* See the online application for details about terms and conditions for these offers. No credit score required to apply. The bank also offers personal loans, checking accounts, and savings accounts, as well as recreational vehicle and boat financing. However, this relationship does not result in any preferential editorial treatment. You can see if you are pre-qualified for the card in less than 60 seconds without harming your credit score, at which point APR information you qualify for will be shared with you. Knowing the factors that go into your credit score calculation can help you better understand your score. The Merrick Bank Secured Card accepts people with a 300+ credit score. log in. Collection Accounts, How Your web browser (Internet Explorer) is out of date and no longer supported. If you dont have any credit, you can always start building credit with a secured credit card. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. Its a card you can get if you dont have a credit history, but if you do have one, and your credit report shows a history of late payments or bankruptcies, you may not qualify for the card. But if you dont plan on using a credit card often and can keep your balance paid off each month, the Merrick Bank Secured card may not be the best fit for you. At Bankrate we strive to help you make smarter financial decisions. Find a personal loan in 2 minutes or less. The Mission Lane Visa has an annual fee ranging from $0 to $59 (lower maximum than Merrick Banks' $72). Our experts have been helping you master your money for over four decades. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. After 7months of paying on time, your credit limit will be increased and many have had their initial credit lines doubled. The card has a purchase APR of 22.20% Variable. Candidates with a credit score of 300 are eligible for the Merrick Bank Credit Card. A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. This is based on a calculation that takes into account your payment history, current accounts and how much debt you currently have. Bankrate follows a strict If you regularly check your credit reports, you can be aware of and report any errors or inconsistencies that are affecting your credit score. The good news is, if you find theAPR to be reasonable(keep in mind that anything over 24% is very high) Merricks automatic doubling of your credit limit is very rare. Most credit cards that earn rewards require good credit and come with higher APRs. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Our goal is to give you the best advice to help you make smart personal finance decisions. After 9 months, we review your account for a credit line increase. . And, because past behavior is the best predictor of future performance, credit scores were created to give lenders a look inside the financial habits of people who apply for a loan. VantageScore deduplicates multiple credit inquires within 14 days, but includes credit inquires of all types, including credit card applications. to Improve Credit, Removing Even if you were hoping for an unsecured credit card, this card is worth considering if you dont think you can pay your monthly credit card balances in full. Just FYI - these aren't solid scores. Get, Search So lets start with a quick recap about credit scores. Check the banks website for the most current information. Whether youre getting a loan for a car or a home or starting a new business, the better your credit score, the lower the interest rate youll pay. Cards, Cards But many people have no idea whats on their credit report, either because they dont know how to access it or theyre unsure how checking it can help them financially. Consolidation Loans, Search 8 Kudos. This helps us verify your credit profile. Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate, focusing on product news, guides and reviews. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. Card issued by Merrick Bank, Member FDIC. Its important to note, not all banks or lenders use the same version of FICOScore. For example, FICO Score and VantageScore differ in how they value length of credit, late payments, accounts sent to collection agencies, and multiple credit account inquires. Submit your question about Merrick Bank Credit Card to our community. On top of that, you can earn up to 1.5 percent cash back on all purchases with good credit behavior. for Bad Credit, Cards You may even qualify for a better interest rate or other benefits. Your Credit, Looking I have 2 current CCs, 1 11 yrs, 1 1 yr, and this is the last of old credit card debt remaining from 2006-2008 finance issues. Yes. Get your FICO Credit Score for free each month. At Bankrate, we have a mission to demystify the credit cards industry regardless or where you are in your journey and make it one you can navigate with confidence. Learning how to use multiple credit cards can take some time. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. If youre in a similar situation, a low-interest credit card can help cut down on the amount of interest you pay over time. Please try entering your full information again to view your approval odds. In fact, we have turned down relationship request from issuers that want to influence our reviews. Once youve grown your credit score, youll be ready to choose a new credit card. How do I apply for the Merrick Bank Platinum Visa? Why does DTI matter?Your DTI gives us a clearer picture of your credit profile, which allows us to evaluate which cards youre likely to get approved for more accurately. It was created in 2006. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. You can pay online, via your mobile app, mail, and even via Moneygram and Western Union. gardening since 5/21/2016 Message 1 of 17 0 Kudos This card also doesnt earn rewards. This insurance score is then used to determine your overall insurability, which can affect your monthly premiums and your ability to qualify for discounts off of normal insurance rates. It has been around for the longest amount of time (30-plus years). So whatever I charge on there, I pay off at the end of the month. Just checking to see if anyone else noticed this? Once youve been approved for that card, youll need to start thinking about whether youre going to keep your secured credit card open. Merrick Bank specializes in offering credit card products, including secured and unsecured credit cards, to customers with a range of credit histories. