topic Re: What score/profile need for Simmons First? in Credit Cards

What score/profile need for Simmons First?

Agent86 — Sun, 02 Jun 2013 00:35:48 GMT

Also, Any word on their generosity with credit lines?

Re: What score/profile need for Simmons First?

myjourney — Sun, 02 Jun 2013 00:36:40 GMT

@Agent86 wrote:
Also, Any word on their generosity with credit lines?

800+

Re: What score/profile need for Simmons First?

CreditScholar — Sun, 02 Jun 2013 00:38:56 GMT

I wouldn't bother applying if you don't have a perfectly clean file and a FICO at or near 800. They will also ask for proof of income and employment. Should you be approved, a CL of 8-12k would be all you can realistically expect.

Re: What score/profile need for Simmons First?

LS2982 — Sun, 02 Jun 2013 01:34:18 GMT

I thought I seen high 700s get approved here.....

Re: What score/profile need for Simmons First?

CreditScholar — Sun, 02 Jun 2013 01:38:39 GMT

I'd say 775-780 gives you a decent chance, assuming other factors are taken care of. You don't need to be at 800, but near it. 750 is too low.

Re: What score/profile need for Simmons First?

myjourney — Sun, 02 Jun 2013 01:42:51 GMT

Certainly a pick and hard to get in with lender for sure

Re: What score/profile need for Simmons First?

boomhower — Sun, 02 Jun 2013 02:06:39 GMT

I wouldn't waste the INQ with less than a 780.

Re: What score/profile need for Simmons First?

Anonymous — Sun, 02 Jun 2013 02:10:22 GMT

@Agent86 wrote:
Also, Any word on their generosity with credit lines?

I didn't see anyone go in depth with this, but, unless policy changed, they need a bunch of documentation to even go above 10K so they aren't that generous. Honestly, I don't see it to be worth the time to deal with all their hoops. They have a low APR, sure, but if you are good enough to qualify for this card, you can probably find a better card with comparable APR.

Re: What score/profile need for Simmons First?

slickshoes182 — Sun, 02 Jun 2013 02:25:06 GMT

Geez, 800+? I think thats an extremely rare score to get. I'm reminded of the saying, "If your credit score is 800+, you must be doing something wrong.." (As in not taking advantage of the benefits of a high credit score). I was approved in 2011 for the Simmons First and equivalent Iberibank lowest APR cards with a creditkarma FAKO ~735 (No lates, derogatories, or any negative info.. just a youngish credit file and I sometimes carry a balance). My lines were 2.5K for the Simmons, 9K for the Iberiabank. The income I applied with was just under 100K.

That said, after doing some research, I think Credit Unions have more to offer. There are lots of good ones you can join with a donation to an organization. Some like SDFCU advertise lower rates (6.99%). I don't have a card there yet so I can't speak to their credit lines. At Western FCU, the next year (2012) I got a 29.5K line at 8.9% when they only did up to 35K CLs. They were open to offering more if I would give them time to review my taxes... but I opted for the instant 29.5K instead. Now they offer up to 50K (Time for a CLI request next year, haha). That's their rate for purchases, cash advances, and balance transfers.. with no transaction fees! They also seem to have a quaterly promos for balance transfers, purchases, etc for continuining card holders (not simply introductory) which push them below Simmons First and IberiaBank's 7.25% APRs in some cases.

I'm planning to get Penfed's promise soon which is nominally 9.99% but also can go up to 50K, I believe. They also have promos like 4.99% for the life of balance transfers at opening, 7.49% for first 3 years of purchases, etc. And again, no special cash advance charges or APR.

All 3 of the credit unions mentioned are open to anyone who makes donations to the appropriate organization (~$5-$25).

So in conclusion, I think you can do better than Simmons First if you do some research into Credit Unions. There are so many credit unions with different pros/cons so you can really find one that suits the situation you care about. On the otherhand, if you decide to go ahead with Simmons First, if your score is in the mid 700s without any red flags (lots of new inquiries, derogatories) then I don't think it would be too hard to get. They do WANT people to apply and get their cards, otherwise why are they spending so much $$ (for a tiny bank) advertising on MyFico?

Re: What score/profile need for Simmons First?

navigatethis12 — Sun, 02 Jun 2013 02:25:28 GMT

They say themselves that if you do not have excellent credit, do not apply. I reckon they want a long history with low balances and no recent new accounts or inquiries.

Re: What score/profile need for Simmons First?

thom02099 — Sun, 02 Jun 2013 21:06:12 GMT

@Agent86 wrote:
Also, Any word on their generosity with credit lines?

From www.whogavemecredit.com as well as the "database" of the site of which we may not speak , looks like the lowest scores for approval are right around 770, they seem to like TU pulls and they are stingy with their CL...average CL looks to be around $3K.

