Merrick Bank is in the same category of Credit one bank etc. meaning they are garbage and have ridiculous fees and APR and is not for long term use.
Even if you get it, you are going to cancel it couple of years later which means its not going to help you for long term credit history!
Go with a bank that you're planning to keep for very long time and could graduate like Discover etc.
I would go with your local Credit Union so you can benefit from it for the future, getting loans perhaps given their interest rate would be the lowest on everything.
But you are on the right track focusing on cleaning your credit 1st.
@Remedios wrote:
Merrick card is decent secured card.
I would suggest you familiarize yourself with it first before making such strong statements .
Apr is 19.70%, there is a small annual fee for the first year, replaced by monthly fee of only $3.00 in the second year and there is grace period.
I actually looked at it first time OP asked this question a couple of weeks back.
Here is the link you can look at should you decide to answer question about this card again
Everything is clearly spelled under rates and disclosures tab.
https://securedcard.merrickbank.com/
Discover is not an option for OP at the moment.
We've also covered CUs in previous posts.
I had Merrick before. Unfortunately I'm very familiar with what they can provide.
@CYBERSAM wrote:Merrick Bank is in the same category of Credit one bank etc. meaning they are garbage and have ridiculous fees and APR and is not for long term use. You started with it as you said. It helped you get where your at now right? Wasn't garbage when you got approved. But it may have been the only company that would approve you then.
Even if you get it, you are going to cancel it couple of years later which means its not going to help you for long term credit history!
Even if OP keeps it for 1 year and closes it. It will still report for up to 10 yrs. So it will help in the long term.
Go with a bank that you're planning to keep for very long time and could graduate like Discover etc.
I would go with your local Credit Union so you can benefit from it for the future, getting loans perhaps given their interest rate would be the lowest on everything.
But you are on the right track focusing on cleaning your credit 1st.
Its kinda like dont forget your roots and what got anyone to where they're at now. Be it Credit One, Bucketed Cap1 or any secured card actually. We were all new with credit at one time. Or starting out fresh to rebuild after life threw hard balls at us. Trashing who got anyone to where there at now is like you could say disrespectful and ungrateful. Be thankful for what they did. And move on up the credit ladder to bigger and better things. They did what they were intended to do. One step at a time.
