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Need Your Opinion On Merrick Bank

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lazerz69
Contributor

Need Your Opinion On Merrick Bank

Just received a pre-approved application for a Merrick Bank Visa Card.

 

What is everyone's experience with Merrick Bank.

Message 1 of 27
26 REPLIES 26
LS2982
Mega Contributor

Re: Need Your Opinion On Merrick Bank


@lazerz69 wrote:

Just received a pre-approved application for a Merrick Bank Visa Card.

 

What is everyone's experience with Merrick Bank.


From what i've heard about them they're pretty much on Cap1 level (not prime). If you have other options I would go there.




EQ FICO 548 3/3/16
Message 2 of 27
lazerz69
Contributor

Re: Need Your Opinion On Merrick Bank

LS2982, Thank you for the response.

Message 3 of 27
Whereis750
Regular Contributor

Re: Need Your Opinion On Merrick Bank

Credit limits better than Orchard and First Premier - mine grew from $850 to $1050. They do not honor customer requests for CLI's.
Message 4 of 27
lazerz69
Contributor

Re: Need Your Opinion On Merrick Bank

Whereis750, Thank you for the response.

 

How long did it take to obtain the CLI.

Also, how is their customer service.

Message 5 of 27
-Cain-
Valued Contributor

Re: Need Your Opinion On Merrick Bank

What's your credit profile like? Does this card appeal to you at this point in your credit journey? What is the AF and the APR associated with this card? Do you need this card or is it just the PreApproval letter that has you considering it?
Message 6 of 27
-Cain-
Valued Contributor

Re: Need Your Opinion On Merrick Bank

BTW, I do not have nor have I ever had a card issued by Merrick. My questions were questions I'd ask myself if I received that letter.
Message 7 of 27
lazerz69
Contributor

Re: Need Your Opinion On Merrick Bank

Cain, Thanks for the response.  Those are the questions I have been asking.  I am not yet ready for a prime card.  I posted a recon question the other day hoping I might be able to recon a prime card.  Becasue of my SL I am still not confident enough to try for prime.  This card has a higher CL than my two other cards.  I thought the card may be good for utilization.  I do not think that I really need the card.  I currently have four good cards to use for rebuilding.

Message 8 of 27
TNTransplant
Established Contributor

Re: Need Your Opinion On Merrick Bank


@lazerz69 wrote:

Cain, Thanks for the response.  Those are the questions I have been asking.  I am not yet ready for a prime card.  I posted a recon question the other day hoping I might be able to recon a prime card.  Becasue of my SL I am still not confident enough to try for prime.  This card has a higher CL than my two other cards.  I thought the card may be good for utilization.  I do not think that I really need the card.  I currently have four good cards to use for rebuilding.


I had a Merrick card for several years, and never had any problems with it.  The CL started at $1000, and over about a 5-6 year period the CL was auto-increased to $3600.  Nothing special about it, but for credit rebuilding you could do much worse.  The only real issue I had with it is that the annual fee is billed monthly (I don't like that) - I think mine was $36/yr, so I always had that $3/month charge show up even after I paid off the balance in full for the month.

 

If you've already got 4 decent rebuilding cards, you probably don't need the Merrick card.

 


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 9 of 27
-Cain-
Valued Contributor

Re: Need Your Opinion On Merrick Bank

I tried looking their card up on the Merrick site but it said you needed an invite code to continue. So, AF is/was about $36 a year, charged monthly? What is/was APR like?
Message 10 of 27
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