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Do I go for it? (State Farm Visa)

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Frequent Contributor

Do I go for it? (State Farm Visa)

In the mail yesterday I received a letter from my State Farm agent talking about the State Farm visa and it’s 10,000 bonus point offer when I spend $800 in 90 days. It came with a term sheet that had a single 13.99% APR and 0% for 14 months listed on it.

As someone who generally enjoys pre-screened offers with single APRs below 20% as much as the next person, I’m not entirely sure if I should go for it. At most I’d probably use it for insurance (also State Farm) premiums which run be about 1200/year. $36 in statement credits a year from the 3% back on premiums seems low, but the possibility of a high SL is super attractive as I’m within a few points of 9% util once updates balances report this month. It says I’m “pre-selected” with a code to run st sfapply.com.

I’m at 5/5/9 for inquiries as of 7/15 from EQ/TR/EX, all within 6 months, lots of doubles from multi-bureau pulls. FICO scores are 697/720/680 as of right now.

Thoughts? Should I trash this one?
Message 1 of 15
14 REPLIES 14
Community Leader
Super Contributor

Re: Do I go for it? (State Farm Visa)

They pull TU. I've seen many get their CC with profiles not as good as yours. Good luck if you decide to go for it.
Message 2 of 15
Frequent Contributor

Re: Do I go for it? (State Farm Visa)

Man. I am weak. I went for it. Got the 7-10 message. Now I wait. 

Message 3 of 15
Community Leader
Super Contributor

Re: Do I go for it? (State Farm Visa)

It's a small bank with manual UW. You'll be posting an approval by Monday afternoon.
Message 4 of 15
Frequent Contributor

Re: Do I go for it? (State Farm Visa)

It's such an odd card but I can't pass up an opportunity to bolster my total exposure and Util. It'll be a few months before I get down to where I want to be (about 5%). They offer 3% on paying your premiums with it... essentially one part of State Farm paying another part of State Farm. LOL. 

 

It looks like my TU was actaully 723. A retroactive alert showed up in my MF account stating it bumped up to 723 from 720. So there's that. 

Message 5 of 15
Frequent Contributor

Re: Do I go for it? (State Farm Visa)

Got me so hyped I’ve been checking the status all day and it’s still in review. 😂
Message 6 of 15
Regular Contributor

Re: Do I go for it? (State Farm Visa)

I'm curious to see your results because I got the same mailer. I was also "preselected" but I don't think I'd end up getting it because of the 17 medical bills in collections on my TU but hey, I guess it's nice to get a mailer for a real card instead of a subprime for once......lol

Message 7 of 15
Valued Contributor

Re: Do I go for it? (State Farm Visa)

If I remember correctly, they use the Fico 9 version of TU to determine your approval and SL. They were very nice to me for both the Good Neighbor ($6,900) and Rewards ($5,000) Visas.

Yes, the spade is back!
Message 8 of 15
Frequent Contributor

Re: Do I go for it? (State Farm Visa)

Interesting. I know as of 7/15 my TU Fico 9 was 716. I pulled it just now (I still haven't received an alert of a hard pull from State Farm nevermind, I see it, they pulled it on the 21st) and it's 728 (and TU Fico Bankcard 9 is 735).

 

I called in this morning and they said they needed some ID verification documents. Since I'm headed out of the country tomorrow for a couple weeks, I won't get the letter for some time so I'm faxing over the documents today. They said it should take about a business day to review them.

Message 9 of 15
Senior Contributor

Re: Do I go for it? (State Farm Visa)


@jl4 wrote:

 

I called in this morning and they said they needed some ID verification documents. 


That's a very good sign.  Smiley Happy

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 10 of 15
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