Simmons First seems to be more of a stickler for documentation than IberiaBank was for me. Even though the email I got from IberiaBank said they needed it, when I called in to confirm the fax number, they (IberiaBank) told me that I didn't need to send, that I was instantly approved for $8K. I felt that was rather generous. Dunno if I'd be as successful with Simmons First, but at this point, I don't need/want them (regardless of the MyFICO popups! )

Re: What score/profile need for Simmons First?

GuyInFlorida — Mon, 03 Jun 2013 00:49:45 GMT

Why bother?

The big banks offer more with their "prime cards". 10k Limit? I see people with 700 scores (not 800) with comparable credit lines from Chase, Citi, AMEX, Discover, etc etc

Why waste the time?

Re: What score/profile need for Simmons First?

thom02099 — Mon, 03 Jun 2013 02:22:06 GMT

@GuyInFlorida wrote:
Why bother?

The big banks offer more with their "prime cards". 10k Limit? I see people with 700 scores (not 800) with comparable credit lines from Chase, Citi, AMEX, Discover, etc etc

Why waste the time?

The Thrill of the Hunt???

Seriously, it's not one of the premier rewards cards, but it IS a card with low APR for purchases and balance transfers; 7.25% for their Platinum Visa. For some, that's a desireable card.

Re: What score/profile need for Simmons First?

CreditScholar — Mon, 03 Jun 2013 02:24:53 GMT

@thom02099 wrote:
@GuyInFlorida wrote:
Why bother?

The big banks offer more with their "prime cards". 10k Limit? I see people with 700 scores (not 800) with comparable credit lines from Chase, Citi, AMEX, Discover, etc etc

Why waste the time?
The Thrill of the Hunt???

Seriously, it's not one of the premier rewards cards, but it IS a card with low APR for purchases and balance transfers; 7.25% for their Platinum Visa. For some, that's a desireable card.

+1. This is exactly it. It's essentially a personal loan on-demand, given it's continuously low APR. You're not reliant on a limited time balance transfer option good for only 18 months, etc. For some people, just knowing it's there if needed is worth it.

Re: What score/profile need for Simmons First?

indiolatino61 — Tue, 18 Jun 2013 15:37:08 GMT

@CreditScholar wrote:
I wouldn't bother applying if you don't have a perfectly clean file and a FICO at or near 800. They will also ask for proof of income and employment. Should you be approved, a CL of 8-12k would be all you can realistically expect.

What in the heck does this lender think it is, anyway. Near 800 FICO...proof of income...proof of employment...who needs them?

Re: What score/profile need for Simmons First?

indiolatino61 — Tue, 18 Jun 2013 15:39:29 GMT

@Anonymous wrote:
@Agent86 wrote:
Also, Any word on their generosity with credit lines?
I didn't see anyone go in depth with this, but, unless policy changed, they need a bunch of documentation to even go above 10K so they aren't that generous. Honestly, I don't see it to be worth the time to deal with all their hoops. They have a low APR, sure, but if you are good enough to qualify for this card, you can probably find a better card with comparable APR.

I agree with you...there are plenty more "prestigious" cards that don't make you jump through so many hoops. Even when I get to 800 I won't be apping with this lender. Who needs them?

Re: What score/profile need for Simmons First?

indiolatino61 — Tue, 18 Jun 2013 15:42:01 GMT

@GuyInFlorida wrote:
Why bother?

The big banks offer more with their "prime cards". 10k Limit? I see people with 700 scores (not 800) with comparable credit lines from Chase, Citi, AMEX, Discover, etc etc

Why waste the time?

+1...totally agree!

Re: What score/profile need for Simmons First?

FinStar — Tue, 18 Jun 2013 16:14:26 GMT

@CreditScholar wrote:
@thom02099 wrote:
@GuyInFlorida wrote:
Why bother?

The big banks offer more with their "prime cards". 10k Limit? I see people with 700 scores (not 800) with comparable credit lines from Chase, Citi, AMEX, Discover, etc etc

Why waste the time?
The Thrill of the Hunt???

Seriously, it's not one of the premier rewards cards, but it IS a card with low APR for purchases and balance transfers; 7.25% for their Platinum Visa. For some, that's a desireable card.
+1. This is exactly it. It's essentially a personal loan on-demand, given it's continuously low APR. You're not reliant on a limited time balance transfer option good for only 18 months, etc. For some people, just knowing it's there if needed is worth it.

Every individual has their own goals and preference to specific products. One may say "who needs them" - guess what? There IS a market for that product. So, if folks want to pursue the Simmons First card then there's obviously a benefit to those individuals. The charge/credit card market is NOT limited to just cash and points rewards for some.

Re: What score/profile need for Simmons First?

Petraeus — Sat, 22 Jun 2013 21:02:07 GMT

@LS2982 wrote:
I thought I seen high 700s get approved here.....

yes sir. I am in the 700s and was approved for the card. Clean CRs, proof of employment and salary consistency is all they care about.