topic Re: Sallie Mae Mastercard in Credit Cards

Sallie Mae Mastercard

dapps06 — Fri, 28 Nov 2014 13:14:03 GMT

What are the credit requirements for this card?

Re: Sallie Mae Mastercard

sosabe77 — Fri, 28 Nov 2014 13:23:58 GMT

I have no idea but this has become one of my favorite cards. You can't beat 5% back on groceries, gas, and Amazon (even with the caps).

Re: Sallie Mae Mastercard

Dw4250 — Fri, 28 Nov 2014 13:29:20 GMT

While this card is more geared toward students, it does have one of the best reward structures out there. Consequently Barclays has it as one of the more difficult cards to get.

At minimum, I'd say you should try to be ~ 700+ scores and have not too many recent INQS. But as always YMMV as everyone's credit profile is different.

Re: Sallie Mae Mastercard

dapps06 — Fri, 28 Nov 2014 13:33:37 GMT

Ahh I want this card. I didn't see where Amazon bought back 5 percent but I just read that it codes as a bookstore. Amazon is my favorite place to shop, by far. Just read on doctorofcredit.com that a common denial reason is inquiries, but it also says the SM card almost always pulls TU. My recent spree only had two HP's on TU.

Hmm...what to do.

Re: Sallie Mae Mastercard

mikelo22 — Fri, 28 Nov 2014 13:39:10 GMT

They do tend to pull TU. But like others said, it is one of the harder cards to get from Barclays. Since your score would be borderline, how thick is your credit profile? I'm not sure I agree with SallieMae being geared towards students because they tend to not like thin credit profiles either. You can overcome this, of course, with a higher score (700+).

All this said, YMMV.

Re: Sallie Mae Mastercard

dapps06 — Fri, 28 Nov 2014 13:51:33 GMT

AAoA of 8 years, student loans that go back 14 years, seven credit cards in good standing (two closed), an old settled auto loan with several lates, and an old charged off CC that falls off in April. Five new CC's are on the way, the only one that has hit my report so far is the Barclay Rewards MC.

Re: Sallie Mae Mastercard

Anonymous — Fri, 28 Nov 2014 14:55:59 GMT

While it is true that having a 700+ FICO would greatly improve your chances, Barclays is one of the more lenient lenders and there is definitely a YMMV aspect to it. I was approved upon recon for the Sallie Mae with a TU in the 640s.

And yes, the Sallie Mae WMC is a godly card.

Re: Sallie Mae Mastercard

Anonymous — Fri, 28 Nov 2014 15:07:53 GMT

Would 4 inquiries generally be considered too many?

Re: Sallie Mae Mastercard

Anonymous — Fri, 28 Nov 2014 15:15:37 GMT

@dapps06 wrote:
What are the credit requirements for this card?

Low recent inquiries, a decently clean credit file. If you don't have at least one of these, get ready to play phone tag with the recon department.

@Dw4250 wrote:
While this card is more geared toward students, it does have one of the best reward structures out there. Consequently Barclays has it as one of the more difficult cards to get.

At minimum, I'd say you should try to be ~ 700+ scores and have not too many recent INQS. But as always YMMV as everyone's credit profile is different.

I was approved with 683 TU FICO, 0 INQ's on TU...

After 4 recon attempts.

@Anonymous wrote:
And yes, the Sallie Mae WMC is a godly card.

Indeed. I earned $55 in CB in the first month (Yes, $25 of it was the first use bonus)

Re: Sallie Mae Mastercard

Anonymous — Fri, 28 Nov 2014 15:25:17 GMT

My score was around 720 when I got this card.

Re: Sallie Mae Mastercard

heyitsyeh — Fri, 28 Nov 2014 18:01:51 GMT

I use it the most for Wal-mart and gas surprisingly...groceries and Amazon are nice-to-haves but not really my big spends after moving back home with the parents.

Re: Sallie Mae Mastercard

VirtualCuriosity — Fri, 28 Nov 2014 20:06:51 GMT

@sosabe77 wrote:
I have no idea but this has become one of my favorite cards. You can't beat 5% back on groceries, gas, and Amazon (even with the caps).

Get two and double the caps if the caps are an issue.

