topic Re: Simmons Bank Limbo in Credit Card Approvals

Simmons Bank Limbo

youdontkillmoney — Sun, 21 Sep 2014 05:04:32 GMT

I applied to an IberiaBank credit card on 9/11 and was approved the next day after they received the identity and wage proof they asked for. Today 9/20 I got my Iberiabank credit card, $14,000 limit.

On the same sday, 9/11 I applied for Simmons Bank credit card and here's the timeline:

Simmons First National Bank Credit Card Application Tracking:

9/11/14: applied online

9/12/14: Transunion hard pull

9/15/14: called for status update - rep. advised to call back in 2 weeks if i haven’t heard anything

9/17/14: called for status update - bank sent me letter in mail and will receive decision in 10 days

(interestingly, only Iberiabank and Simmons on their apps asked me to provide a relative's contact info not living with me, in my 23+ years of credit these are the only 2 banks that asked me for this info. on a credit card app)

short background: half a dozen inquires and approvals this past year. I have about 27 open PLOCs and CC's, utilization is $2000 or less a month and paid in full, never late, never missed a payment, ever for 23+ years. A lot of open trade lines, $300k+ of credit lines. However, this did NOT stop Iberia, being conservative, from approving me.

Simmons did not ask me for any other information such as verifying my income and/or identity like Iberiabank did right away.

Has anyone applied to Simmons and was approved with just sending in the application online like I did and in 10 days the decision in the mail was an actual credit card that needed to be activated OR is what I can expect is a rejection letter in 10 days? What has been your experience. Thanks.

Re: Simmons Bank Limbo

jsucool76 — Sun, 21 Sep 2014 05:38:50 GMT

While I don't have a simmon's card, from what I've heard, you need to send them your first child after you fill out the application. Then, and only then, will you receive a decision.

Re: Simmons Bank Limbo

youdontkillmoney — Sun, 21 Sep 2014 05:45:40 GMT

@jsucool76 wrote:
While I don't have a simmon's card, from what I've heard, you need to send them your first child after you fill out the application. Then, and only then, will you receive a decision.

^^^^

I am afraid you are right. Let's see what the letter says when I get it. I am worried it is a rejection as they did not follow up with me for additional info. Just sent me a letter. yikes.

Re: Simmons Bank Limbo

Anonymous — Sun, 21 Sep 2014 06:00:24 GMT

@youdontkillmoney wrote:
@jsucool76 wrote:
While I don't have a simmon's card, from what I've heard, you need to send them your first child after you fill out the application. Then, and only then, will you receive a decision.
^^^^
I am afraid you are right. Let's see what the letter says when I get it. I am worried it is a rejection as they did not follow up with me for additional info. Just sent me a letter. yikes.

I have Simmons first, the letter will probably tell you to send in ID, check stubs and proof of address. Thats what my letter requested from me. Simmons took about 3 weeks to process my application. I got card about 10 days after mailing in docs.

Re: Simmons Bank Limbo

youdontkillmoney — Sun, 21 Sep 2014 06:58:28 GMT

@Anonymous wrote:
I have Simmons first, the letter will probably tell you to send in ID, check stubs and proof of address. Thats what my letter requested from me. Simmons took about 3 weeks to process my application. I got card about 10 days after mailing in docs.

^^^^^^^^^^^^^^^^

Ok, that would be good news. Thanks for sharing your experience.

Re: Simmons Bank Limbo

Anonymous — Sun, 21 Sep 2014 18:24:47 GMT

@youdontkillmoney wrote:
@Anonymous wrote:
I have Simmons first, the letter will probably tell you to send in ID, check stubs and proof of address. Thats what my letter requested from me. Simmons took about 3 weeks to process my application. I got card about 10 days after mailing in docs.
^^^^^^^^^^^^^^^^
Ok, that would be good news. Thanks for sharing your experience.

You're welcome. Simmons is worth the wait in my opinion.

Re: Simmons Bank Limbo

itguy_65 — Sun, 21 Sep 2014 18:29:19 GMT

Same here, Simmons sent me a letter requesting a copy of a pay stub about 2 weeks after I applied, once I sent that back, and 10 days later I received the card in the mail.

Re: Simmons Bank Limbo

jwduke — Sun, 21 Sep 2014 18:32:12 GMT

How many inquiries, new cards & creditscore is needed?

Re: Simmons Bank Limbo

Anonymous — Sun, 21 Sep 2014 18:43:02 GMT

@jwduke wrote:
How many inquiries, new cards & creditscore is needed?

I had a lot of inqs because NFCU is so damn pull happy. But, that didn't hurt me. Simmons likes to see income and excellent payment history. Credit score at the time I applied was around 780 ish. IF, you apply make sure your credit score is at least 700. Don't apply until, credit report is clean of any baddies.

Re: Simmons Bank Limbo

jwduke — Sun, 21 Sep 2014 18:47:41 GMT

Thanks, looks like I need to wait a couple of years, as I have a baddie from Bank of Africa 5 years ago, for a 30 day late because someone there decided to take my payment from a Bank of Africa checking account, that I never had! Thanks!!!

