Credit Card Center Advertiser Disclosure†
05-15-2011 03:25 PM - edited 05-15-2011 03:29 PM
I have been really talking USAA up to my boyfriend/soon to be fiance who is still working on building credit. My boyfriend is the type of person that if you give him advice, and he thinks it is sound, he will follow it to a tee. So his brother told him after high school graduation to get a credit card to build his credit. He got a Capital 1 card with a $300 limit. It was suppose to graduate to higher credit limits which it never did. Years later he is still sitting at $300. I don't understand this. He keeps his utilization <20% and PIF's every month and yet no luv.
Recently he has been accepted into a doctorate program for physics. I am proud of him. I told him he needed to call Cap1 for an increase. He balked at the idea of talking to a >gasp< customer service rep (he is extremely shy). So finally today I signed him up for USAA. He said to go ahead and apply for the cc for him.
He was approved for $4800!!!
I work in credit card services for USAA. I was convinced he would get the counter offer for secured, or at best classic card. So this was a most pleasant surprise. The bad part is his interest is at 23.9% I am convinced that it is because of his limited credit history and in part because he is not P&C eligible. Buuut he ALWAYS PIFs, so in the end it should be a nonissue.
And bonus! He is needing a new checking account. Since he has the cc he is eligible for the at home deposits app. I'm so happy for him, I don't think I'm being biased when I say USAA is one of the best banks to get in with!
05-15-2011 05:27 PM
Does he have any baddies, late payments on his CR?
Is Capital 1 the only card he has before the USAA approval?
What is his Fico score and what CR did USAA pulled?
Congrats to him for a nice CL from USAA.
05-15-2011 06:04 PM
To answer your questions:
He has no baddies and no collections on his credit report.
His only credit hx has been his capital one with the $300 limit and about $17000 in student loans that are currently deferred.
USAA exclusively pulls Equifax.
I can only guess at what his credit score is, which I believe to be in the mid to upper 600s. We are going to pull his scores later this summer. TBH, the credit score is a small piece of the pie in what they look at. Honestly, they put more weight on DTI than the actual score. In my SO's case he has always kept his utilization at less than <20%. When he was accepted into the PhD program he had a big jump in income (physics departments are obnoxiously funded, he has a full ride and they are paying him more being a GA than what I make working full time).
He is not a "full member" he is what USAA would consider a customer (he is not P&C eligible). That is in part why his APR is so high. When I think about it more he might not be eligible for at home deposits because of this, I'll have to double check with the deposits dept.
This is good, because my SO is not the type to apply for credit. This card and the Cap1 will probably be his only cards for the next 10 years, and the limit will stay where they are at. He is not the type to request CLI and $5100 in credit is enough for him to be content.
Now we are in the process of moving all his banking to USAA. Later down the road when it becomes more of an issue we'll get him P&C eligible.
05-15-2011 09:46 PM - edited 05-16-2011 08:30 AM
Congrats! Am not a USAA credit services rep but a few notes seem in order:
1. SO is a USAA 'member', granted a limited member, not a 'customer'.
2. Limited member here too with10% APR, the assumption that his rte is solely a mechanism of his limited membership is probably overblown, though full members generally enjoy better terms overall.
3. Currently USAA automatically increases CL on cc with good behaviour, no requests are required.
05-15-2011 11:14 PM - edited 05-15-2011 11:25 PM
I am sure his high APR is due to his very limited hx as well as his member status. I have worked with USAA since December and have not heard one word about auto CLI. But then again members are usually calling me because they haven't had a cli.
05-16-2011 08:21 AM
whats my chances to get approved for a usaa cc not a member, i have a score around 690 no balances, equifax 1 inq
orchard 320 limit 3 years
capitol one 500 3 months
macys 3 years
Blumingdale 4 years
just opend a bofa secured with 2800$ limit deposit
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.