Should I apply for a Merrick Bank Card?

[falcon7xx]

I am currently rebuilding my credit report history after a finacial crisis in my life in 2016/2017. I applied for a chase & barclay card 2 months ago and got denied. I currently have a secured US bank card $300 CL and Opensky Secured $400 CL. I got approved for a Navy Federal Rewards card today for $700 unsecured. I was opening up mail today and saw i got preapproved for a Merrick Bank card $700 unsecured. Is this something I should apply for or am I better of gardening for a little while. My credit score across the 3 bureau's is 630-650.

[Remedios]

Merrick card is not bad for rebuilders.
Maybe consider closing Open Sky and open Merrick one.
Open Sky, while ok for it's purpose, is definitely not a keeper
I'd grab the deposit back.

[Adkins]

Merrick isn't the worst of the bunch but I would try to stay away from more cards with fees. I'd keep the open sky card open until your AF is due, then close the card before it's billed. Garden for six months, to bring your scores up some more than app for Discover or Capital one. 

[CreditCuriosity]

As others echoed Merrick bank is one of the better rebuilder cards.  Do you have a pre-approval, if so have the terms you can share?  They treated me well during my rebuild.  Merrick bank isnt a preditory lender in my books, they honestly arent bad as long as you dont carry balances

[falcon7xx]

There is no annual fee and an APR of 27.70% with a $700 CL and it can be doubled in 7 months with on time minimum payments.

[Shooting-For-800]

Merrick is a great bank compared to Credit One or similar.

I never had an issue, never paid a penny in fees or interest.

Mine is still open even though I don't use it anymore.

I highly recommend them especially if no AF and double your limit CLI.

GL!

[Anonymous]

Please stay away from merrick bank. They have the highest late fee ($39) & a request for refund/ one time nsf fee waiver is not honored. PayPal X MasterCard very easily refunds late fees or nsf fee. 

[Anonymous]

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@Anonymous wrote:

Please stay away from merrick bank. They have the highest late fee ($39) & a request for refund/ one time nsf fee waiver is not honored. PayPal X MasterCard very easily refunds late fees or nsf fee. 

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Late fees don’t matter if you pay your bill on time. Late fees are meant to be a deterrent to paying late, if they are low they’re not as effective. 

Of all the reasons to not get a credit card, a high late fee shouldn’t be on the radar at all. 

[falcon7xx]

I figured I would apply for the Merrick and then close down the Opensky. That would give me the following cards:

NFCU - $700 

US Bank Secured - $300

Merrick $700

In 3 months apply for a CLI on the NFCU card and in 7 months my Merrick Card doubles

Will closing my Opensky hurt my credit by any chance?

[Remedios]

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@falcon7xx wrote:

I figured I would apply for the Merrick and then close down the Opensky. That would give me the following cards:

NFCU - $700 

US Bank Secured - $300

Merrick $700

In 3 months apply for a CLI on the NFCU card and in 7 months my Merrick Card doubles

Will closing my Opensky hurt my credit by any chance?

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It should not unless your utilization drastically changes. If your balances on other cards are low, you have nothing to worry, and Open Sky will stay on your report as closed account for years, still contributing to AAoA.