topic Re: Sallie Mae - talk me down or help me pull the trigger in Credit Cards

Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 02:53:09 GMT

I really would like to obtain a Sallie Mae MC as soon as possible. I will be on my own this summer and it would be nice to receive 5% back on groceries, and I would also like 5% back in bookstores (since I don't really like accumulating TY points) on my textbooks.

The problem is that I've heard that Barclays is INQ and new account sensitive. I'm conflicted with this advice, because on one hand I don't want a denial, but on the other hand I'm an impatient college student! I don't care about APR since I always PIF, and CL is not too important since I won't get anywhere near maxing out my rewards.

Now for my stats:

I have only two INQs on TU (one of which will age off in May), and the other was last year in June for my Discover. That's the tempting part.

I have three new accounts, however, according to CK. My Amex and Chase cards are reporting, and when I logged in today, I noticed that my Macy's AMEX got a $2,000 auto-CLI that appears to have resulted in a new TL? I don't know how that works, and I'm not sure if I believe that I do in fact have a new account. Regardless, I'm worried that these will prevent me from approval. Do you think that 2 (and maybe 3) new accounts is too many?

Discover TU FICO is 730 as of last month.

The Sallie Mae is the last card I want to obtain on my student income - then I'm content to stay in the garden until graduation in 2016 and let my accounts grow until I have the income (and higher scores) to support nice cards like the CSP. Please let me know when I should apply for it! If now is not the time, just knowing when is the time should be enough to tide me over lol!

Re: Sallie Mae - talk me down or help me pull the trigger

ficobgtx — Sun, 13 Apr 2014 02:57:20 GMT

For no reason other than I just like this card and wouldn't mind having for myself - go for it!

Re: Sallie Mae - talk me down or help me pull the trigger

MoreRewards — Sun, 13 Apr 2014 02:59:40 GMT

I'm not sure on Barclay being all that sensitive. When i app ' d in Oct they did pull TU.

My score was 758. 5 INQ on TU. New credit cards accounts opened in March, April, June & 2 in July.

Re: Sallie Mae - talk me down or help me pull the trigger

Themanwhocan — Sun, 13 Apr 2014 03:00:16 GMT

You are probably just fine to obtain a Sallie Mae. Here is the record of my credit cards:

Secured (Closed) 1/1/2012

US Bank Cash+ 1/1/2013

Elan (closed) 1/1/2013

Discover IT 1/29/2013

US Bank Cash+ #2 4/1/2013

Amex BCE 4/20/2013

Priceline.com 5/7/2013

Sallie Mae 9/21/2013

Chase Freedom 11/20/2013

Sallie Mae 4/7/2014

The priceline was only a $1500 limit, and the first Sallie was only $1600. Once I let my score recover and stopped having a lot of recent applications, my second Sallie was granted at $10,000.

Re: Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 03:03:15 GMT

Thanks for the responses, guys. I notice that when you applied (MoreRewards, Themanwhocan) your accounts were generally a couple months old.

Do you think it would be advisable to wait a couple of months to let the accounts age, or should I just take the hit now?

Re: Sallie Mae - talk me down or help me pull the trigger

yudeology101 — Sun, 13 Apr 2014 03:03:21 GMT

Looks good, GO GO GO!!

Re: Sallie Mae - talk me down or help me pull the trigger

MoreRewards — Sun, 13 Apr 2014 03:06:14 GMT

If you want to take the hit now you should be fine. It might effect CL but if you are not concerned about that app now. I was only approved for $2,500. Unlike themanwhocan I've never tried for a 2nd Sallie Mae. I had trouble gardening as it is without doubling my cards but that is tempting.

Re: Sallie Mae - talk me down or help me pull the trigger

eagle2013 — Sun, 13 Apr 2014 03:07:46 GMT

@MoreRewards wrote:
I'm not sure on Barclay being all that sensitive. When i app ' d in Oct they did pull TU.

My score was 758. 5 INQ on TU. New credit cards accounts opened in March, April, June & 2 in July.

Ditto for me. Apped yesterday when FICO was 720ish. Had 8 inqs total on TU, 2 within the last two months. Also a new account (opened a month ago) was reporting at the time of application. Approved for the WMC. With only two inqs on TU I would go for it!

Re: Sallie Mae - talk me down or help me pull the trigger

Creditaddict — Sun, 13 Apr 2014 03:08:36 GMT

@Themanwhocan wrote:
You are probably just fine to obtain a Sallie Mae. Here is the record of my credit cards:

Secured (Closed) 1/1/2012

US Bank Cash+ 1/1/2013
Elan (closed) 1/1/2013
Discover IT 1/29/2013
US Bank Cash+ #2 4/1/2013
Amex BCE 4/20/2013
Priceline.com 5/7/2013
Sallie Mae 9/21/2013
Chase Freedom 11/20/2013
Sallie Mae 4/7/2014

The priceline was only a $1500 limit, and the first Sallie was only $1600. Once I let my score recover and stopped having a lot of recent applications, my second Sallie was granted at $10,000.

WOW, Barclay issued a 3rd card!!?

OP APPLY!

