topic Re: Plans for Sallie Mae. Advice please! in Credit Card Applications

Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 07:02:27 GMT

So I know the Sallie Mae Mastercard has one of the top rewards structures for credit cards at the moment, and am eyeing it as the next card I apply for. Right now, I have quite the number of inquiries on TU, 9 to be exact. 3 of those will be dropped by August 2015. So my plan is to apply towards the end of August or early September of next year. After the 3 inquiries drop, I'll be left with 6, but I will also be shopping for student loans sometime during the Summer, so I'm sure that'll up the number of inquiries again. But from now until then, I won't really be applying for anything besides those student loans.

Is this a viable plan? Should I apply for the card before I shop for my student loans? Should I do them fairly around the same time?

If it's any help, here are my stats:

Age: 20

Cards & Limits: In Signature

AAoA: ~7 Months

Overall Utilization: ~10-20%

No Baddies

Any and all help is much appreciated. Thanks in advance!

Re: Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 07:26:18 GMT

I think Barclays seems to care more about how recent your last apps and account openings were than the sheer number of inqs. I think 6 months is probably a decent timeframe on both fronts. I'm sure more experienced people will chime in though.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 07:34:05 GMT

It's usually a good thing to hold off on credit cards until after you put in for your loans. Once your loans are approved, apply for the sallie mae. Whatever way you go, good luck!

Re: Plans for Sallie Mae. Advice please!

coldnmn — Mon, 29 Dec 2014 11:59:53 GMT

@Anonymous wrote:
It's usually a good thing to hold off on credit cards until after you put in for your loans. Once your loans are approved, apply for the sallie mae. Whatever way you go, good luck!

+1 Student loans come first!

Re: Plans for Sallie Mae. Advice please!

TRC_WA — Mon, 29 Dec 2014 16:56:17 GMT

@Anonymous wrote:
I think Barclays seems to care more about how recent your last apps and account openings were than the sheer number of inqs. I think 6 months is probably a decent timeframe on both fronts. I'm sure more experienced people will chime in though.

Good advice.

I had my eyes on Sallie Mae when I opened Barclay Apple in 9/13. I used that card for 16 months while gardening for 2014... No new accounts and INQs. Other day I applied for Sallie Mae... Instant approval $4500. I also opened 3 other accounts with Discover, Amex and Nordstom.

Then I moved $2200 Apple CL over and closed that card. $6700 Sallie Mae.

Mission Accomplished.

OP,

I'd garden. They will most likely deny you for limited history and/or INQs. You never know though... you could get approved but my guess would be a small limit. My TU FICO is 665 as listed in my sig... but I also had 16 months history with Barclay.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 16:45:49 GMT

I'm surprised no one else has asked this yet... what is your TU FICO?

Re: Plans for Sallie Mae. Advice please!

TRC_WA — Mon, 29 Dec 2014 17:00:56 GMT

@Anonymous wrote:
I'm surprised no one else has asked this yet... what is your TU FICO?

FICO is overrated... I got in with 665. I had a history though with a 16 month Barclay Apple card.

Gardening paid off.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 17:07:09 GMT

Exactly. You had history.

I got in after 4 Reconsiderations with a 680 TU FICO and a reported income just shy of $80K...

Re: Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 17:19:05 GMT

@Anonymous wrote:
I'm surprised no one else has asked this yet... what is your TU FICO?

TU Score runs around ~720. It dipped a bit cause of my two new opened accounts, but I'm looking for a quick recovery, as I do keep my utilization at a minimum.

Re: Plans for Sallie Mae. Advice please!

TRC_WA — Mon, 29 Dec 2014 17:23:19 GMT

@Anonymous wrote:
@Anonymous wrote:
I'm surprised no one else has asked this yet... what is your TU FICO?

TU Score runs around ~720. It dipped a bit cause of my two new opened accounts, but I'm looking for a quick recovery, as I do keep my utilization at a minimum.

