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Merrick Double Your Line: Need your Advice

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Merrick Double Your Line: Need your Advice

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?
Zync from American Express- NPSL
Amex BCE- $1,000
Discover IT- $1,500
Bank of America 1-2-3 Rewards-$1,000
Chase Freedom- $500
Capital One- $500
Message 1 of 4
3 REPLIES 3
Frequent Contributor

Re: Merrick Double Your Line: Need your Advice

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.
Starting Score: TU 631 - EX 641 - EQ 669
Current Score: TU 716 - EX 731 - EQ 717
Goal Score: 750


Take the myFICO Fitness Challenge



Message 2 of 4
Regular Contributor

Re: Merrick Double Your Line: Need your Advice

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.

I just returned from financial hell. Don't go, the brochure is a lie.
Message 3 of 4
Valued Contributor

Re: Merrick Double Your Line: Need your Advice


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

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

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/01/2019): FICO 08 EXP: 714; TU: 744; EQ: 710
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 4 of 4