![]() There's no question that the Merrick Bank Platinum card has many potential fees that seriously limit the usefulness of this card. ![]() The factors that make up your FICO score. You can keep credit utilization low by spending less on the card, but your credit limit is set by the bank. ![]() Your credit utilization ratio is the percentage of your credit limits that you are using and is one of the more important factors that determine your credit score. This limit is regularly reviewed for increases after that time period, too.Īn increased credit limit means you won't have to worry about maxing out on your card - but more importantly, it can help your credit utilization ratio. That means if you are initially approved with a $550 credit line and you pay on time for seven months thereafter, you'll notice your credit limit jump to $1,100. (Hence, the "Double Your Line" card name.) Initial credit limitĪ great upside to this card is that your initial limit of $550 to $1,250 (again, based on creditworthiness) will be automatically doubled after seven months of on-time payments. Unlike a secured card, the Merrick Bank card provides a revolving line of credit without the need to pay a security deposit. Since the card reports to the major credit card bureaus (TransUnion, Equifax, and Experian), this allows you to build a credit history that eventually can help you be approved for future financial products. The main draw for the Merrick Bank card is the ability to improve your credit score. Related reading: How to check your credit score absolutely free How the card works However, we'll get to other - and in most cases, better - possibilities. If you're eager enough to make significant progress on your financial standing, this card could be an option. These fees can add up, as you're essentially paying to improve your credit.
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