Re: Simmons Bank Limbo

B335is — Mon, 22 Sep 2014 09:33:57 GMT

@Anonymous wrote:
@youdontkillmoney wrote:
@jsucool76 wrote:
While I don't have a simmon's card, from what I've heard, you need to send them your first child after you fill out the application. Then, and only then, will you receive a decision.
^^^^
I am afraid you are right. Let's see what the letter says when I get it. I am worried it is a rejection as they did not follow up with me for additional info. Just sent me a letter. yikes.
I have Simmons first, the letter will probably tell you to send in ID, check stubs and proof of address. Thats what my letter requested from me. Simmons took about 3 weeks to process my application. I got card about 10 days after mailing in docs.

Alaskagurl, what kind of limit and APR did you get?

I'm wanting to take a chance and app for a Simmons card even though it's a weeks-long process

Re: Simmons Bank Limbo

Anonymous — Mon, 22 Sep 2014 13:06:19 GMT

@B335is wrote:
@Anonymous wrote:
@youdontkillmoney wrote:
@jsucool76 wrote:
While I don't have a simmon's card, from what I've heard, you need to send them your first child after you fill out the application. Then, and only then, will you receive a decision.
^^^^
I am afraid you are right. Let's see what the letter says when I get it. I am worried it is a rejection as they did not follow up with me for additional info. Just sent me a letter. yikes.
I have Simmons first, the letter will probably tell you to send in ID, check stubs and proof of address. Thats what my letter requested from me. Simmons took about 3 weeks to process my application. I got card about 10 days after mailing in docs.
Alaskagurl, what kind of limit and APR did you get?

I'm wanting to take a chance and app for a Simmons card even though it's a weeks-long process

Credit limit is $10,000 and apr is 7.25%. Go for it! Simmons is worth the wait.

Re: Simmons Bank Limbo

itguy_65 — Mon, 22 Sep 2014 14:06:22 GMT

WOW, they LIKE you!! I only got $4K, now my lowest CL, behind Crap1.

Re: Simmons Bank Limbo

youdontkillmoney — Mon, 22 Sep 2014 23:44:16 GMT

9/22/14 (Monday) Update: They pulled Trasnuion.

"We regret to inform you that we are unable to approve your application for the following reason(s):

EXCESSIVE AMOUNT OF AVAILABLE UNSECURED CREDIT ON CREDIT FILE

EXCESSIVE NUMBER OF BANK CARDS REFLECTING ON CREDIT BUREAU"

I think I'll write in a recon.

Re: Simmons Bank Limbo

Anonymous — Mon, 22 Sep 2014 23:50:16 GMT

Yes, recon and let see what the deal is....

Re: Simmons Bank Limbo

B335is — Tue, 23 Sep 2014 00:33:50 GMT

@youdontkillmoney wrote:
9/22/14 (Monday) Update: They pulled Trasnuion.
"We regret to inform you that we are unable to approve your application for the following reason(s):

EXCESSIVE AMOUNT OF AVAILABLE UNSECURED CREDIT ON CREDIT FILE

EXCESSIVE NUMBER OF BANK CARDS REFLECTING ON CREDIT BUREAU"

I think I'll write in a recon.

Ugh, that sucks. ^^^ This is why I'm not sure I should try. They pull TU right? How many inq? Whats AAoA?

Re: Simmons Bank Limbo

thelethargicage — Tue, 23 Sep 2014 00:38:27 GMT

What's so special about this lender to make it worth going thru all this hassle?

Re: Simmons Bank Limbo

youdontkillmoney — Tue, 23 Sep 2014 00:40:21 GMT

@B335is wrote:
Ugh, that sucks. ^^^ This is why I'm not sure I should try. They pull TU right? How many inq? Whats AAoA?

^^^^^

They pulled Transunion.

About 6 inquiries in since April, all approved though, and most recently conservative Iberia Bank approved me a week ago with $14K.

AAoA, oldest account is 23 years, others between 2008 - 2014.

No lates, missed payments, ever since I turned 18 23 years ago.

I think they are concerned with too much open credit even though my utilization is very very low, PIF each month, but still a lot fo unsecured credit.

I will fax them a recon tomorrow explaining (1) stable credit history of 23 years and no baddies ever (2) stable employment of 10 years with strong income generating (3) very low credit utilization and (4) why I want their card and will make it my #1 card to use, because of the 7.25% interest rate that none of my other cards can beat. I will state after 23 years I do not plan on ruining my track record and seek a mutually beneficial business relationship with them for the decades to come. I will also fax in my income, employment, identity and address proof as supporting documentation, it may help sway them to go ahead and process since they now have this paperwork.

I'll let you guys know if my plea works. I'll fax them first thing tomorrow morning, I already wrote out the paragraphs described above (1 page fax) and I have the supporting documents ready since I saved it from my Iberia bank app last week.

Re: Simmons Bank Limbo

youdontkillmoney — Tue, 23 Sep 2014 00:41:08 GMT

@thelethargicage wrote:
What's so special about this lender to make it worth going thru all this hassle?

^^^^^

7.25% interest rate

the conquest because after 23 years of perfect credit...I deserve it!

Re: Simmons Bank Limbo

B335is — Tue, 23 Sep 2014 00:41:28 GMT

@thelethargicage wrote:
What's so special about this lender to make it worth going thru all this hassle?

For me it's another lender. I've reached just about all the internal limits on the other banks. They also offer low APR's and have terrific customer service.