Merrick Double Your Line: Need your Advice

[GoldenloveNY]

Hey,

I am right now rebuilding my credit after years of abused. I have a Citi Secured ($500), Capital One Secured ($200), and First Savings ($550 with an increased after six months of good payment history). All open in the past four months. I just got an offer for the Merrick Double your Line ($550 to $1,100 after seven months of on time payments), with a $48 annual fee (billed $4 a month after the first year) and $75 card setup. My question is should I go apply and closed it down after a year or so? My thinking is that I definitely want to garden but having a card showing $1,100 after a year may be helpful when I do want to go after some prime cards. Thoughts?

[Anonymous]

Try to avoid paying for credit.
Once the secured cards that you have unsecure you will be in a better position and quite happy that you waited.
Good credit takes time, not necessarily money.

[Anonymous]

Do you no longer have the cards in your singature. I'm confused.

With the Cap1, Citi, and First Savings you already have the 3 cards you need to rebuild. Your score will not be helped by a 4th card. (that's just the way the FICO algorithm works).

If you really want a score bump you need a loan. A small secured loan will help. Search the forum for recommended companies. A local credit union is what most people use.

If you did not burn the major banks I would stick with them when going for secured cards to rebuild.

Bank of America and Discover are the other two I would recommend. Discover over BofA. But like I said more cards at this point will not help your score. It will help if you are trying to build a relationship with Discover or BofA.

[Anonymous]

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@GoldenloveNY wrote:
.... My question is should I go apply ...

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You didn't post your Fico scores. How can someone apply without those (among other DPs)?