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@Ron1 wrote:
I joined USAA as a non-miltary member and applied for USAA Platinum MC two days after joining. The reason of denial was high balances on credit cards. Last year, I paid off and paid down a couple of credit cards debt. Now I only owed one credit card with high balances and the balance of the credit card was over a little bit over $10K. My EQ was 775 (1 INQ within six months) as of Dec 30 and TU was 750 (2INQs 6 months). What are my chances to get approved? Should I wait until I paid it off completely?
P.S. I wanted to apply either USAA World MC or USAA Amex (replaces BofA Amex was closed two months ago).
Thanks.
Ron.
It's difficult to say, IMO. Ideally you might want to get the balance down before applying again.
@Ron1 wrote:
I joined USAA as a non-miltary member and applied for USAA Platinum MC two days after joining. The reason of denial was high balances on credit cards. Last year, I paid off and paid down a couple of credit cards debt. Now I only owed one credit card with high balances and the balance of the credit card was over a little bit over $10K. My EQ was 775 (1 INQ within six months) as of Dec 30 and TU was 750 (2INQs 6 months). What are my chances to get approved? Should I wait until I paid it off completely?
P.S. I wanted to apply either USAA World MC or USAA Amex (replaces BofA Amex was closed two months ago).
Thanks.
Ron.
From my experience in applying for USAA products... After talking to a representative, because I wasn't denied but not exactly approved, they told me that you should have no more than 40% of your Credit Limit used for a better chance of approval. ( For revolving account of course! ) But then again, YMMV!
Thanks for your reply. Actually I owed on BofA Visa Signature Card and it doesn't report any credit limit. It only reported the high balance. I don't know 40% util of the credit limit applied. By the way, I'm not in hurry to get the card.
Ron.