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JTFH said:   Dude at callback # was ridiculously thorough... Asking about recent runups in Chase AARP and FIA Visa

Even asked what an ancient Lndng.Club loan was used for. I answered, "Paid them off, but I can't remember." Rather than, "Abusing promotions for easy profit."

Took 10 mins and was DENIED for having "maxed out" utilizations of 60% on Chase AARP and FIA... Unbelievable, keep your utilization low before you apply.


JTFH, is that current 60% utl, as it reports right now? or historical, like, in July, my balance reported was 60% of the CL?

thanks

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VK11, he was reading real time reports for my balances... I don't think he had access to historical, otherwise he would have seen AARP utilization was not unusual.

Can't believe I was denied for a card, I feel so dirty.

EDIT: on this AOR I was approved for Fidelity AMEX, 1 Citi/1 Chase/1 CapitalOne card... Sallie apparently has tougher standards than those.

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JTFH said:   VK11, he was reading real time reports for my balances... I don't think he had access to historical, otherwise he would have seen AARP utilization was not unusual.

Can't believe I was denied for a card, I feel so dirty.


Thanks...on the real time reports, there is also historical data - for example, it will always show your highest balance on the card....and, if it's full, unbridged report, it will also show monthly balances as reported by CC for the last 1-2 years.

Good to know that the denial is at least based on current data, not historical...I know you might feel dirty, I, myself, though, always make sure that my utl is reported in the 2-5% range at any given time overall for all cards, and below 10% for any one card (unless you can't help it - I am currently carrying 15k balance on Navy FCU CC at 0%).

I have a good credit now, but had my share of denials - it always sucks.

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VK11 said:   ...and, if it's full, unbridged report, it will also show monthly balances as reported by CC for the last 1-2 years.
Only on Experian.

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GamingG said:   VK11 said:   ...and, if it's full, unbridged report, it will also show monthly balances as reported by CC for the last 1-2 years.
Only on Experian.


interesting...I knew I saw it somewhere, but didn't pay attention what CRA...thanks!

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I didn't apply because I have the Blue Cash Preferred and the Penfed 5% on gas.
If I didn't have the BCP which I stretch out to 10% because my grocery store give 4% back in gas discount, I would be all over this! I even buy my Amazon gift cards from the grocery store now.

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JTFH said:   EDIT: on this AOR I was approved for Fidelity AMEX, 1 Citi/1 Chase/1 CapitalOne card... Sallie apparently has tougher standards than those.
Apparently ole Sallie is only comfortable making secured and/or non-dischargable loans...

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goku2 said:   fitallvb said:   goku2 said:   dogbyte said:   Thanks for the post OP.

I did not get approved instantly, had to call in and answered a couple of questions. I then got approved for a credit limit of 12k.

I'll probably use it mainly for the 5% back on gas. I spend about $400-500 on gas a month.

I think that should be a hint you need a more efficient vehicle.


Pre-mature judgement since you have no idea how many miles he drives per month.

At $400-$500 per month on gasoline, it's pretty unlikely the guy is driving 77,000 a year @ 50mpg or 46,000 @ 30mpg but 31,000 @ 20mpg or 23,142 @ 15mpg is far more likely... So, if you're driving over 25,000 miles per year, mostly on the highway, then a much more fuel efficient vehicle would make a lot of sense.

Your own good advice about getting a more fuel efficient vehicle for long-haul driving makes the unwarranted assumption you are making in the early part of your statement all the more obvious.

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howie888 said:   ColbyS said:   DealNegotiator said:   The cap is $500 a month on gas and groceries (i.e. $25), and $1000 (i.e. $50) on books. Would be great if this works on Amazon.
Am I missing something?

$500 cap on gas and groceries?

People are comparing this card to AMEX Blue?

C'mon.


I use Penfed for 5% gas. So $500/month for groceries is perfect for my family.

For families that spend more or as GamingG suggested (for families who use envaulted and are able to get 1.25% additional), it might be worth it.

Break-even points for envaulted users assuming fixed tier for every month of the year.

