for a while longer. I'm closing Credit One, which is very predatory.

[masscredit]

I got one when I was rebuilding a few years ago. It's a decent rebuilder but it doesn't grow much. And they don't do customer initiated CLIs. I have a no fee card so I don't have a reason to cancel but it's now my lowest credit line.

[Anonymous]

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@LadyVee wrote:
Well the mixed feeling was that I have 2 capital one cards and a secured Discover it. I am wondering how prime lenders will view me with Merrick also this card has an $48 annual fee.

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I had a Merrick card for a while. As to how prime lenders will view you, they'll like you just fine. The annual fee sucks, (mine didn't have one), but it's not that bad.

[Anonymous]

Yep, My experience has been good as well.  They have done everything they said they would do.  Had mine for almost an year.  They helped me when no one else would.  I don't have the annual fee either, so I plan on keeping it a long time,  just prolly sock drawer it most of the time.