Big Time Posted March 15, 2007 Report Share Posted March 15, 2007 State Farm bank sort of did what Hooters Mastercard did. They approved a lot of people to establish a big customer base when they first decided to be a credit card issueer. They are both decent cards for rebuilding credit without being too obviously predatory, but that's still what they are.Now SF are changing all their terms for their Visa card.The notice I got in the mail says that the 2% of balance minimum payment is being lowered to 1%, and their Universal default scam is changing from late twice in 60 days or over limit twice in 60 days to one day late or over limit.They have a deceitful new words for Universal Default, too: "Default Pricing" or "Standard Pricing." You'd think they would pay attention to what Citi and Providian are doing, getting rid of UD (for now.)They also changed their late fees to consumers benefit a little. $15 for balances under $500, $29 for over $500. It used to be $29 no matter what. Aren't they sweet?They also changed a few calculations on stuff like balance transfer, but I didn't really bother to read it. Cards like this for people in the low to mid 600's, who have been rebuilding for a couple of years, need to be kept under scrutiny. I think the best way to handle them is to never run up much of a balance and PIF most months, but maybe let a small balance slide one month, once or twice a year, to keep them from closing it on you. "Account closed by credit granter" hurts your score, and some creditors have gotten wise to the "sock drawer" maneuver these days.FYI Link to comment Share on other sites More sharing options...
J_Snow Posted March 15, 2007 Report Share Posted March 15, 2007 This totally sounds ON topic... and should probably be moved to one of the forums where people will notice!Thanks.<<kicks chasey to have her do something around here and move thread>> Link to comment Share on other sites More sharing options...
Big Time Posted March 16, 2007 Author Report Share Posted March 16, 2007 oops. Link to comment Share on other sites More sharing options...
SugarNspice Posted August 24, 2007 Report Share Posted August 24, 2007 My DH applied for the state farm good neighbor visa and was approved for $4500. His APR is 14% and theres 0 % BT for 9 months with no balance transfer fee if done within 90 days of opening account. Wer'e interested in using up the BT. Anyone have anything positive to say about them? The universal default worries me a little since I haven't read the fine print. I'd hate to do a BT and have them jack the rate. Link to comment Share on other sites More sharing options...
yiddster Posted August 24, 2007 Report Share Posted August 24, 2007 Have they tightened up their requirements? I was able to get Hooters with a few baddies and if State Farm pulls TU then I might consider just to have for utilization. Link to comment Share on other sites More sharing options...
tommy32 Posted October 11, 2008 Report Share Posted October 11, 2008 Xxxxx Link to comment Share on other sites More sharing options...
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par Posted October 13, 2008 Report Share Posted October 13, 2008 Any More Current Info? Link to comment Share on other sites More sharing options...
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