1.25% tier (spend at least $277.78/month on groceries using AMEX)
1.00% tier (spend at least $312.50/month ...)
0.75% tier (spend at least $357.15/month ...)
0.50% tier (spend at least $416.67/month ...)
0.25% tier (spend at least $500/month ...)
0.00% tier (spend at least $525/month ...)


althought if used to purchase gift cards for stores that i'm going to spend money anyway, then AMEX comes out way ahead.

Out of morbid curiosity, I had a look at what variable spending from month to month would do to the average break-even. For the 0% tier, or without Envaulted, and with normally distributed spending it goes from $525 to about $513 and $490, assuming CV=0.1 and 0.2. So this much variability does not seem to hurt the Sallie Mae card all that much, compared with Envaulted or GC purchases. Still does not seem worth the inquiry.

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These guys are unbelievable. I got a call from that they wanted to talk about my application. The number they left was wrong. Twice. Once on my work phone and once on my cell. I called the number they gave me to call after applying that has my reference number and explained the situation. They said that this is the second time today that they got a call about someone giving out the wrong number and she will connect me to the real number. During the time i was on hold i was checking my email and see an email from their fraud department with yet a third number to call. So it turns out the number in email was the correct number. The person I'm talking to verifies this and says she can transfer me to the "security department" at that number, so she does, and then the phone rings and computer picks up and says "We're sorry, there is no one available to answer your call, please call back later" wtf!

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So I was just browsing around their website and the only credit card offer i can find by clicking on links is this one:

https://www.salliemae.com/credit-cards/cashback/

3% back for first 200/month on gas/groceries and $50 after spending $500, the card is about half the rewards of the 5% card. I wonder if they erroneously left up the page to the old application and terms (or they only told the link to people who have loans with them or whatever) and that's why they are having the "fraud department" and "security department" involved =P

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I applied 5-6 cards this year, Chase Freedom, AMEX gold, AMEX Delta (personal and business),Discover. And Sallie Mae asked me to call them about application, it took 15 mins which seems like they want to know almost everything. Then she told me they need a 2nd review.
WTF.....

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I got a hold of them, they told me they just wanted to make sure i was aware of the application, they asked me to verify some information on my credit report to make sure I was me, and that i was approved and i should see it in the mail in 7-10 days.

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HuxleyFW said:   They said that this is the second time today that they got a call about someone giving out the wrong number and she will connect me to the real number. It could be me - I got a call from them to call back a number and extension and was calling them this morning. Turns out the number was wrong (disconnected) but the extension was OK so I dialed the number on their web page and after several iterations got a number where I was able to dial the extension and get back to the person who called me.

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Just to followup, i was the guy who didnt get the call back...

I got a callback from him next day apologizing and telling me it was approved.

Hard pull showed from TransUnion according to creditkarma.

CL doesn't really matter, as all I plan to use this for is the 100 dollar bonus requirement and then gas and groceries.

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surprised no one mentioned this:

Annual Percentage Rate (APR) for Purchases 0% introductory APR, for 12 months from date of account opening.

which sounds pretty nice. However, there's also this:

If your account has balances with different APRs, the amount of your payment equal to the Total Minimum Payment Due is applied to balances with the lowest APRs before balances with higher APRs. Any amount of your payment that is greater than the Total Minimum Payment Due is applied to the balances with the highest APR before balances with lower APRs.

which I thought was outlawed with the CC reform act, but I guess not.

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I chose not to call. They called me on my cell phone, I didn't answer. They called my home phone, I didn't answer. Then they called my cell again in which I answered. It was easy, they wanted to know one card I have and my credit limit on that as well as a couple of questions to verify identity. Then she said my application was approved and i will receive the card in 7-10 days.

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Submitted app last week, called in to know that everything is in order at the security dept. I called in today and was told I was approved for 7k (hoping for CLI). I have FICO scores of 740s, 2 student loans and a dozen credit cards with small balances.

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So, after 4 days of no call, I called again earlier today, they told me the application is approved but the security department needs to call me by Monday to finalize the application...weird and long process.

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Summarizing the experience people had so far (for this card and flat 2% SLM card):
  • Their ID verification system always fails
  • They will pull TransUnion
  • They will give you the follow-up call
  • That call ranges from a simple verification to a substantial Financial Reveiw
  • In my example (TU score 770) they took 15 minutes and asked very detailed and pointed questions


That's what they know - more rigorous process for student loans, so they just apply their procedures.
They might look beyond the score and sometimes deny due to utilization etc., so do your homework if you want the card.