Re: Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 03:14:33 GMT

OH MY GOD!!!!!!

Just got INSTANTLY APPROVED for $3,800!!! I can't believe it! Highest approval yet. It's the platinum version, but I can't really complain.

Off to the garden I go! Thanks for the encouragement guys!

Re: Sallie Mae - talk me down or help me pull the trigger

MoreRewards — Sun, 13 Apr 2014 03:16:51 GMT

Awesome. Congrats!

Re: Sallie Mae - talk me down or help me pull the trigger

Themanwhocan — Sun, 13 Apr 2014 03:18:31 GMT

@Anonymous wrote:
OH MY GOD!!!!!!

Just got INSTANTLY APPROVED for $3,800!!! I can't believe it! Highest approval yet. It's the platinum version, but I can't really complain.

Off to the garden I go! Thanks for the encouragement guys!

Congrats. I knew you had better FICO scores and fewer apps than I did, so I was fairly confident you would exceed my initial limit

Re: Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 03:20:10 GMT

@Themanwhocan wrote:
@Anonymous wrote:
OH MY GOD!!!!!!

Just got INSTANTLY APPROVED for $3,800!!! I can't believe it! Highest approval yet. It's the platinum version, but I can't really complain.

Off to the garden I go! Thanks for the encouragement guys!
Congrats. I knew you had better FICO scores and fewer apps than I did, so I was fairly confident you would exceed my initial limit

Thank you! And to think I was skeptical

I really appreciate the advice though. Now I just have to lay low in the garden!

Re: Sallie Mae - talk me down or help me pull the trigger

eagle2013 — Sun, 13 Apr 2014 03:21:17 GMT

@Anonymous wrote:
OH MY GOD!!!!!!

Just got INSTANTLY APPROVED for $3,800!!! I can't believe it! Highest approval yet. It's the platinum version, but I can't really complain.

Off to the garden I go! Thanks for the encouragement guys!

Congrats! Still the same rewards structure for the platinum and WMC!

Re: Sallie Mae - talk me down or help me pull the trigger

yudeology101 — Sun, 13 Apr 2014 03:21:49 GMT

WTG Congrats

Re: Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 03:22:09 GMT

@eagle2013 wrote:
@Anonymous wrote:
OH MY GOD!!!!!!

Just got INSTANTLY APPROVED for $3,800!!! I can't believe it! Highest approval yet. It's the platinum version, but I can't really complain.

Off to the garden I go! Thanks for the encouragement guys!
Congrats! Still the same rewards structure for the platinum and WMC!

Awesome! I'd be lying if I said I didn't want the vanity of a WMC, but at the end of the day it's the rewards that make this a compelling card!

Re: Sallie Mae - talk me down or help me pull the trigger

ficobgtx — Sun, 13 Apr 2014 03:22:57 GMT

Sweet! Looks like you have dining covered as well for the next 2.5 months with freedom. You are good to garden for a while.

Re: Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 03:26:48 GMT

@ficobgtx wrote:
Sweet! Looks like you have dining covered as we'll for the next 2.5 months with freedom. You are good to garden for a while.

Indeed I am! I can always go back to the Citi Forward (I'm grandfathered in with the 5x restaurants) once the Freedom ends too. I am very pleased with my portfolio right now - it's perfectly tailored to my low spend as a broke college student. The SallieMae will finally complete my perfect mix by adding true 5% cashback to bookstores (in place of the Citi) and groceries/gas (in lieu of the Amex), and also add an MC to the mix to complete all four networks!

I also looked and see that I was approved for the lowest APR of 13.99%! It's so exciting to see my credit finally be at a place where I can get the most favorable terms! Sorry to gush, but I'm exstatic right now! I couldn't be here without all of the amazing support and advice that I have received through myFICO.

Re: Sallie Mae - talk me down or help me pull the trigger

CribDuchess — Sun, 13 Apr 2014 03:27:17 GMT

Congrats on your Sallie Mae approval! Love mine so far. Your card will have an initial/first purchase bonus of $25.00, and they are very quick to post those rewards. I made my first purchase on Amazon for about $60, and after they applied the rewards to my account, I immediately used them for statement credit and ended up only having to pay about $32 for my $60 purchase. Not too shabby.

Also, Barclays provides a free monthly TU Fico score with this card. I think you need to elect that option on your online account interface.

Re: Sallie Mae - talk me down or help me pull the trigger

Anonymous — Sun, 13 Apr 2014 03:29:20 GMT

@CribDuchess wrote:
Congrats on your Sallie Mae approval! Love mine so far. Your card will have an initial/first purchase bonus of $25.00, and they are very quick to post those rewards. I made my first purchase on Amazon for about $60, and after they applied the rewards to my account, I immediately used them for statement credit and ended up only having to pay about $32 for my $60 purchase. Not too shabby.

Also, Barclays provides a free monthly TU Fico score with this card. I think you need to elect that option on your online account interface.

Thansk for the advice! I'm poking around on their website, and I have to say that I'm impressed by the design! I just opted in, and should be receiving it within a month. Hopefully it will be staggered from my Discover.