Credit Building Products

Credit builders are designed to help you establish new credit history to help increase your score. Below are a couple of programs that we recommend that you try.

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*Apply for a Credit Builder Account. Your money is safe and secure. No hard pull on your credit.

*Pay off your Credit Builder Account in the specified amount of time. You can choose the payment term and dollar amount that best fits your budget.
 
*Each on-time monthly payment builds credit history and adds to your savings. Your monthly payments are reported to all three credit bureaus.
Unlock your savings. Once you’ve paid off your Credit Builder Account, your CD unlocks and the money is yours (minus fees and interest).
Credit Strong

Build credit without a credit card.

Apply in minutes. We instantly give you a bank loan and place the funds in a FDIC insured savings account in your name. Funds are locked to secure the loan. Make small monthly loan payments. As a bank, we report your payments to the three major credit bureaus, building your credit history each month. Track your progress. We provide a monthly FICO® Score 8 for free, so you can track your progress. 90% of top lenders use FICO Scores when making decisions. Unlock savings. When your loan is repaid in full, the lock is removed from your savings account. You’ve built both credit and savings.

Merrick-Bank-Secured-Card

Merrick Bank Secured Visa®

• 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!
• Unlike a debit card or a pre-paid card, it helps build your credit history. As you pay your bill every month, we report to all three major credit-reporting agencies.
• 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 Auto Pay and account alerts.
• Card issued by Merrick Bank, Member FDIC.