I applied for Sallie Mae (Barclays) and Capitol One card at the same time: Bad?

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I applied for Sallie Mae (Barclays) and Capitol One card at the same time: Bad?

Postby Sinnsyk » Thu Jul 31, 2014 9:34 am

Hello, everyone!

I wanted to add two cards to my wallet, the Sallie Mae Mastercard (5% cashback on gas, grocery, bookstores: capped) and the Capitol One Quicksilver (1.5% cashback on everything).

I applied for both at the same time, and got the message that I would need to wait for a decision. In less than 24 hours, I was approved for the Sallie Mae MC for $5000! However, Capitol One sent me a letter telling me to verify my income before I could proceed, or else I'll be denied in 35 days. (I'm hoping I put $20K instead of fat fingering it to $200K - d'oh!)

Now that Sallie Mae card's in the mail, I have read that Barclays might close my card or lower the limit if I've opened a new credit card. Is this likely? If it is, should I just let the Cap1 app deny? Is the damage done?

What I'm confused about is if Barclays is so sensitive about new account opening, why would they have considered me? I've opened two cards in May, Discover it ($1K) and Chase Freedom ($900). I also opened one in June, Chase Amazon ($3.3K).

Any insight would be wonderful!

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Postby MemberSince99 » Thu Jul 31, 2014 5:44 pm

I would not sweat that too much. Just don't go completely nuts on apps in the next 6 months and you will be fine. And even if you go completely nuts you might still be fine.

You already took 3 inquiries for the Cap One so you might as well take it. It's not going to destroy your Barclays just take a break from applying for anything new for a while.

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Postby papelet » Thu Jul 31, 2014 10:03 pm

I really doubt Barclays would lower your credit limit... I've applied for 2 cards at the same time before and got both of them.
My advice, stop applying for more cards, specially Capital One, just like Membersince 99 mentioned they pulled all 3 of your reports. I would just focus on increasing those credit limits.
Now, you took the hit already, so make sure you get the capital one card as well. Verify your income, call back door numbers and try not accept a no as an answer!
1st. Express NEXT --------------$1,990
2nd.Cap1 Platinum MC ---------$3,250
3rd. Discover IT -------------------$5,600
4th. CSP Visa Signature --------$13,000
5th. Citi TY Pref World MC ------$5,900
6th. Freedom Visa Signature ---$7,900
7th. Amex Blue Cash Everyday-$18,000
8th. Barclays Arrival+ WEMC---$13,000

Posts: 2
Joined: Mon Jul 14, 2014 9:39 pm
Location: KY

Postby Sinnsyk » Fri Aug 01, 2014 1:43 pm

It's a relief to hear that my Sallie Mae card isn't likely to be axed if I get the Capitol One card I applied for. I'm preparing the paperwork for verification now.

This should be my last application for credit until January 2015, so hopefully I can establish a good relationship with my creditors and maybe get some auto-CLIs. :)

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