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@CreditScholar wrote:
@Creditaddict wrote:
@CreditScholar wrote:
@Open123 wrote:
@starry1 wrote:
I would imagine their customer base to be pretty small then. How are they turning a profit in such a competitive market? Even Amex has been loosening up their criteria.I'd imagine to offer a credit line on demand at 7.25% would require a much stricter underwriting process than Amex or the other big lenders. At higher avg rates, Amex can utilize the "law of large" numbers to freely handout higher credit lines, whereas if Simmons were to offer such a low rate without strict underwriting criteria, the rate would have to increase to the "mean" with higher defaults.
+1. This pretty much sums it up.
From the consumer's perspective, there are credit-worthy individuals who want that safety net in case they need to carry a balance. Large purchases and unexpected expenses can be charged without worrying abouta high APR.
From Simmon's perspective: they're essentially collecting 7.25% interest from people who they know will pay. They don't have to worry about rewards as such, and the chances of default are as close to zero as one can find in a CC product.
That's all fine but these days someone with this kind of "Credit Portfolio" wouldn't they just apply for a new 0% card for 15,18,23 months depending over last 2 years what's available or as other person stated having the card since 18 years old or like American Express Optima (My card with my father from 2000 was at a FIXED 6.49%)
It would be one thing to spend an hour to apply for a credit card if you needed to park $50k but for $10k? some of us have seen that credit line on a Gas Card!
Not everyone wants to apply for a new card every time something comes up and they need to carry a balance. For some, having the peace of mind knowing it's there is more important.
It's similar to why I have the United Club card, besides the high return on spending. I'm not a heavy flier (by most people's definition), and in many cases I'm flying J or F which gives me lounge access anyways. However I like having lounge access on-demand. I don't want to worry about day passes, what class or ticket I'm flying on, etc. Last year they forgot to give me a lounge pass with my boarding pass. Instead of going all the way back to the international transfer desk, I just swiped my United lounge card and was let in. For me just having it available at all times is worth the high AF, so I'm willing to pay for that.
Simmons First is the credit version of the lounge access scenerio.
+1
though i agree creditscholar makes an excellent point, there are options out there for those of us that enjoy the "hunt". i completely understand the high integrity behind their product, but this is a product that isn't for most of us here. now i could shed my cards up to one and hold back for 2 years, and i might get in, but i would be bored with that. i enjoy my huge overwhelming garden, that i already maintain well. i may have to shed my cards eventually for a possible future mortgage anyway.
barclay ring is rather comparable and has even some better features, and is not so difficult to obtain.
Ok let's play a game. Who ever is willing to take a credit inquiry apply for this card regardless of the score or credit profile and see who gets approved? Also explain the process that you had to go through? Won't be the end of the world if you get denied.
I would but my credit is crap.
Anyone?
Simons required fico of 800? Where did you hear that
If true then they are far away from reality imo
I wouldnt bother just for the fact that i stand 12% chance of approval with my 756 fico.I am sure alot of reach ppl have above 800 so they would be just fine with this lender
@dude11 wrote:Ok let's play a game. Who ever is willing to take a credit inquiry apply for this card regardless of the score or credit profile and see who gets approved? Also explain the process that you had to go through? Won't be the end of the world if you get denied.
I would but my credit is crap.
Anyone?
I don't think I know anyone who would be interested in playing this game.
Lets get real here.Applying for credit is no gambeling.We all work hard to achive good credit
The risk is just to great
@Anonymous wrote:Lets get real here.Applying for credit is no gambeling.We all work hard to achive good credit
The risk is just to great
+1. There's no reason to apply for things you don't need and can't use. Credit isn't a game, as it has serious and real consequences for people.
I've thought about this card as I consider it an "odd ball", something to add to a collection. I'm not going to apply for one as I already have several cards with <10% APR if I ever carry a balance. It would be fun to have for a while since it would be new to me, but the novelty would likey wear off pretty fast.
@android01 wrote:I've thought about this card as I consider it an "odd ball", something to add to a collection. I'm not going to apply for one as I already have several cards with <10% APR if I ever carry a balance. It would be fun to have for a while since it would be new to me, but the novelty would likey wear off pretty fast.
android, even though you have the fico down for the card, your chances of acquiring this card wouldn't be too good because you already have alot of credit cards if i remember correctly.