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Home > Credit Cards > Credit Card Reviews > Merrick Bank Credit Cards Review: Beginner Cards for Poor or Nonexistent Credit. Watch the video to learn why FICO Scores are the only scores that matter. Your financial information, like annual income and employment status, helps us better understand your credit profile. Since it is so important to your financial future, it's a good idea to become . The Merrick Bank Secured Credit Card reports to the three major consumer credit bureausEquifax, Experian and TransUnionmeaning that cardholders can build credit with this card. This content is not provided by the card issuer(s). However, Merrick Banks has lower fees compared to Reflex credit card. We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. FICO Score doesnt consider collection accounts below $100. What credit score do you need for a Merrick Bank Platinum Visa card? Its a no-frills card that comes with one of the lowest variable APRs around, making it a good low-interest credit card if you plan to carry a balance each month. This can lead to better credit cards that come with enhanced features like sign-up bonuses, cash back rewards and intro APR offers. Maintaining Good Credit posts Article Tips for Understanding Your Credit Score March 11, 2022 . The pre-approval process involves a soft inquiry and has no impact on your credit score. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Anytime you apply for a loan, a lender is likely going to review your credit history and credit score. In April 2017, the national average FICOScore hit 700. How this card compares to other credit-building cards. After all, if your account is in good standing, youll get your deposit back, which may bring some much-needed relief to your budget. All rights reserved. In fact, as many as 90% of all lenders use the FICO Score. Take our 3 minute quiz and match with an advisor today. A secured credit card requires a deposit upfront, but it can be a great way to build or rebuild credit. But you may be better off hunting down some options that are more upfront, include better features and are. For a simple 3-digit number, your credit score says a lot about you. Trusted: Merrick Bank is a trusted member of the FDIC and a top-20 credit card issuer in the US. Applying for a product may impact your score. The Discover's it Secured credit card, meanwhile, offers 2% cash back on gas and restaurant purchases and carries no annual fee. Here's an explanation for how we make money Loan Calculator, Credit The Discover it Secured Credit Card is one of the few secured credit cards that comes with a welcome offer, automatically matching all the cash back you earn in your first year of use. You can check your Merrick Bank Credit Card card's balance: The Merrick Bank Credit Card card accepts applicants with a credit score of 300. It can be really confusing but it doesn't have to be. Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s). If you have a question about an existing Merrick Bank credit card account, the Merrick Bank customer service phone number is (800) 204-5936. Fraud coverage if your card is lost or stolen. Packed with great benefits, it's designed to give you more flexibilityand purchasing poweralong with up to a 3% cash back reward! This financial education covers a variety of topics. UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. From a fee perspective, they are competitive as they only charge an annual fee. Manage your statements, transactions & rewards on-the-go with the First Progress Card Mobile App. Lenders may also use your credit score to determine your interest rate and down payment requirement. Further information is available in our FICO Data Privacy Policy. Be sure to avoid these common mistakes so you can get the most out of your card. An experienced Horizon Loan Advisor is here to guide you through the process. The best Merrick Bank credit card for people with no credit is the Merrick Bank Double Your Line Secured Credit Card because it accepts applicants with limited or no credit history and has an annual fee of $36 1st yr, $0 after. You can check if you prequalify for the Merrick Bank Secured Card on Merrick Bank's website, which will not affect your credit score as it will be a soft pull.However, if you do prequalify and want to get the card, you will need to submit an actual application which will result in a hard . Should you accept an early retirement offer? Also, remember that your initial annual fee can eat into your credit limit. Wallethub doesnt charge for this service. A week went by and I never heard anything so I called and they said I was approved. Merrick Bank will not impose a penalty rate on this card in the event of a late payment. for certain targeted offers, including pre-qualified and pre-approved offers (your "CardMatch offers"), as well as display what we estimate your approval odds to be for participating offers (Approval Odds). Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. MB can be okay if you're just starting a rebuild, but generally not worth considering if you can get a Capital One or Discover card. This is impressive since most credit cardsfrom the best credit cards for bad credit to the top rewards cardstend to carry higher rates. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. Two threads on practically the same subject (i.e. You instruct Us to do this each time you return to our sites to view product offerings and up to once per month so you can be provided up-to-date results. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. One of the best things you can do is know your credit score. That particular card has no rewards, a very high APR, and often an annual fee. It has a starting credit limit of between $300 and $1,000. All this is free and easily found on Merrick Banks website. But most people who are looking to improve their credit score really want to know the specific factors that can make their score go up or down.