topic Re: Sallie Mae Approval in Credit Card Approvals

Sallie Mae Approval

Anonymous — Sat, 11 May 2013 04:00:35 GMT

Hey guys,

After seeing the post regarding the Sallie Mae World Mastercard as one of the best underrated credit cards, I decided that I would apply for it in the near future. I'm proud to say that I did. I got the platinum version of the card with a credit limit of $1.5k. I know its pretty low, but I'm still an undergrad so it should be suffice. I might recon. Haha.

Here's some background info. Clean report.

Chase Freedom - acquired on Nov 2012 with a $500 limit. Credit limit increase (hard pull) to $2k on Mar 2013.

Discover IT - acquired on Dec 2012 with a $1k limit.

Amazon Store Card - acquired on Nov 2012 with a $1.4k limit. Credit limit increase (soft pull) to $2.2k on Mar 2013.

Gap Store Card - acquired on August 2012 with a $400 limit. Credit limit increase (soft pull) to $1.1k on April 2013.

AMEX Blue Card (AU) - acquired on Nov 2011 with a $2k limit. Card was terminated on Aug 2012.

CK score was 756 before applying. Income 10k.

I received a 7-10 day message when I applied. I called in and it looks like they couldn't confirm my school address. I repeated the school address again and answered some questions regarding my ID. Then voila, approval of $1.5k.

I think that it would've been an instant approval had I not put my school address.

Re: Sallie Mae Approval

Anonymous — Fri, 10 May 2013 23:18:17 GMT

Congrats..... Very good card. Open Upromise and SM High Yield saving account and they will match 10% of your Upromise rewards in your savings. But it needs $25 per month going into saving.

Re: Sallie Mae Approval

FocusedAndDetermined — Fri, 10 May 2013 23:25:38 GMT

Congrats!

Re: Sallie Mae Approval

Anonymous — Sat, 11 May 2013 00:10:58 GMT

Congrats.

Just be careful not to get into too much debt with spending 2500+ per month with not much income. Even if the cards have a 0% introductory APR, that can be a trap. Once the APR rises you could be paying a lot in interest if you're carrying a balance. Add to that student loan payments and a terrible economy and it could be disastrous.

Re: Sallie Mae Approval

Anonymous — Sat, 11 May 2013 01:22:13 GMT

grats

Re: Sallie Mae Approval

Anonymous — Sat, 11 May 2013 01:49:33 GMT

Thanks guys

Re: Sallie Mae Approval

zyzzus — Sat, 11 May 2013 02:19:31 GMT

https://lty.s.upromise.com/member/savingsAccount.do

I found this.

If I open this account I can redeem my reward points as cashback instead of statement credits?

Re: Sallie Mae Approval

Anonymous — Sat, 11 May 2013 02:19:49 GMT

Nice card and approval!

Re: Sallie Mae Approval

zyzzus — Sat, 11 May 2013 03:49:54 GMT

@zyzzus wrote:
https://lty.s.upromise.com/member/savingsAccount.do

I found this.

If I open this account I can redeem my reward points as cashback instead of statement credits?

Bump

Re: Sallie Mae Approval

nicholasyud — Sat, 11 May 2013 03:58:05 GMT

Niceeee

Re: Sallie Mae Approval

Anonymous — Sat, 11 May 2013 04:03:37 GMT

If it works similar to the Upromise CC, then your earnings will go to your Upromise account. After that you'll have the option of receiving a check or depositing the earnings into a Sallie Mae account. The high yield savings account will award you an extra 10% to any earnings (previous year earnings and other deposits do not count).

Re: Sallie Mae Approval

Anonymous — Sat, 11 May 2013 04:12:04 GMT

I meant to mention that the 10% match is an annual thing.

Typing from my phone.

Re: Sallie Mae Approval

zyzzus — Mon, 13 May 2013 01:22:09 GMT

@zyzzus wrote:
@zyzzus wrote:
https://lty.s.upromise.com/member/savingsAccount.do

I found this.

If I open this account I can redeem my reward points as cashback instead of statement credits?

Bump

shameless bump again.

If I open this savings account I can redeem cash?

Re: Sallie Mae Approval

Anonymous — Mon, 13 May 2013 03:22:02 GMT

@zyzzus wrote:
@zyzzus wrote:
@zyzzus wrote:
https://lty.s.upromise.com/member/savingsAccount.do

I found this.

If I open this account I can redeem my reward points as cashback instead of statement credits?

Bump
shameless bump again.

If I open this savings account I can redeem cash?

In addition to the high yield saving account, you also would need to participate in the uPromise program.

check out the link. https://gif.barclaycardus.com/servicing/img/slm/rewardsTnC/SLC_SLM_JULY2012_RwdTC.pdf

And then after you redeem the cashback to the uPromise account, your high yield saving will receive 10% of the total cashback/rewards you earned at the end of the year.

Someone correct me if I'm wrong because I'd like to know for certain too.

Re: Sallie Mae Approval

Anonymous — Mon, 13 May 2013 03:23:23 GMT

Whoops! El camino basically confirmed my method in his previous posts. Haha

Re: Sallie Mae Approval

vagrants — Mon, 13 May 2013 13:09:07 GMT

@Anonymous wrote:
@zyzzus wrote:
@zyzzus wrote:
@zyzzus wrote:
https://lty.s.upromise.com/member/savingsAccount.do

I found this.

If I open this account I can redeem my reward points as cashback instead of statement credits?

Bump
shameless bump again.

If I open this savings account I can redeem cash?
In addition to the high yield saving account, you also would need to participate in the uPromise program.

check out the link. https://gif.barclaycardus.com/servicing/img/slm/rewardsTnC/SLC_SLM_JULY2012_RwdTC.pdf

And then after you redeem the cashback to the uPromise account, your high yield saving will receive 10% of the total cashback/rewards you earned at the end of the year.

Someone correct me if I'm wrong because I'd like to know for certain too.

Many times, uPromise takes forever for cashbacks to post. Sometimes they don't post the transactions correctly or not showing up at all. That's just "posting". For the cashback to be "funded", it takes another round of long wait. They never rejected my request for corrections so far though. And, yes, this (takes forever to fund) is true for the Barclay redemption. My first redemption was in Dec 2012 and founded in Mar 2013. Second redemption was better. Requested in Feb 2013 and founded in Mar 2013. About a week ago, I redeemed for the 3rd time to the uPromise. Let's see how things will go. For a statment credit, it took less than a week (2-3 days). For student loan, I don't know...but I know they are running some kind of deal now...something about 2% cash back on student loan payments.

10% bonus from the Sallie Mae 5% is still unknown. What I can tell you is that when you get 10% bonus from the uPromise to the HYS account for regular purchases, you'll get hit with 1099-INT since when I got my 10% this year, the 10% bonus was added to the interest earned for the year 2013.

Re: Sallie Mae Approval

Anonymous — Sun, 19 May 2013 14:21:50 GMT

I got my card yesterday. For info sakes, the TU fico score was 740 when I applied.