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Thread: Merrick bank

  1. #1
    delta29 is offline Junior Member
    Join Date
    Jul 2003
    Posts
    10

    Merrick bank

    I got a preapproved card from then and received the card last week. It has a 700.00 limit. I have had a capital one 200.00 limit for 2 years and they refuse to give me an increase but then I get a 700.00 one from someone else.

    I don't know anything about them... does anyone else have one? Does anyone else have any experience with them?

    I took it because it seems that the only thing that will jump your score is a positive credit cards.

    My dh has so many positives on his report but since they are all installments ones they are not moving his score. :(

    My equifax went from 569-609 in 2 months and I attribute it to the credit cards.

  2.  
  3. #2
    Lainie5374 is offline Member
    Join Date
    Sep 2003
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    68

    Merrick bank

    Do you know who Merrick pulls CR from?

    Try using PFB for a Cap One increase - I used it after reading all the stuff on this board and it worked for me.

  4. #3
    jaytee is offline Senior Member
    Join Date
    Sep 2003
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    120

    Merrick bank

    ive heard of them but dont know anything about them. i think they are a subprime lender. but if the terms arent bad i dont see why you shouldnt take the card. just dont mess up with them and there shouldnt be a problem.(not saying youd mess up)

    for your scores to jump you also have to use under 30% of your limits on the credit cards and dont get too many new ones all at once.

  5. #4
    Mirage is offline Senior Member
    Join Date
    Mar 2001
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    1,180

    Merrick bank

    Merrick is a sub-prime bank. The APR and the fees will get you. Merrick was the cc company that took over some of the cc accounts of NextCard when NextCard filed bk.

    Best regards,
    Mirage

  6. #5
    kit
    kit is offline Senior Member
    Join Date
    Feb 2002
    Posts
    1,098

    Merrick bank

    I have a Merrick card, and while many people here hate them (particularly old Nextcard holders that were transferred), I really, really like them. I have had 2 credit limit increases since getting the card in November last year and I never had to ask for anything. The last increase came with 80% of my credit limit already in use-- Cap1 would never do that.
    "If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... "
    -Homer Simpson

  7. #6
    J. Vick 71 is offline Senior Member
    Join Date
    May 2003
    Posts
    490

    Re: Merrick bank

    Originally posted by kit
    I have a Merrick card, and while many people here hate them (particularly old Nextcard holders that were transferred), I really, really like them. I have had 2 credit limit increases since getting the card in November last year and I never had to ask for anything. The last increase came with 80% of my credit limit already in use-- Cap1 would never do that.
    I fully agree with what you said. APR is decent and no annual fee. Also no processing, application, or monthly fees. Merrick got a bad rap for the Nextcard downfall. I would suggest this card to anyone that has bad credit or that has a BK. They report to all 3 every month.
    EQ 694 2002 EQ 400's
    TU 710 TU 400's
    EX 692 EX 400's
    BK 09/01

  8. #7
    J. Vick 71 is offline Senior Member
    Join Date
    May 2003
    Posts
    490

    Re: Merrick bank

    Originally posted by Lainie5374
    Do you know who Merrick pulls CR from?

    Try using PFB for a Cap One increase - I used it after reading all the stuff on this board and it worked for me.
    Merrick pulled TU, they did not pull EQ or EX in my situation.
    EQ 694 2002 EQ 400's
    TU 710 TU 400's
    EX 692 EX 400's
    BK 09/01

  9. #8
    delta29 is offline Junior Member
    Join Date
    Jul 2003
    Posts
    10

    Re: Merrick bank

    Thanks guys.. I did take the card. Thanks for the info about keeping the cards under 30% I generally try and pay them off each month but sometimes I don't always. I'd say they are all at 50% right now. I will have to pay them all down and hopefully my scores will get up there.

    I would love to cancel my capital one but since it is my oldest card (got it 2 years 4 months ago) I think it would hurt me as one of the things negatively affecting me is the length of my credit. I filed bankruptcy in 1998 and severely regret it. Actually it was my husband who had the debt carried over from his life before me but the lawyer strongly suggested I include my things as well.. I wanted to keep my Bon Ton charge (which would be 11 years old now) as well as others but.. well I listened to the lawyer. None of my dh's debts even showed up on my credit but.. like I said I followed his advice.

    So far it is the highest limit that I have been offered. I get all these offers that want 120.00 yearly fee along with a 50.00 set up fee.. some are even worse.. I tear them up. I am about ready to ask them to stop sending me these offers as I have gotten credit cards without all of the fees but I haven't bothered with it yet.

    I really don't like credit cards but I really see no other way to get my score up. I am going to buy my scores in 2 months and see where I am at. If it's high enough I will try and get some lower interest cards.. or ones that you can earn rewards with. It just seems so far off (laugh)

  10. #9
    J. Vick 71 is offline Senior Member
    Join Date
    May 2003
    Posts
    490

    Re: Merrick bank

    I like the ones that charge 25-50 cents on the dollar for a credit line increase. I know what you mean.

    Keep the CAP ONE don't close it! That would be a score killer in the long run. I would just put up with it, things should get better.

    Merrick has never called me trying to sell anything and they do things pretty normal. But I am not a former Nextcard holder, maybe thats why?
    EQ 694 2002 EQ 400's
    TU 710 TU 400's
    EX 692 EX 400's
    BK 09/01

  11. #10
    J. Vick 71 is offline Senior Member
    Join Date
    May 2003
    Posts
    490

    Re: Merrick bank

    I just got a credit limit increase without asking 3 weeks ago, $1000 to $1400. No annual fee and 14.9% APR. I am still very happy with this card after a BK(7) and would continue to tell others about it.
    EQ 694 2002 EQ 400's
    TU 710 TU 400's
    EX 692 EX 400's
    BK 09/01

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