topic Re: Sallie Mae: How long should I wait? in Credit Cards

Sallie Mae: How long should I wait?

Anonymous — Fri, 09 May 2014 22:43:51 GMT

I just applied for a Barclays Arrival in late March. Now I plan to apply for a Sallie Mae. I heard Barclays doesn't like people opening multiple accounts within a short period so I decide to wait. How long should I wait?

Hard pulls history: Jan 2013 (my credit history started), Aug 2013, Nov 2013, Nov 2013, Mar 2014 so I have 5 credit cards currently. I also plan to apply for an Amex card (because I don't have one) in Sep 2014. What's the best time for me to apply for a Sallie Mae? Thank you.

Edit: These are pulls with all CRA. I only have one pull with TU, which was for my Arrival card in March.

Re: Sallie Mae: How long should I wait?

BigBS — Fri, 09 May 2014 20:24:22 GMT

Are all those pulls with the same CRA? Barclays should pull TU so you have at least 1 from the March approval.

Re: Sallie Mae: How long should I wait?

Anonymous — Fri, 09 May 2014 20:54:27 GMT

I think it's more like all lenders frown on lots of new debt in a short amount of time (not so much just opening new accounts, but running up balances at the same time), but Barclay's is more willing to take active steps to minimize their risk. App if you think you have a fair chance of getting approved for the CL you want and if you think the Sallie Mae will complement your portfolio. What are your current limits?

Re: Sallie Mae: How long should I wait?

Themanwhocan — Fri, 09 May 2014 20:52:28 GMT

@Anonymous wrote:
I just applied for a Barclays Arrival in late March. Now I plan to apply for a Sallie Mae. I heard Barclays doesn't like people opening multiple accounts within a short period so I decide to wait. How long should I wait?

Hard pulls history: Jan 2013 (my credit history started), Aug 2013, Nov 2013, Nov 2013, Mar 2014 so I have 5 credit cards currently. I also plan to apply for an Amex card (because I don't have one) in Sep 2014. What's the best time for me to apply for a Sallie Mae? Thank you.

At least 3-4 months after the Arrival. Ideally 6 months, but you may get an auto CLI on the Arrival at 6 months, which would reduce how much Barclays would be willing to extend to you in additional credit. So, you may want to apply just shy of 6 months. Use the Arrival well in the meantime.

Re: Sallie Mae: How long should I wait?

Anonymous — Fri, 09 May 2014 22:32:16 GMT

@BigBS wrote:
Are all those pulls with the same CRA? Barclays should pull TU so you have at least 1 from the March approval.

These are pulls with all CRA. I only have one pull with TU, which was for my Arrival card in March.

Re: Sallie Mae: How long should I wait?

Anonymous — Fri, 09 May 2014 22:40:14 GMT

@Anonymous wrote:
I think it's more like all lenders frown on lots of new debt in a short amount of time (not so much just opening new accounts, but running up balances at the same time), but Barclay's is more willing to take active steps to minimize their risk. App if you think you have a fair chance of getting approved for the CL you want and if you think the Sallie Mae will complement your portfolio. What are your current limits?

Thank you, watch44. My history is still short. The current limits of all my cards are 1k-2k, except my Barclays Arrival in March, whose CL is 5k. Perhaps because it is a World MC and needs CL>=5k. I am not expecting high CL on Sallie Mae. 2k is enough.

These are pulls with all CRA. I only have one pull with TU, which was for my Arrival card in March.

Re: Sallie Mae: How long should I wait?

Anonymous — Fri, 09 May 2014 22:43:13 GMT

@Themanwhocan wrote:
@Anonymous wrote:
I just applied for a Barclays Arrival in late March. Now I plan to apply for a Sallie Mae. I heard Barclays doesn't like people opening multiple accounts within a short period so I decide to wait. How long should I wait?

Hard pulls history: Jan 2013 (my credit history started), Aug 2013, Nov 2013, Nov 2013, Mar 2014 so I have 5 credit cards currently. I also plan to apply for an Amex card (because I don't have one) in Sep 2014. What's the best time for me to apply for a Sallie Mae? Thank you.
At least 3-4 months after the Arrival. Ideally 6 months, but you may get an auto CLI on the Arrival at 6 months, which would reduce how much Barclays would be willing to extend to you in additional credit. So, you may want to apply just shy of 6 months. Use the Arrival well in the meantime.

Thank you, themanwhocan. Does Barclays transfer CL? If my app for Sallie Mae is denied, can I call them and transfer part of my Arrival's CL to a new Sallie Mae?

Re: Sallie Mae: How long should I wait?

GetTheFico — Fri, 09 May 2014 23:19:23 GMT

I waited 2 months between the Arrival and Sallie Mae.

Re: Sallie Mae: How long should I wait?

Themanwhocan — Sat, 10 May 2014 00:08:34 GMT

@Anonymous wrote:
@Themanwhocan wrote:
@Anonymous wrote:
I just applied for a Barclays Arrival in late March. Now I plan to apply for a Sallie Mae. I heard Barclays doesn't like people opening multiple accounts within a short period so I decide to wait. How long should I wait?

Hard pulls history: Jan 2013 (my credit history started), Aug 2013, Nov 2013, Nov 2013, Mar 2014 so I have 5 credit cards currently. I also plan to apply for an Amex card (because I don't have one) in Sep 2014. What's the best time for me to apply for a Sallie Mae? Thank you.
At least 3-4 months after the Arrival. Ideally 6 months, but you may get an auto CLI on the Arrival at 6 months, which would reduce how much Barclays would be willing to extend to you in additional credit. So, you may want to apply just shy of 6 months. Use the Arrival well in the meantime.
Thank you, themanwhocan. Does Barclays transfer CL? If my app for Sallie Mae is denied, can I call them and transfer part of my Arrival's CL to a new Sallie Mae?