I would say you have decent chances... 9 INQ's may require a recon though.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Mon, 29 Dec 2014 21:38:24 GMT

@TRC_WA wrote:
@Anonymous wrote:
I'm surprised no one else has asked this yet... what is your TU FICO?
FICO is overrated... I got in with 665. I had a history though with a 16 month Barclay Apple card.

Gardening paid off.

I know that more than anybody. I was approved with a TU FICO in the 640s and no credit card relationship with Barclays. But it still would have been a useful bit of info.

I think you have a great chance OP. The only thing that might make them a little nervous are the inquiries, but you can always recon if you are initially declined

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 05:25:29 GMT

Can someone explain the deal with sallie mae ? am i missing out on something good?

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 05:28:36 GMT

@Anonymous wrote:
Can someone explain the deal with sallie mae ? am i missing out on something good?

5% on Gas, Groceries, Amazon up to a combined $1,250/mo*

* $250/mo on Gas, $250/mo on Groceries, $750/mo on Amazon.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 05:36:47 GMT

Thanks! already not the best for me just in groceries in my household is around 600 a month.

but awesome fast reply!

@Anonymous wrote:
@Anonymous wrote:
Can someone explain the deal with sallie mae ? am i missing out on something good?
5% on Gas, Groceries, Amazon up to a combined $1,250/mo*

* $250/mo on Gas, $250/mo on Groceries, $750/mo on Amazon.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 05:40:03 GMT

@Anonymous wrote:
Thanks! already not the best for me just in groceries in my household is around 600 a month.

but awesome fast reply!
@Anonymous wrote:
@Anonymous wrote:
Can someone explain the deal with sallie mae ? am i missing out on something good?
5% on Gas, Groceries, Amazon up to a combined $1,250/mo*

* $250/mo on Gas, $250/mo on Groceries, $750/mo on Amazon.

Every bit helps

Have a significant other apply as well and you'll have $500.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 06:20:37 GMT

I am also gardening to get my grubby hands on a Sallie Mae.

I don't know what works but I can tell you what doesn't work... New accounts.

Barclays hates new accounts more than inquiries. Thus my 9 month gardening (others say 6 is good enough)

My first denial was solely due to too many new accounts opened. Credit score was 697 with just a few inquiries. When I reconned the rep told me they wanted to see what I did with those new accounts over 6-9 months.

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 07:28:33 GMT

@Anonymous wrote:
I am also gardening to get my grubby hands on a Sallie Mae.

I don't know what works but I can tell you what doesn't work... New accounts.

Barclays hates new accounts more than inquiries. Thus my 9 month gardening (others say 6 is good enough)

My first denial was solely due to too many new accounts opened. Credit score was 697 with just a few inquiries. When I reconned the rep told me they wanted to see what I did with those new accounts over 6-9 months.

Stupid Barclays hating new accounts. Isn't that a bit like hating babies. These accounts are fresh born. Basically Barclays likes to punch babies in the face.

Re: Plans for Sallie Mae. Advice please!

newhis — Fri, 23 Jan 2015 14:27:29 GMT

@Anonymous wrote:
Stupid Barclays hating new accounts. Isn't that a bit like hating babies. These accounts are fresh born. Basically Barclays likes to punch babies in the face.

LOL

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 16:26:01 GMT

Prolly just me, but I'm gonna say Sallie Mae is way overated. Who spends a combined 500 a month on the 2 essentials?

Re: Plans for Sallie Mae. Advice please!

Anonymous — Fri, 23 Jan 2015 16:33:20 GMT

@Anonymous wrote:
Who spends a combined 500 a month on the 2 essentials?

Me?

I go grocery shopping for myself like every 2 weeks and spend approx $120 each time.

Gas costs around $220 a month for me.

Sallie Mae seems perfectly targetted towards single students in college. Live on the cheap and spend most money on Amazon "bookstores"

For families, you need two of these babies at least...probably 4 of them.