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
*See Terms and Conditions
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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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO® Credit Scores
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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*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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