They transfer CL under certain circumstances. I have no idea what those circumstances are thats just what they told me.

Re: Sallie Mae: How long should I wait?

Anonymous — Sat, 10 May 2014 00:14:43 GMT

OT, but: TMWC, why don't you have two Freedoms!

Re: Sallie Mae: How long should I wait?

Brusilov — Sat, 10 May 2014 00:15:44 GMT

Holy crap, Themanwhocan, is there anything you buy you don't get 5% on?

Re: Sallie Mae: How long should I wait?

Anonymous — Sat, 10 May 2014 00:19:27 GMT

@Brusilov wrote:
Holy crap, Themanwhocan, is there anything you buy you don't get 5% on?

He doesn't have the Blue Cash, so no 5% on drug stores.

Re: Sallie Mae: How long should I wait?

Themanwhocan — Sat, 10 May 2014 00:48:58 GMT

@Anonymous wrote:
OT, but: TMWC, why don't you have two Freedoms!

Actually, I keep asking myself why I have ONE freedom. I don't need it anymore. But then the phrase "$200 signup bonus" comes to mind...

Still, I'm sorely tempted to close it. Restaurants i can use one Cash+ for, 4th quarter amazon.com, heck I have 3 other cards that cover than in the 4th quarter. And I dont buy gas...

Re: Sallie Mae: How long should I wait?

Themanwhocan — Sat, 10 May 2014 00:47:53 GMT

@Anonymous wrote:
@Brusilov wrote:
Holy crap, Themanwhocan, is there anything you buy you don't get 5% on?
He doesn't have the Blue Cash, so no 5% on drug stores.

Drugstores is an important one. Also possibly Target, since a new tiny prototype Target store is being built near me (a TargetExpress).

But I also don't get 5% on Cell Phone, Cable TV and Internet.

I only started applying for my first unsecured cards in january 2013. So I'm a newbie at this.

Re: Sallie Mae: How long should I wait?

myjourney — Sat, 10 May 2014 00:50:57 GMT

@Themanwhocan wrote:
@Anonymous wrote:
@Brusilov wrote:
Holy crap, Themanwhocan, is there anything you buy you don't get 5% on?
He doesn't have the Blue Cash, so no 5% on drug stores.
Drugstores is an important one. Also possibly Target, since a new tiny prototype Target store is being built near me (a TargetExpress).

But I also don't get 5% on Cell Phone, Cable TV and Internet.

I only started applying for my first unsecured cards in january 2013. So I'm a newbie at this.

Newbie has done well

Re: Sallie Mae: How long should I wait?

peaceonearth — Sat, 10 May 2014 01:15:46 GMT

@Anonymous wrote:
I just applied for a Barclays Arrival in late March. Now I plan to apply for a Sallie Mae. I heard Barclays doesn't like people opening multiple accounts within a short period so I decide to wait. How long should I wait?

Hard pulls history: Jan 2013 (my credit history started), Aug 2013, Nov 2013, Nov 2013, Mar 2014 so I have 5 credit cards currently. I also plan to apply for an Amex card (because I don't have one) in Sep 2014. What's the best time for me to apply for a Sallie Mae? Thank you.

Edit: These are pulls with all CRA. I only have one pull with TU, which was for my Arrival card in March.

I think after 3 or 4 statements, you should be OK.

I got my SM Upromise 3 Months after my Barclays Rewards MC approval.

Re: Sallie Mae: How long should I wait?

Anonymous — Sat, 10 May 2014 01:34:00 GMT

I am thinking of applying for SM card too. Have waited for 2 months after my first Barclay card.

Re: Sallie Mae: How long should I wait?

B335is — Sat, 10 May 2014 01:42:19 GMT

In the Credit in the News Board I posted a good article written by a Barclaycard US employee who basically talks about people applying for more than 1 card with them. It's a good read if you have time, but basically only 3% of their customers have more than 1 Barclaycard and they view reasonable balances as profit, but available credit as liability. As already mentioned, 6 months is ideal, but there are plenty of folks who do it in less time. The 6th statement on my Arrival card has yet to post and they just approved me for US Airways card and matched the Arrival limit.

Re: Sallie Mae: How long should I wait?

Anonymous — Sat, 10 May 2014 01:47:51 GMT

@peaceonearth wrote:
@Anonymous wrote:
I just applied for a Barclays Arrival in late March. Now I plan to apply for a Sallie Mae. I heard Barclays doesn't like people opening multiple accounts within a short period so I decide to wait. How long should I wait?

Hard pulls history: Jan 2013 (my credit history started), Aug 2013, Nov 2013, Nov 2013, Mar 2014 so I have 5 credit cards currently. I also plan to apply for an Amex card (because I don't have one) in Sep 2014. What's the best time for me to apply for a Sallie Mae? Thank you.

Edit: These are pulls with all CRA. I only have one pull with TU, which was for my Arrival card in March.
I think after 3 or 4 statements, you should be OK.
I got my SM Upromise 3 Months after my Barclays Rewards MC approval.

Is the Rewards MC your first Barclays card?

Re: Sallie Mae: How long should I wait?

Anonymous — Sat, 10 May 2014 01:49:03 GMT

@B335is wrote:
In the Credit in the News Board I posted a good article written by a Barclaycard US employee who basically talks about people applying for more than 1 card with them. It's a good read if you have time, but basically only 3% of their customers have more than 1 Barclaycard and they view reasonable balances as profit, but available credit as liability. As already mentioned, 6 months is ideal, but there are plenty of folks who do it in less time. The 6th statement on my Arrival card has yet to post and they just approved me for US Airways card and matched the Arrival limit.

Thank you for your helpful reply, B335is. Can you provide the link to your article? I did a quick search and couldn't see your post.