I want to apply for Sallie Mae barclays, approval likely?

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againstthecurrent
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I want to apply for Sallie Mae barclays, approval likely?

Postby againstthecurrent » Mon Dec 14, 2015 1:12 am

Hi! I'm new to the forum though I've been lurking for awhile. Anyways, a card that I want is the Sallie Mae upromise MC offered by barclays for it's cash back benefits & I was wondering if you'd think the approval odds are in my favor. My current TU score is like 660 (it's take a real dive since I foolishly closed one of my accounts, I've since reopened it but my score hasn't creeped back up), a 653 for EQ, 715 for EX (though it may have dropped recently). I went on an AoR this weekend and added the Chase Freedom ($1.2k) amazon.com Chase ($2k), and the Discover It chrome for students (measly $500), another online store card ($600). Cards I already have are a Kohl's Charge, a VS card, and Wells Fargo student CB card. I also applied for the 2 CB BoA student cards but got the application pending notification. My reasoning for this is that I figure I won't actually need my credit for awhile, so I may as well use HPs now (which is my primary concern, between all 3 bureaus I have about 9-10 HPs) and stay on top of my credit card payments so when they fade away in 2 years and rebuild my credit back to the 700s, where it was before I closed an acct. I'll be a good candidate for a car loan and a Visa Sig card by then which is what I'm looking at.

I hear barclays doesn't like a lot of HPs and likes lengthy account histories (my AAoA is 6-7 mo.) so I'm not sure if I should bother right now. But it is a student designated card, so maybe they'll be more lenient? I get about $13k/year from school financial aid (no loans) and I don't pay rent, i'll be getting a job soon but I know that doesn't help me right now. I have 2 checking accounts and a savings (some CC apps ask, so it probably counts for something). Should I hold off on this card? I know this isn't a Barclays staff forum but I just wanted some opinions.


Vermonster
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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby Vermonster » Mon Dec 14, 2015 10:00 am

againstthecurrent wrote:I went on an AoR this weekend and added the Chase Freedom ($1.2k) amazon.com Chase ($2k), and the Discover It chrome for students (measly $500), another online store card ($600). Cards I already have are a Kohl's Charge, a VS card, and Wells Fargo student CB card. I also applied for the 2 CB BoA student cards but got the application pending notification


Stop apping right now. The fact that you went from a $2k approval to a $500 means you are starting to push your luck. You are only going to hurt yourself more if you keep going. You don't have the file or the income to support much more. You may think having the card is good even if it is at $500, but 2-3 years from now it might prevent you from getting the cards you "need."


againstthecurrent wrote:I hear barclays doesn't like a lot of HPs and likes lengthy account histories (my AAoA is 6-7 mo.) so I'm not sure if I should bother right now. But it is a student designated card, so maybe they'll be more lenient? I get about $13k/year from school financial aid (no loans) and I don't pay rent, i'll be getting a job soon but I know that doesn't help me right now. I have 2 checking accounts and a savings (some CC apps ask, so it probably counts for something). Should I hold off on this card? I know this isn't a Barclays staff forum but I just wanted some opinions.


Claiming financial aid as income is always risky. If it doesn't appear as income on your taxes then you really shouldn't claim it on your credit card app. I know others will tell you differently, but I prefer to be able to back anything up with tax documents if needed. THen again I don't think you should app any more so income is irrelevant.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

kdm31091
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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby kdm31091 » Mon Dec 14, 2015 10:08 am

I absolutely second not applying. Give it some time and garden. Barclay's likes to see history and lack of new accounts. Right now you are not in a good position on either of those fronts. The good news is that time and responsibly managing accounts (without new apps) fixes this.

Some sites make it sound like it's normal or good to apply for credit weekly or monthly but it's really not. You need to take things slower. "May as well use HPs" is a dangerous mindset. There is no requirement to spend x amount of HPs a year or anything, and banks like to see LESS of them not more!

