Merrick Bank Secured Credit Card
The Merrick Bank Secured Credit Card is a product designed for individuals with poor or limited credit history who need to build or rebuild their credit score. Like all secured cards, it requires a refundable security deposit that serves as your credit limit.
Merrick Bank Secured Credit Card
- Choose your own credit line based on how much money you want to put down as a security deposit.
- Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
- After 9 months, we review your account for a credit line increase. No additional deposit required!
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
- Get your FICO® Credit Score for free each month.
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
- Card issued by Merrick Bank, Member FDIC.
- CLICK HERE TO APPLY ONLINE
Step-by-step application process
1. Check eligibility and pre-qualify: Before submitting a full application, you can check if you pre-qualify on Merrick Bank's website.- 1. This only requires a soft pull on your credit report, which will not hurt your credit score.
2. Submit the full application: If you pre-qualify or wish to proceed, you can fill out the full online application. You will be required to provide:
- 1. Your full name and Social Security number.
- 2. A verifiable physical U.S. home address (P.O. boxes are not accepted).
- 3. Proof of income to show you can make monthly payments.
- 4. Confirmation that you are at least 18 years old and do not have a pending bankruptcy.
3. Receive conditional approval: After submitting the full application, Merrick Bank will perform a hard pull on your credit report. This can slightly lower your credit score for a short period.
- 1. Even with poor credit, approval odds are high for the secured card.
4. Fund your security deposit: If approved, you will need to provide the funds for your security deposit within 20 days.
- 1. The deposit must be a minimum of $200, but can be as high as $3,000.
- 2. Your credit limit will be equal to the amount of your deposit.
5. Receive and activate your card: Once the bank receives and processes your security deposit, your card will be mailed to you. Delivery typically takes about two weeks. You will need to activate the card upon receipt before you can begin using it.
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FICO® Credit Scores
A FICO® Score is a proprietary credit score created by the Fair Isaac Corporation (FICO). About 90% of top U.S. lenders use it to make lending decisions.
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
FICO categorizes scores as Poor, Fair, Good, Very Good, and Exceptional.
What is a Credit Score?
A credit score is a three-digit number (300–850) predicting your creditworthiness. Lenders use it to evaluate risk and determine rates and terms for credit.
Why it matters: A higher score can help you qualify for loans and lower interest rates. A lower score can lead to higher borrowing costs or application denials.
FICO® Credit Score Facts
- Three-Digit Number: Summarizes your credit risk.
- Range: 300–850; higher scores = lower risk.
- Data Source: Uses your credit reports from Experian, Equifax, and TransUnion.
- Industry Standard: Lenders rely on FICO for mortgages, auto loans, and credit cards.
Note: Credit scores reflect your creditworthiness but do not guarantee approval for any credit product.
Security Notice: All participating issuers use secure application systems protected by Transport Layer Security (TLS) encryption to help protect your information.
*See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Now " button you can review the credit card terms and conditions on the credit card issuer's web site.
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