St. Frm & help from the BT folks?

Cherie,

I got approved for State Farm Bank for $5000 back in Dec. I applied on the web and you usually get the answer after a couple of hours. They pulled credit from Experian.


Ron.

 

cherie,

Here is the terms that I got:


IMPORTANT ACCOUNT DISCLOSURES

Platinum or Classic Visa®
Annual Percentage Rate (APR) for Purchases 11.65%
Other APRs Cash advance APR: 12.74%
Penalty APR: 16.75%. See explanation below.*
Variable-rate information Your APR for Purchase and Balance Transfers may vary. The Purchase rate (which includes Balance Transfers) is determined monthly by adding 6.90% to the Prime Rate** for Preferred Pricing (with a minimum APR of 9.99%) and by adding 12.00% to the Prime Rate**for Standard Pricing.* The Cash Advance rate is determined monthly by adding 7.99% to the Prime Rate ** for Preferred Pricing and by adding 12.00% to the Prime Rate ** for Standard Pricing.*
Grace Period for repayment of balances for purchases 25 days
Method of computing the balance for purchases Average daily balance (including new purchases).
Annual Fees None
Minimum finance charge $.50
Transaction fee for purchases None
Transaction fee for cash advances: 2% of amount of advance ($2 minimum, $50 maximum)
Balance transfer fee: None
Late-payment fee: $25.00
Over-the-credit-limit fee: $25.00***

*If you fail to make two consecutive minimum monthly payments, the Penalty APR (which is called the Standard Pricing rate in the Cardholder Agreement) will apply to Purchases (including Balance Transfers) and Cash Advances on your account effective with the first day of the next billing cycle of your account, and the daily periodic rate we use to compute the FINANCE CHARGE is a variable rate which is 1/365th of the sum of the Prime Rate plus 12.00%. The corresponding ANNUAL PERCENTAGE RATE is the Prime Rate plus 12.00%. The daily periodic rate of the FINANCE CHARGE will remain 1/365th of the sum of the Prime Rate plus 12.00% until you have made six consecutive required monthly payments on or before their Payment Due Dates, at which time Preferred Pricing will apply effective with the first day of the next billing cycle of your account, and the daily periodic rate of the FINANCE CHARGE will be 1/365th of the sum of the Prime Rate plus 6.90% for Purchases and 1/365th of the sum of the Prime Rate plus 6.90% for Cash Advances, with a corresponding ANNUAL PERCENTAGE RATES of the Prime Rate plus 6.90% and 7.99% respectively, unless you again fail to make two consecutive minimum monthly payments. Imposition of Standard Pricing is in addition to, and not in place of, any other action we may take if you fail to make your payments when due. Such actions may include suspending credit privileges or closing your account.

**The Prime Rate used to determine your APR is the highest Prime Rate published in the "Money Rates" table in The Wall Street Journal on the 15th day of the month. Any adjustments to the APR will then be effective and apply to the Purchases balances of an account beginning on the first day of the billing cycle that has a closing date on or after the first day of the next calendar month after the date on which the new APR was calculated.

***Other fees: Returned Payment Fee - $25; Returned Check Fee - $25; Stop Payment Fee - $25; Fast Card Fee - $25; Statement Reprint Fee - $5 (2 copies provided without charge each 12 months); Copy Fee - $5 per sales draft


Usually you got better terms from pre-approval.

Ron.

 

Cherie, do you know what your Experian score was when you received the pre-approval? I have my auto insurance thru St. Farm and have been hoping for a pre-approval offer from them. So far, nothing here in Arizona ;(

 

Re: St. Frm & help from the BT folk

Cherie,

State Farm Bank pulled credit from Experian for most people from this board. You had better to check your Experian before you applied. I think they will approve your application if you have any negative.



Ron.

 

Re: St. Frm & help from the BT folk

www.experian.com

You can sign up for creditexpert and get a free 30 day trial, and cancel it before 30 days if you don't want to pay. I think it's $79 a year. Unlimited access, plus scores.

 

Re: St. Frm & help from the BT folk

Just tried the link, and worked fine. Try again. If it still doesn't work, you may need to clear your cookies/files on your browser. You can go to:
www.creditexpert.com/freeoffer
It's a direct link to the 30-day trial offer.

 

Re: St. Frm & help from the BT folk

Cherie,

I think you can get approved for State Farm Bank Platinum Visa with the score 721.


Ron.

 

Re: St. Frm & help from the BT folk

Thanks for the info. Sorry it took so much trouble.