Simmons First Credit Card

[Anonymous]

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@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?

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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.

[davidboca]

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. 

[Anonymous]

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.

[davidboca]

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.

[FocusOnFICO]

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.

[davidboca]

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.

[FocusOnFICO]

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.

[HG915]

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.

[davidboca]

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.

[HG915]

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