Just applied on-line at www.statefarm.com for their credit card. Rec'd a message stating they would advise me of my status in 7-10 days, etc. Called their toll free number (on approval status page at bottom) half hour later, and was told I was approved for $5,000 at 11.99%, no fee.Too excited and forgot to inquire about BT's. They pulled EX (credit expert 660 w/ one paid judgement in 5/2001, 22 positive accounts) My EQ is 655. TU is 639.
do you have insurance through them??? Also was the approval line automated or did you have to speak with a rep, sorry I hate live people LOL.
Bailey, I do not have insurance with them and I marked it that way on the application. The approval was not instant. I called the toll free number and asked what the generic message meant. She took my name , SS#, mothers maiden name, address and told me I was approved. I told her I applied yesterday but I really just applied 20 minutes before calling. Im not sure why I did not get instant approval being that they knew I was approved 20 minutes later. They are nice people and this is a new bank for State Farm, they want to issue cards! Banks have been getting into the Insurance business more often and this is a way for Insurance companies to get them right back and play their game. State Farm is the largest Property & Casualty Insurance company in the world by far.They have close to 100 Billion dollars in the bank! They can buy and sell most fortune 50 companies with the money in there back pockets.
Well you are right they pulled EX for me as well, 702 and I did not get instant approval bummer, I just hate calling and asking LOL
No, not a salesperson, I just work in the insurance industry. The company I work for is also getting into the banking business.The goal is to improve customer base with banking and cross-sell insurance policies. In order to do this the guidelines may be a bit relaxed initially to get new customers.
How relaxed are they? I am in need of a decent credit card, not sub-prime, been there and still sorry about it. Not sure of my score but I know my credit is far from great but last May I was able to get a loan for a new car from Ford credit, 18% but from what I have heard it could have been worse. I also have a good line from local bank. Only negative credit cards that should be on there is Cap One which is paid and a Cross Country Bank. I have heard that little stock is put into reports from CCB but no evidence that this is true. I know from my own experience that no matter how well you manage your account with them that your days are numbered and soon you will start getting lost payments, fee's, etc.
Not sure of my status yet, they pulled experian 702, not instant approval Kev how old is your oldest tradeline?? Mine only date back 2-3 years and I have gotten that reason in the past with others. so this may be a denial. Also kev did you call or wait for the lovely letter??
Kustomkat, I just hung up the phone with their credit analyst;I too received a letter stating "insufficient credit history" & blatantly told them "My oldest account dates back to 1986(?)...so what's the deal ?" I expressed to them how long I have been a insurance customer of theirs since 1988 & my motorcycle insurance alone ran me 750 per 6 mths(which I will gladly change.....if they would like). She was silent as I expressed myself & becoming aware that I was not the person that was about to go away quietly;she advised that she will send it back to State Farm for reconsideration. We shall see.... Sister Girl
Congrats Bailey. You can always call to see if they will move your CL up. Explain to them you were hoping for $3,500, $5,000, etc.
Thanks again tommyy for posting that. I was looking for something that pulled Experian. I tried the mills site but got burned one too many times there LOL. Thanks again for the tip
Yes I believe income was the key factor with limit. My score was 702 and I lost 2 points. My income is just under 70K for total household including bonus I may or may not make LOL. The rep also stated they didn't give instant approvals online that he was aware of.
Bailey and LK, I had a EX 660 with $90,000 household income which is accurate and rec'd $5,000 limit. I think your correct about the income determining your CL. Bailey..I have applied for 5 CC's in the past 6 months and the millscb.com was incorrect each time. I did my own investigation and called several banks to inquire about which CRA would be pulled. I did not talk with the flunkies in CS , I only spoke with the Underwriting flunkies. 6 out of 7 stated that they radomly pick which report is pulled and rotate their choice every so often of what they will pull.So the best information is when people like us start to apply and report the CRA info real-time. Next week State Farm may pull EQ or TU for approvals. I'm sure there are exceptions but for the most part credit reports being pulled are rotated often by most lender for credit card approvals.
yes I "think" statefarm will be giving credit a litle easier then others, but since they are just jumping into the banking world they will be assigneg limits with a little bit of caution and rightly so. Yes, most times I got burned at the site when they stated this bank pulled a certain report exclusively, and they always pulled the opposite for me. I agree the best place is here and up to date, the only bank I know that pulls from just one is Amex LOC and that was right from the horses mouth, all others I usually wait to see who will jump here first and then follow LOL.
