Sallie Mae / Barclaycard 5% Pending

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 26, 2014 5:01 pm

PlyrStar93 wrote:There is no indication on either approval or denial when receiving a pending message.

Reasons on getting pending status may or may not be: new accounts, recent inquiries, not enough credit history, changed address and so on, but really uncertain. When their business hour comes you can call them and discuss your application.


This is very true and would explain the wide variety of cases in which applications get a pending status. An application can successfully earn a 'creditworthy' designation from the credit department and then get stuck on security concerns. Or they may just want to 'touch base' before they issue the card. I assumed 'further review' meant I was a marginal candidate and they would have some analyst run my data through a special algorithm to make their decision about me.

To anyone else who gets the message that a Barclaycard application requires further review, don't expect a prompt resolution unless you call them. I know the email says they will contact you if they need any more information, but that's not how they are accustomed to working. I'm not sure what will happen if you wait the full 10 days, but they are definitely used to having people call to speed things up.

I didn't have to persuade them I am a trustworthy borrower, but definitely have a case ready in case that is the concern. They may chew you out regarding your credit report. If their initial analysis says you are a high credit risk due to derogatory marks, inquiries or new credit, I'm not sure how easy it is to change their mind on that. Whether approval or denial, their decision I think could be 90% made either way before you call.
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


predut
 
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Postby predut » Tue Aug 26, 2014 10:11 pm

Just to add my experience:

I applied for this card on Saturday night and got the pending response: "Thank you for your recent application. We're in the process of reviewing the information you provided for your Sallie Mae World MasterCard application, blah blah blah..."

I checked the "check the status of your application now" link on the barclaycard home page Sunday, and got the same message. Then while I was getting ready for work Monday morning I checked the check status link from my phone, and it stated I was approved: "Congratulations! On 08/25/2014 you were approved for the Sallie Mae World MasterCard with a Revolving Credit Line of X amount. You'll receive your card, pin, and cardmember agreement within the next 10 days."

So, I applied Saturday night, got the pending message, and was approved Monday morning before 7:30AM (granted I'm in mountain time and I think they're on the east coast) without reaching out to them.

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

The card (which hasn't arrived and might not have even been mailed yet) has already started reporting to the credit bureaus. Is there a reason other issuers are much slower in reporting new cards? Do they like to be able to report one cycle's purchase and payment information?
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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