Sallie Mae / Barclaycard 5% Pending

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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popamode72
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Postby popamode72 » Sun Aug 24, 2014 10:30 am

onion wrote:I've had credit for 11 months now. Got the BoA 9/2013, Best Buy 3/2014, AmEx ED and BCE 7/2014, AmEx Plat 8/2014, Arrival Plus 8/2014. I'm not getting anything new until 2015, when I plan on getting the Freedom and the Sallie Mae. I might get one or two more cards if there seems to be anything interesting at that point in time.


I'll confess and say that I got really bored yesterday and was looking at the on the Arrival+ card that you have and got a bit cocky and apped for it. Those rewards and points sound amazing (and also they waive that 89 dollar annual fee for the first year) and would probably blow my useless Wells Fargo Plat out of the water and also be a way to get getting into Barclaycard out of the way. I'm assuming they only pulled TU (if they pulled Experian a lot or Equifax, I probably wouldn't have filled it out in the first place) but have no idea what the decision is since I also got the further review message.

Thought to myself it wouldn't hurt to try now before anything new starts reporting on my TU report but I'm also completely fine if they turned me down right then and there. Yes, I've sinned and I shouldn't even be fit to call myself a "gardener."
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)


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onion
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Postby onion » Sun Aug 24, 2014 12:04 pm

popamode72 wrote:I'll confess and say that I got really bored yesterday and was looking at the on the Arrival+ card that you have and got a bit cocky and apped for it. Those rewards and points sound amazing (and also they waive that 89 dollar annual fee for the first year) and would probably blow my useless Wells Fargo Plat out of the water and also be a way to get getting into Barclaycard out of the way. I'm assuming they only pulled TU (if they pulled Experian a lot or Equifax, I probably wouldn't have filled it out in the first place) but have no idea what the decision is since I also got the further review message.

Thought to myself it wouldn't hurt to try now before anything new starts reporting on my TU report but I'm also completely fine if they turned me down right then and there. Yes, I've sinned and I shouldn't even be fit to call myself a "gardener."


Your sin is forgiven, you apped got a great (and great looking) card. Download the mobile app, it's awesome and even better than the AmEx app!
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 24, 2014 12:14 pm

onion wrote:Your sin is forgiven, you apped got a great (and great looking) card. Download the mobile app, it's awesome and even better than the AmEx app!


The arrival does look pretty nice.

If I get the Sallie Mae after all, maybe I will have to change the design on my Discover to add a little color to my wallet. Other than PRG which sits at the back of one section, I'd have four credit cards and a debit card that are all a mix of blue, grey, and white.

Hope the news is good, papamode72!
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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otter
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Postby otter » Sun Aug 24, 2014 3:18 pm

I can't see you NOT getting the Sallie Mae. I've seen people with bad files on FICO get it... their concern might be your history not being long enough (someone on FICO once said they were denied because Barclaycard wants 12 months, but that wasn't true in my case. If they reject you for that reason... I would recon.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

popamode72
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Postby popamode72 » Sun Aug 24, 2014 4:20 pm

otter wrote:I can't see you NOT getting the Sallie Mae. I've seen people with bad files on FICO get it... their concern might be your history not being long enough (someone on FICO once said they were denied because Barclaycard wants 12 months, but that wasn't true in my case. If they reject you for that reason... I would recon.


I had no idea you could get the card even with baddies and stuff. I was under the impression that it was one of Barclaycard's harder cards to acquire.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 24, 2014 4:28 pm

'Allergic to inquiries' also seems a relative term...I could see them not liking the sight of 10 inquiries from 10 different lenders in the last year.

I thought all Barclaycard cards were pretty tough to get.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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otter
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Postby otter » Sun Aug 24, 2014 5:11 pm

CarefulBuilder14 wrote:'Allergic to inquiries' also seems a relative term...I could see them not liking the sight of 10 inquiries from 10 different lenders in the last year.

I thought all Barclaycard cards were pretty tough to get.


Most are, but there are some notable exceptions. There is a version of the Barclaycard Rewards MC for "average" credit. Then there is the NFL Extra Points Visa which was initially a hard card to get(see the review on ccf here which says you need "good to excellent" credit). But if you go to the page on credit karma, you see more than half of the cardholders are below 650 CK and a fourth are below 600. If you go to "cardholder average over time" it becomes even clearer what happened... Barclaycard expected it to be one of their prime cards, then realized most of their applicants were Joe Six Pack-blue collar types with flawed/thin credit files. In Oct '12 the average cardholder with the EP card had a 735 CK, the following month, it was down to 674 and it's been around 650 since then. So it went from Amex-type underwriting to being on par with Cap One's cards (although with no annual fees and some rewards).
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 24, 2014 6:28 pm

I could see it being useful for big spenders who like football. Barclaycard would have NFL ties through the program to offer some things that even Amex Centurion couldn't.

But if someone is putting $200,000 spending on one card just to get Superbowl tickets, that person would probably have the money or connections to get seats through another method. $500,000 of spending will have you golfing with a nonspecific NFL player, but not necessarily one you like.

I have a little trouble picturing a wallet where a Platinum Amex is next to a card with an NFL logo. It does seem like a little bit of a status burden for the typical big spender.

I could see it having an appeal, but only for an absolutely tiny demographic - people who love the NFL, have a lot of money, but no connections to get the experiences through other means.

Edit: I see the United States Dressage Federation doesn't have an official credit card yet. That might be a more profitable target market. 10,000,000 points and you could ride Rafalca for an hour...
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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otter
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Postby otter » Sun Aug 24, 2014 7:47 pm

I think the card with Barclay's original business model has limited appeal to most of us on this forum (I think most of us are educated white-collar professionals or college/post grad students with excellent credit who pick and choose our cards carefully), but if you look at it as the card it evolved into- it was brilliant marketing by Barclaycard: (1) the NFL is the most popular sports league in the US (2) Many of the most die-hard fans are unskilled workers with little or damaged credit. (3) it's easily obtainable (look at the reviews on CK- "filed bankruptcy 3 years ago" "first unsecured card" "great for rebuilding credit) (4) It's even got their favorite team's logo on the card! Many people would rather open their wallet and pull that out than an Amex Platinum.

Forget about the big ticket items (Super Bowl tickets, golf with an NFL player, etc) Barclay's knows they will never have to deliver those items. The closest analogy I can think of is those little green stamps they used to give out at supermarkets (which many of you are too young to remember). At the back of the stamp catalog you had the big ticket items like a new car. You could never get enough stamps to earn the car(you'd have had to spend $1 million in groceries for a couple years to get that).I was in a family of six and the most we got was a set of luggage and that was with neighbors giving us stamps they would have thrown away, but just thinking it was possible (though extremely unlikely) to get the car was enough. So for most of the cardholders who have the card, having a card with their team's logo which earns rewards (albeit meager rewards), without an annual fee or outrageous "other" fees, and which gives decent CLI's is enough. If I were to go back a couple years to when I was restarting my credit journey, I'd have started with this card rather than the Crap One Quicksilver One.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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otter
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Postby otter » Sun Aug 24, 2014 8:10 pm

CarefulBuilder14 wrote:Edit: I see the United States Dressage Federation doesn't have an official credit card yet. That might be a more profitable target market. 10,000,000 points and you could ride Rafalca for an hour...


The problem with equestrian sports, polo, yachting, etc. is their appeal is the 1% of the 1%. They could potentially be profitable cards catering to the super rich- there used to be an exclusive card they called the "white card" which offered chartered flights and other things the rich and the famous would like and the rest of us could only dream of.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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