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My USAA World MC definitely has a CL. I don't know about over limit fees, and I don't expect to try that out.
@Grape wrote:@Anonymous, I decided to pull the trigger on my pre-approved app today....EQ 689, Util @Anonymous%....and....APPROVED....
$3K CL, so got the Platinum rewards card (was hoping for at least a $5K CL so I would get the World MasterCard)..
but still really stoked! It's nice, I think this was the first time I have ever apped for a card where I actually felt confident I would get approved, and was not assuming I would get a big fat declined! Thank you forumites for all your input along the way!!!
I figure now I have my foot in the door. I will treat the card VERY well, and hopefully see a CLI in 6-12 months. (Any USAA CC holders have any input on CLIs?) I will also be adding a car insurance policy in the next 60 days, so hopefully I will appear "better" in USAA's eyes down the road.
I also decided to app for the Amex card, since I knew it would not result in another hard inquiry (called rep first to confirm)...I was expecting this one to be denied, since I have a relatively short experience with USAA as far as having products in my own name (only have had a checking and renter's insurance for about 60 days)....and it was denied (the reason given was Maximum Credit Extended). When I apped the message I got was they were reviewing my app and I would know within a few hours as to the status. I am guessing they want to see how I handle 1 cc before extending any more credit....and this is probably not worth a recon...or is it? Thoughts?
Either way, really stoked about this...this was the one company I have wanted a CC with for a while now.
Message Edited by Grape on 09-18-2009 04:31 PM
Just wanted to add re: CLI....every 6 mo or so you can ask for one...just call the company. They are really generous if you have a specific reason (I called because I was getting married and got a $6k increase!). They also really like to see your long history with USAA ,that you use the card responsibly, and that you have other products with them. I just recently got a $12k CLI when I asked because of those reasons.
@Peach8321 wrote:
@Grape wrote:@Anonymous, I decided to pull the trigger on my pre-approved app today....EQ 689, Util @Anonymous%....and....APPROVED....
$3K CL, so got the Platinum rewards card (was hoping for at least a $5K CL so I would get the World MasterCard)..
but still really stoked! It's nice, I think this was the first time I have ever apped for a card where I actually felt confident I would get approved, and was not assuming I would get a big fat declined! Thank you forumites for all your input along the way!!!
I figure now I have my foot in the door. I will treat the card VERY well, and hopefully see a CLI in 6-12 months. (Any USAA CC holders have any input on CLIs?) I will also be adding a car insurance policy in the next 60 days, so hopefully I will appear "better" in USAA's eyes down the road.
I also decided to app for the Amex card, since I knew it would not result in another hard inquiry (called rep first to confirm)...I was expecting this one to be denied, since I have a relatively short experience with USAA as far as having products in my own name (only have had a checking and renter's insurance for about 60 days)....and it was denied (the reason given was Maximum Credit Extended). When I apped the message I got was they were reviewing my app and I would know within a few hours as to the status. I am guessing they want to see how I handle 1 cc before extending any more credit....and this is probably not worth a recon...or is it? Thoughts?
Either way, really stoked about this...this was the one company I have wanted a CC with for a while now.
Message Edited by Grape on 09-18-2009 04:31 PMJust wanted to add re: CLI....every 6 mo or so you can ask for one...just call the company. They are really generous if you have a specific reason (I called because I was getting married and got a $6k increase!). They also really like to see your long history with USAA ,that you use the card responsibly, and that you have other products with them. I just recently got a $12k CLI when I asked because of those reasons.
What are your total CL's with USAA now? When I spoke to a CSR, they said it is very rare for them to extend beyond $30-$35k total revolving credit (CC's, not HELOC).
Hello MyFico Forums;
Although I have been reading the forums for a while, this is my first post. I received a lot of good info from the forum so far. Thanks
I just read through my USAA World MC terms & conditions pamphlets and the World MC appears to be a hybrid charge(read AMEX) card and credit card. The limit that shows on your account (mine is $7K and I can confirm that it does report; at least to EX) is the revolving credit limit. If you go over this limit, then you will not be assessed a overcharge fee. You will, however be required to pay the full amount over your revolving credit limit PLUS the minimum payment of your revolving credit limit before the next billing cycle.
Example:
With a $5K limit, if you were to charge $6.5K on the card, then you will not be charge any fees. You will be required to pay $1.5K plus your minimum payment of $500 (I assume minimum payment is 5%. I am unsure of the ACTUAL minimum payment required by the USAA World MC) for a total of $2K before the next billing cycle. Of course your util will be 100% on this card in this example (since USAA does report a limit). Hope this helps just a little. I wanted to attempt to contribute to the forum that has taught me so much.
@ForceMd wrote:
Example:
... You will be required to pay $1.5K plus your minimum payment of $500 (I assume minimum payment is 5%. I am unsure of the ACTUAL minimum payment required by the USAA World MC)..
Sorry for the screwy math, 5% of 5K is $250, so your total amount due would be $1,750
@Anonymous wrote:What are your total CL's with USAA now? When I spoke to a CSR, they said it is very rare for them to extend beyond $30-$35k total revolving credit (CC's, not HELOC).
One is $24k and the other is $14k....so both are still under the $30k limit they told you. I only asked for them to give me $14k on both though, so that's why I was shocked that they moved it from $12k to $24k. I think it helps that I have pretty much everything with them and I had (at the time of the phone call) almost $4k charged on the card (it's being PIF though, no finance charges for me).
I'll let everyone know if I ever get it higher, although I'm going back to school next fall and I doubt they'll like that income drop!
(Edit: I just saw you said "total revolving credit"...and I guess together, I have $38k with them. But one I had just opened that day, we'll see if they let me keep it. I think everything else I have with them really helps, and the fact that I was on the phone with them for an hour having a problem and I think she was trying to be nice.)