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neophyte said:   Their ID verification system always failsIt didn't look so in my case - I went through usual "which street did you live on" stuff and all seemed fine. Nevertheless they did perform a FR and they also asked me to send a copy of the green card.

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Just been approved for the 5% card and my wife for the 2% just waiting now for my wife's 5% card to be approved.

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libralibra said:   surprised no one mentioned this:

Annual Percentage Rate (APR) for Purchases 0% introductory APR, for 12 months from date of account opening.

which sounds pretty nice. However, there's also this:

If your account has balances with different APRs, the amount of your payment equal to the Total Minimum Payment Due is applied to balances with the lowest APRs before balances with higher APRs. Any amount of your payment that is greater than the Total Minimum Payment Due is applied to the balances with the highest APR before balances with lower APRs.

which I thought was outlawed with the CC reform act, but I guess not.

What was outlawed is the application of the entire payment any way the CC issuer feels like, i.e., to the lowest APR first. Up to the minimum they can still do what pleases them.

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congrats to all the approvals!!!

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When someone gets their card and disclosure in the mail, could you describe the other perks of the card? i.e. price protection, return protection, etc. (if any of those perks) Or you can list the perks that the card does or doesn't have.

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Thank you, OP. Just got an approval email from them. Before that, a lady called to actually talk to me to confirm the application - old-style thing, made me smile. This month I've got 3 other credit cards and one of my old CC has about 70% utilization after a BT, but it is since august of this year. I think my credit score in its lower 700s now

"Congratulations! You've been approved for the Sallie MaeŽ Cash Back VisaŽ Card, the card that's simple, sensible, and rewarding. As soon as your card arrives, you can start earning rewards on every purchase you make to help pay down your eligible Sallie Mae student loan.1
$100 bonus cash reward after you purchase $500 within the first 90 days1
5% Cash Back on gas, groceries and books (subject to monthly maximum)1
1% Cash Back on other purchases
Plus, take advantage of our 0% introductory APR on purchases for 12 months. After the introductory period ends, your standard purchase rate will apply.2
Your Sallie Mae Cash Back Visa Card should arrive within 7 to 10 business days. Once you've received it, be sure to activate it at 877-330-4455."

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Uh Oh, from prior post:
"Congratulations! You've been approved for the Sallie MaeŽ Cash Back VisaŽ Card, the card that's simple, sensible, and rewarding. As soon as your card arrives, you can start earning rewards on every purchase you make to help pay down your eligible Sallie Mae student loan.1
$100 bonus cash reward after you purchase $500 within the first 90 days1
5% Cash Back on gas, groceries and books (subject to monthly maximum)1
1% Cash Back on other purchases
Plus, take advantage of our 0% introductory APR on purchases for 12 months. After the introductory period ends, your standard purchase rate will apply.2
Your Sallie Mae Cash Back Visa Card should arrive within 7 to 10 business days. Once you've received it, be sure to activate it at 877-330-4455."

As long as the terms and conditions hold that you can just redeem rewards for credit or mailed check then it will remain worthwhile to me:
"As soon as you have reached $25 Cash Back rewards, you can request a check or a statement credit for the total accumulated Cash Back rewards balance shown on your billing statement."
Even if it drops to the main web site 3% gas/groceries, The Sallie Mae Visa would be accepted at more places that AMEX Blue Cash Everyday.

But if they change the terms to only be able to use rewards to pay off student loans with them, it would not be worth it to even mess with signing up for it for me.

justacog

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It says you can use the rewards for cash or to apply to your sallie mae student loans. Starting at $25. I read that part very carefully on the new email i got today letting me know my card should be arriving soon.

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Has anyone gotten both the 2% and 5% cards?

I already have the 2% card, but I'd like to have the 5% card for gas & groceries but I'm not sure if they will allow it.

Thanks!

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neophyte said:   Summarizing the experience people had so far (for this card and flat 2% SLM card):
ID verification system always fails
will pull TransUnion
will give you the follow-up call
call ranges from a simple verification to a substantial Financial Reveiw
In my example (TU score 770) they took 15 minutes and asked very detailed and pointed questions

That's what they know - more rigorous process for student loans, so they just apply their procedures.
They might look beyond the score and sometimes deny due to utilization etc., so do your homework if you want the card.


