Sallie Mae: How long should I wait?

jackff · ‎05-09-2014

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.

BigBS · ‎05-09-2014

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

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

Anonymous · ‎05-09-2014

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?

Themanwhocan · ‎05-09-2014

@jackff 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.

TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800

jackff · ‎05-09-2014

@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.

jackff · ‎05-09-2014

@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.

jackff · ‎05-09-2014

@Themanwhocan wrote:
@jackff 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?

GetTheFico · ‎05-09-2014

I waited 2 months between the Arrival and Sallie Mae.

EQ: 780
EX: 767
TU: 779

Themanwhocan · ‎05-09-2014

@jackff wrote:
@Themanwhocan wrote:
@jackff 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.

TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800

Anonymous · ‎05-09-2014

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