Do I go for it? (State Farm Visa)

[jl4]

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?

[Gmood1]

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.

[jl4]

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

[Gmood1]

It's a small bank with manual UW. You'll be posting an approval by Monday afternoon.

[jl4]

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. 

[jl4]

Got me so hyped I’ve been checking the status all day and it’s still in review. 😂

[Anonymous]

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

[bizarrocreditworld]

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.

[jl4]

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.

[coldfusion]

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@jl4 wrote:

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

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That's a very good sign.