And the other thing I want to clarify is - you do want the Upromise card from Sallie Mae, right? Because the old "Sallie Mae" card is no longer available, just the Upromise one. In any case, I have the Upromise one and yes it's a nice card, but it's also nothing that you can't wait for. Be patient. Rushing to apply for things leads to crappy limits, high APRs, and/or denials.

againstthecurrent
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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby againstthecurrent » Mon Dec 14, 2015 9:24 pm

Update: I did get approved for the Bank of America Travel Reqards card today, no word on the limit or APR. yeah, I should wait. At this point I think I have enough cards to juggle. My mindset does seem screwy but I know I won't need a loan or anything for a long while, and I have time to rebuild. And I'm pretty sure any financial aid that I receive that isn't applied towards school fees is taxable. I'll have to file, not sure about which form. A 1099?

Yeah I'm talking about the upromise one, still has the SM logo on it though.

againstthecurrent
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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby againstthecurrent » Mon Dec 14, 2015 9:37 pm

Stop apping right now. The fact that you went from a $2k approval to a $500 means you are starting to push your luck


One other thing, I'm not saying you're wrong but I've heard from quite a few people that discover tends to be...stingy with its limits, but I'm glad im in their network now. I'm waiting on BoA's CL for my TR card that I got after discover. But yeah, I'm taking a break from the credit apps for awhile until my score is back in the mid/high 700s at least.

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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby takeshi » Tue Dec 15, 2015 10:46 am

againstthecurrent wrote:I went on an AoR this weekend

againstthecurrent wrote:I hear barclays doesn't like a lot of HPs

One thing to consider though it's not just HP's but profile as well.

Another is mentioned above -- the low limits you were approved for. While underwriting criteria and how much a creditor is willing to extend to a given credit profile can vary from creditor to creditor, these should be warning signs to you IMO. Don't rely just on approvals as an indicator. Your profile also determines the limits and APR's that you qualify for.

4ktvs
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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby 4ktvs » Tue Dec 15, 2015 1:42 pm

againstthecurrent wrote:Stop apping right now. The fact that you went from a $2k approval to a $500 means you are starting to push your luck


One other thing, I'm not saying you're wrong but I've heard from quite a few people that discover tends to be...stingy with its limits, but I'm glad im in their network now. I'm waiting on BoA's CL for my TR card that I got after discover. But yeah, I'm taking a break from the credit apps for awhile until my score is back in the mid/high 700s at least.


Discover would be willing to give a $2k limit if your credit supported it. In this case it has nothing to do with being "stingy" as they have given other young low income people 2K limits before if they felt there credit supported it.

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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby Vattené » Thu Dec 17, 2015 2:13 pm

I would agree you should stop applying while you're ahead. Thin profiles can only withstand so much. That said, I do agree with the mindset to take HPs while you're young and don't need any major credit extended to you - as long as you don't fall into the trap of using it as an excuse to apply for anything on a whim, you can get some accounts under your belt and build up some history by the time you really do need credit.

Use your Discover card and ask for SP CLIs. They have a reputation of growing well with customers and anecdotally they've been great with extending increases to me over time.
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Primary Cards:
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Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby JackLane » Thu Dec 17, 2015 4:05 pm

Did I misunderstand that Sallie Mae Barclay (the 5% cashback on gas) card has been discontinued? Some new card is in place now. Please correct me if I am wrong.
Chase Freedom 04/2012. $6500 | Costco AmEx 10/2012 $8100 | AmEx BlueCash 06/2015, $15000 |Discover It 07/2015, $5200 |Amazon Store Prime 01/2016 $2200
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kdm31091
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Re: I want to apply for Sallie Mae barclays, approval likely?

Postby kdm31091 » Thu Dec 17, 2015 5:07 pm

JackLane wrote:Did I misunderstand that Sallie Mae Barclay (the 5% cashback on gas) card has been discontinued? Some new card is in place now. Please correct me if I am wrong.


The Sallie Mae with 5% groceries/gas is discontinued, dead, gone.

On Sallie Mae's (and Barclay's) website, the only card now available is the Upromise card, which is not new -- they used to both exist and now only the Upromise does. The Upromise is basically a card that earns you an extra 5% on anything on their shopping portal, which has a huge number of merchants. It earns 2% on in-store dept store and movie theater purchases but the main purpose is for the portal.



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