No doubt. Denied with a 752 TU.

I had accidentally not paid $17 interest on my credit union card that I had BTed, but since then paid up. That was Sallie Mae's stated reason for the denial, something like "Recently delinquent account. Paid as agreed."

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It kind of spooks me that you can't get to this card from their website.

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Just to add another wrinkle to this weird thread...

I app'd, was told they needed to do some research, would call me in an hr.
Didn't call, next day got a voicemail saying it was approved.

THEN, about 4 days later some lady calls me, asks me to verify all my info, takes like 5 mins, tells me shes submitting it for a decision. I tell her I had already been approved, she says "NOPE! I dunno what you're talking about but we havent put in the decision yet"

A minute later i get approved (again) and supposedly my card is coming.

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I am totally calling a quick bail on rewards for this and the 2% card. They will wait to get a decent user base, see they aren't making as much money as planned, and rewards will drop to 1% or lower. I give it 6 months tops.

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JorgeBurrito said:   I am totally calling a quick bail on rewards for this and the 2% card. They will wait to get a decent user base, see they aren't making as much money as planned, and rewards will drop to 1% or lower. I give it 6 months tops.

Speculative but I tend to agree. Since they are being so strict on who they approve, it seems they are getting a user base that won't really carry balances or incur fees.

In other words it's a losing business unless they can sell the demographic data and/or use it for other profit.

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jd2010 said:   Just to add another wrinkle to this weird thread...

I app'd, was told they needed to do some research, would call me in an hr.
Didn't call, next day got a voicemail saying it was approved.

THEN, about 4 days later some lady calls me, asks me to verify all my info, takes like 5 mins, tells me shes submitting it for a decision. I tell her I had already been approved, she says "NOPE! I dunno what you're talking about but we havent put in the decision yet"

A minute later i get approved (again) and supposedly my card is coming.

My understanding is that each application goes through two departments (finance and fraud) and one needs clearance from both.

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I have not applied for a card in over a year while I have been waiting for a short sale to close. Now that my purchase went through, this is the first card I have applied for. After submitting my application, I had to answer 3-4 security questions: previous streets I have lived on, bank my mortgage is with, credit union my last car loan was with in 2002 (almost could not remember this). After answering all the questions, I got this response:

"Thank you for applying for a Sallie Mae credit card. Your application is currently being reviewed, and we require additional information from you to finalize our decision. Please contact us at 877-903-7968 at your earliest convenience. We are here Monday through Thursday 8 a.m. to 8 p.m. ET and Friday 8 a.m. to 5 p.m. Your Application Reference # is ###############"

I guess I will be calling on Monday.

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Does anyone know if Amazon.com is coded as a bookstore?

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ColbyS said:   DealNegotiator said:   The cap is $500 a month on gas and groceries (i.e. $25), and $1000 (i.e. $50) on books. Would be great if this works on Amazon.
Am I missing something?

$500 cap on gas and groceries?

People are comparing this card to AMEX Blue?

C'mon.


$500 will cover my groceries, and I plan to use it exclusively for this. So, good deal for me!

rated:
just an update, i was approved for the 5% gas/groceries/books card after already having been approved for the 2% flat Cash Back sallie mae card

timeline:
~3 weeks ago, i got approved for the 2% card after the whole calling in process

tues oct 11, applied for 5% card

called in same day to answer questions, was told another (fraud?) dept would have to give me a call in a few days

they called me on thurs, oct 13, asked some more questions, told me i would receive a letter in the mail with application response

today oct 17, called in to check status, was told i was approved

2% credit line: 7k (visa signature)
5% credit line: 8.5k (not yet sure if this one is signature or not)
transunion fico score: 740 according to citi identity monitor

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RWAnderson72 said:   Does anyone know if Amazon.com is coded as a bookstore?To answer my own question, I suspect it's not. Barnes&Noble.com codes as "OTHER DIRECT MARKETERS (NOT ELSEWHERE CLASSIFIED)", and I bet Amazon does, too. I haven't ordered from them in a while, though, so I can't check for sure.

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