topic Re: Simmons First Credit Card in Credit Cards

Simmons First Credit Card

davidboca — Wed, 06 Jan 2010 19:54:48 GMT

Hello,

I applied for this card two days ago on line, and after what seemed for over a minute of 'flashing' lights I received a message which read: Your application has been received and processed. Unfortunately we are unable to make a decision at this time.'et cetera', etc.

today, I checked online to see the status of my application and received this message:

Congratulations! Your application has been approved.   If you applied for a credit card, you will be notified
by mail in 7 to 10 business days.  If you applied for a loan, listed below are the terms of your loan and a
representative will contact you shortly.    Please print this page for your records.

What would be the next step? Or better put, what should be my next step? Should I call them to find out which card I was approved for, how much my credit limit is? Or, instead wait patiently?

Your suggestions would be well appreciated.

Thanks!

Re: Simmons First Credit Card

Anonymous — Wed, 06 Jan 2010 20:32:04 GMT

Wait 7 to 10 days for the mail.

Or, call in and see if a CSR can/will tell you anything. But some companies can't tell you anything, cause the CSR doesn't see the details.

Re: Simmons First Credit Card

Anonymous — Wed, 06 Jan 2010 20:39:27 GMT

Anticipation is half of the fun! I'd wait for the mail.

And congrats on the approval! That's a nice card to have.

Re: Simmons First Credit Card

FocusOnFICO — Wed, 06 Jan 2010 21:43:34 GMT

tx is right on. It is best to be patient with Simmons. They are a great national--small bank. I have had a MC with them for many years and upgraded it to the Plat Visa last year. Although the 7.25 fixed went to variable, the card--and bank--are keepers. Enjoy your relationship with them!

Re: Simmons First Credit Card

davidboca — Thu, 07 Jan 2010 06:34:06 GMT

Alright! Great advice from the Fico forum members. I'll keep the forum updated, as I patiently meander through the process of establishing this account. Details to follow.

Thank you everyone!

Re: Simmons First Credit Card

Anonymous — Tue, 12 Jan 2010 16:39:15 GMT

You may want to call in and check the status or check online again for the status. I recieved the same response on the system on 1/8/10. I called today to see what the cl was and int rate. She said i would get a letter in the mail explaining everything. Explaining??? Come to find out their system gives that response to tell you that they have recieved your application and that is stil has to go through underwriting to get approved. Craziness i tell you.

Re: Simmons First Credit Card

davidboca — Wed, 13 Jan 2010 02:07:39 GMT

Thanks! I've just checked again online, and it still reads 'Your application has been approved'. I hope I get something in the mail soon to confirm this. Another interesting fact is that they have pulled only 1 report, this was from TU.

Re: Simmons First Credit Card

FocusOnFICO — Wed, 13 Jan 2010 07:01:45 GMT

Simmons only pulled TU when I upgraded. My card took the whole 7-10 business days to arrive. All looks to be in line with their timeline. Hopefully the card will be in your mailbox shortly. Enjoy!

Re: Simmons First Credit Card

davidboca — Thu, 14 Jan 2010 21:30:35 GMT

Update: After waiting for 5 bank working days, I received my card in the mail today. I telephoned the toll free number indicated on the removable label to activate my new $5000. credit line.

I must state that so far, I am greatly impressed with the way this bank does things.

My question now is: Does Simmons grant automatic credit line increases?

Re: Simmons First Credit Card

FocusOnFICO — Thu, 14 Jan 2010 22:15:50 GMT

Congratulations!

None that I know of. They are a conservative bank, but increases should not be a problem with a good history with them.

Re: Simmons First Credit Card

Anonymous — Fri, 15 Jan 2010 11:44:51 GMT

@davidboca wrote:
Update: After waiting for 5 bank working days, I received my card in the mail today. I telephoned the toll free number indicated on the removable label to activate my new $5000. credit line.
I must state that so far, I am greatly impressed with the way this bank does things.
My question now is: Does Simmons grant automatic credit line increases?

I have read a few posts on Simmons, and from what I have seen, you have received a fairly nice CL. IME on reading about them, they are not know for a lot of CLI and are very conservative. They are also not known for very high CL's.

Congrats on the card. And again, this is information from my reading of others, not from personal experience.

Re: Simmons First Credit Card

davidboca — Fri, 15 Jan 2010 20:32:03 GMT

Thanks John! There is one other interesting point that I failed to mention about my new card. I took notice that it expires in only 1 year. Most of my cards are issued with validity term of 2, 3, or 5 years.

Re: Simmons First Credit Card

Anonymous — Fri, 15 Jan 2010 22:26:14 GMT

Interesting on the 1 year expiration....does that mean they look at customers so conservatively they don't even want to issue a card for more than 12 months?

I wonder if their rate at 7.25% will go up prior to the Feb 2010 regs? Addison Avenue had a great 5.24 but raised it to 7.25 in anticipation of the new regs, effective 2/2010.

Re: Simmons First Credit Card

davidboca — Fri, 15 Jan 2010 22:34:43 GMT

John, I believe you've hit the nail on the head. They want to see how I do with the card, hence the 12 1/2 month validity before expiration. If I do well they might give me another with a more extended date.

Re: Simmons First Credit Card

FocusOnFICO — Fri, 15 Jan 2010 22:55:28 GMT

My experience was similar--many years ago. Follow the strategies on this forum and Simmons will be very happy with you. I believe after the first year I was extended to 2-3 years.

Re: Simmons First Credit Card

davidboca — Fri, 15 Jan 2010 23:11:25 GMT

Thank you Focus. I opine that it is good to know of other's experience with this bank, resulting in becoming aware, the better to maintain optimum FICO scoring, and to avoid any unforeseen obstacles.

Your input is greatly appreciated.

Re: Simmons First Credit Card

FocusOnFICO — Fri, 15 Jan 2010 23:45:01 GMT

You are quite welcome. Also, it's been my experience that transactions/payments seemingly take an extra day to hit the online activity. Keep that in mind when you schedule your activity. Also, paying your cc online will have to be set up. Notify the bank by phone to have the "Make Payment" option live on your online option drop down.

Re: Simmons First Credit Card

HG915 — Sun, 17 Jan 2010 02:06:28 GMT

It is good to read all of this. On 1/5 I appled for this card and a few days later received an application asking for my assets and liabilities as well as a pay stub. I still have not heard back from them. I got a response on my mortgage faster than this Anyway, from all i read it should be worh it.....if i get approved. I applied mainly becauseo the rate but also because it is a no-nonsense card with no gimmicks.

Re: Simmons First Credit Card

davidboca — Sun, 17 Jan 2010 02:25:05 GMT

Welcome the the forum HG! I wish you good luck with your application. This card has some nice worthwhile benefits although no rewards, unless one opts to consider applying for the Platinum Rewards Card from Simmons First which has a higher apr.

Re: Simmons First Credit Card

HG915 — Sun, 17 Jan 2010 02:29:13 GMT

thx - no i applied for the regular one but it has been 2 weeks so who knows...........