Re: Sallie Mae Mastercard

Anonymous — Fri, 28 Nov 2014 20:48:20 GMT

@VirtualCuriosity wrote:
@sosabe77 wrote:
I have no idea but this has become one of my favorite cards. You can't beat 5% back on groceries, gas, and Amazon (even with the caps).
Get two and double the caps if the caps are an issue.

This doesn't appear to be a very reliable option. I tried applying for a second SallieMae almost a year after my first, and was denied because they claim to only allow one of this particular card.

Re: Sallie Mae Mastercard

VirtualCuriosity — Fri, 28 Nov 2014 21:01:46 GMT

@Anonymous wrote:
@VirtualCuriosity wrote:
@sosabe77 wrote:
I have no idea but this has become one of my favorite cards. You can't beat 5% back on groceries, gas, and Amazon (even with the caps).
Get two and double the caps if the caps are an issue.
This doesn't appear to be a very reliable option. I tried applying for a second SallieMae almost a year after my first, and was denied because they claim to only allow one of this particular card.

I guess it is a YMMV deal then. I know several people who have two in their name.

Re: Sallie Mae Mastercard

Anonymous — Fri, 28 Nov 2014 21:19:07 GMT

If you're married, put one in each of your names. DW has one, I have another, and we're each AUs on the other's card. Thus, double caps.

Re: Sallie Mae Mastercard

zsepthenne — Fri, 28 Nov 2014 21:23:41 GMT

I'm dying for this card! Can't wait until I've been in the garden for at least 6 months, though I'll try to wait longer if I can contain myself lol.
A lot of my newer accounts have aged over a year but I have a few inquiries on my TU. I'm already in with Barclay so I'm hoping that might help.

Re: Sallie Mae Mastercard

CreditMagic7 — Fri, 28 Nov 2014 21:36:01 GMT

The last time i anchored down for 4 months after my first Sallie mae denial it turned out fantastic on an Instant Approval Rewards for 5K. If i'm ever going to be in the running for Sallie mae again it's gonna take buckling down like that again i guess. This is been an elusive one for me to land but not giving up yet.

Re: Sallie Mae Mastercard

VirtualCuriosity — Fri, 28 Nov 2014 22:49:22 GMT

@zsepthenne wrote:
I'm dying for this card! Can't wait until I've been in the garden for at least 6 months, though I'll try to wait longer if I can contain myself lol.
A lot of my newer accounts have aged over a year but I have a few inquiries on my TU. I'm already in with Barclay so I'm hoping that might help.

I predict that you won't even make it the 6 months, but I hope you do for your personal goal sake, lol. I remember when I got mine, I was done. Until I felt I really could benefit from the Huntington Voice and then Amex BCE.

Re: Sallie Mae Mastercard

barbaralee — Fri, 28 Nov 2014 23:06:37 GMT

My husband is not a big shopper, so this is his go to card. We have had an interesting run with the credit line: when he was initially approved it was for 5k. Then I accidentally did a CLI on the SM card (just a month after we got it.... It was an emergency situation and I was trying to increase the Arrival) and they bumped it to 7k. Then we closed the Arrival and consolidated the credit line, so now it is at 14k. We don't use enough gas to hit the $250, and I have noticed that right when we hit the $250 for groceries our statement cuts.

This will probably be his permacard for a while. The only drawback is how fugly it is.

Re: Sallie Mae Mastercard

zsepthenne — Fri, 28 Nov 2014 23:30:18 GMT

@VirtualCuriosity wrote:
@zsepthenne wrote:
I'm dying for this card! Can't wait until I've been in the garden for at least 6 months, though I'll try to wait longer if I can contain myself lol.
A lot of my newer accounts have aged over a year but I have a few inquiries on my TU. I'm already in with Barclay so I'm hoping that might help.
I predict that you won't even make it the 6 months, but I hope you do for your personal goal sake, lol. I remember when I got mine, I was done. Until I felt I really could benefit from the Huntington Voice and then Amex BCE.

How little faith you have in me! Lol. I'm only about 2 months away from the 6 months otherwise you'd be totally right, I'd cave! I'm worried about apping even at 6 months though as Barclay didn't give me a 6 month CLI. I assume due to new accounts and inquiries.

The Sallie Mae is my last card I want for quite awhile also.