Sallie Mae card approval chances?

[Anonymous]

Ok, that's helpful. And according to credit karma, I have 7 hard inquiries.

[NobodyImportant]

Sallie Mae is easier to get approved for than many seem to think. I was instantly approved with 6 months history on one CC and nothing else. (Again, no other accounts, including student loans.)

[Anonymous]

Great news!

Instantly approved with a $4400 credit limit. Highest limit I've received for anything so far. Thanks a bunch for all the help!

[Anonymous]

Congratulations! I had a really good feeling you'd be approved.

[Anonymous]

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@Anonymous wrote:

I actually think you have a very strong chance at approval, if not instantly, then at least upon recon. Barclays actually seems to prefer if you only have a couple of cards. It seems like their ideal number of credit lines at time of application is 2-3 (enough to show history, but not too much to appear credit-hungry). 

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This x1000. Income doesn't seem to matter at all either. ha.

Also congrats OP!

[Anonymous]

Why do you think that is? Shouldn't your income heavily influence your ability to manage the amount of credit you have available to you?

[Anonymous]

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@Anonymous wrote:

Why do you think that is? Shouldn't your income heavily influence your ability to manage the amount of credit you have available to you?

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I don't pretend to be an expert on this kind of stuff, but there's income and then there's debt-to-income ratio. I'm sure DTI is important to everyone, but based on my experience, some lenders seem more willing to overlook DTI (to an extent) and extend credit/loans if your income is high enough (Chase, BoA, CUs, etc). Some, like Barclays, seem more laser focused on DTI. Just my experience, of course.

Also DTI and income probably don't mean a whole lot if you're a college student with $5K income... To this day, I remember a BoA branch rep practically twisting my arm to apply for a CC when I first started college. I literally straight up told her that I had NO INCOME, and her response was, "It's OK. Let's just try." App was approved with a $2700 limit. Probably a different time back then way back in the early 2000's lol, but companies probably still look extremely favorably on 4-yr college students with little to no credit cards.

[SisterGirl]

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@Anonymous wrote:

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@Anonymous wrote:

Why do you think that is? Shouldn't your income heavily influence your ability to manage the amount of credit you have available to you?

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I don't pretend to be an expert on this kind of stuff, but there's income and then there's debt-to-income ratio. I'm sure DTI is important to everyone, but based on my experience, some lenders seem more willing to overlook DTI (to an extent) and extend credit/loans if your income is high enough (Chase, BoA, CUs, etc). Some, like Barclays, seem more laser focused on DTI. Just my experience, of course.

Also DTI and income probably don't mean a whole lot if you're a college student with $5K income... To this day, I remember a BoA branch rep practically twisting my arm to apply for a CC when I first started college. I literally straight up told her that I had NO INCOME, and her response was, "It's OK. Let's just try." App was approved with a $2700 limit. Probably a different time back then way back in the early 2000's lol, but companies probably still look extremely favorably on 4-yr college students with little to no credit cards.

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+1

I believe my debt-to-income ratio had an effect on my recent Barclay SM $2500 approval as well due to reported outstanding balances. One reason I decided to apply when I did because I wanted to enter 2015 with no inquiries & every account has updated the "paydowns" on several accounts ! Not worried about prospective increases going forward because a few accounts are slated to hit the road this year in lieu of better ones.

[Callandra]

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@Anonymous wrote:

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@Anonymous wrote:

Why do you think that is? Shouldn't your income heavily influence your ability to manage the amount of credit you have available to you?

---

I don't pretend to be an expert on this kind of stuff, but there's income and then there's debt-to-income ratio. I'm sure DTI is important to everyone, but based on my experience, some lenders seem more willing to overlook DTI (to an extent) and extend credit/loans if your income is high enough (Chase, BoA, CUs, etc). Some, like Barclays, seem more laser focused on DTI. Just my experience, of course.

Also DTI and income probably don't mean a whole lot if you're a college student with $5K income... To this day, I remember a BoA branch rep practically twisting my arm to apply for a CC when I first started college. I literally straight up told her that I had NO INCOME, and her response was, "It's OK. Let's just try." App was approved with a $2700 limit. Probably a different time back then way back in the early 2000's lol, but companies probably still look extremely favorably on 4-yr college students with little to no credit cards.

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I don't know about Chase, but it does seem like Amex is friendlier with those with high income even if they don't have the best credit history. I don't think income should really be a huge factor (obviously it should have some influence on limits) because there are those with huge incomes that can't manage their money to save their life. i see people with 5x+ my income that have so much debt/charge-offs/collections (not to say it's not just being responsible, I understand that sometimes life happens, like medical bills). I don't make much but I have none of that; I live well within my means and PIF every month. High income =/= responsible with money/credit. 

Ahh..the good old days of the early 2000s (we might be around the same age); I remember starting college back in '03 and the campus was bursting with booths to apply for CCs, even if you had no income or worked minimum wage for only a few hours a week, lol. 

[Anonymous]

This is really interesting. So do you think Barclays is less picky if you have no debt and pay in full?

I find it strange that I was awarded such a high limit with a limited income, and I can only think of one reason. My credit is good for my age, but the application asked for my occupation, and when I selected student, it also asked for my GPA. Perhaps my high GPA affected my CL? Do you think that's possible?