Merrick Bank Pre-Approval

[Anonymous]

I just received a pre-approval from Merrick bank for a SL of $750 and it will double in 7 months to $1,500. It does have a $36 AF, Account Setup fee $29 and APR is 25.45%. It is not like others that I have seen in the forums with No Fees.
I’m in the rebuilding stages and this would be my first unsecured card.
Cards I have are:
WellsFargo Secured $300(opened 3/2017
Credit One: Secured $500(SL was $300 opened 5/17)
Capital One MC: Secured $200(opened 6/17)
Kohl’s: $300

Do you think this would be a good card for me? or should I just keep what I currently have?
My current scores are: EX: 577 TU: 596 EQ: ?

[Anonymous]

Yes, it's a good rebuilding card, and it's unsecured, of which you don't have any.

[Anonymous]

If I had to chose one secured card to cancel after it being a year, which would be my best option? Or should I leave them open?

[Anonymous]

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@Anonymous wrote:
If I had to chose one secured card to cancel after it being a year, which would be my best option? Or should I leave them open?

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Ditch Credit One right before the 1 yr mark to avoid the annual fee.

[Anonymous]

I think its a good card for you!  After seven months, it will also be your highest limit.  

[Anonymous]

Thank you! Appreciate the feedback.

[Anonymous]

Congrats!

I have this card as well. I only got started with $550, but of course this December it'll go up to $1100 from a letter I got recently in the mail.

It'll be a welcomed increase to help with my credit ratio!

[AverageJoesCredit]

This is one of the better rebuild cards. If you go for it just use it like a pay in full card so you dont get killed on interest. I agree, once you get this, the secured Credit One is no longer needed.

[Anonymous]

It's a good card. Merrick was one of the first cards to take a chance on me. My starting limit was $550 and at the 7th month mark, it doubled as stated. I have never had any problems with them. It is definitely good for rebuilding.

[Anonymous]

Thank you all for the help. I love this forum! It’s helped me so much!