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Regular Contributor
Posts: 111
Registered: ‎09-26-2008
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USAA CC - Would I be approved? (New Pre-Approved offer update)

[ Edited ]

So I have been on my dad's auto insurance with USAA for years and recently got my own renter's insurance policy (will make my first payment on that next month). I am curious if people with USAA experience for full members think I would be approved for one of their CCs yet?

 

TU FICO 703

EQ FICO 683

 

Longest Revolving: 21 years (AU on parents Amex)

AAoA: 6 years

Baddies: 1 CO from 5 years 8 months ago, paid - other than that, no baddies, never late

Util: Overall: 64%, highest card is just above 75%.....working on getting these down to below 50% over all and below 75% for that one card

Highest CL so far: $4k (this is the card at slightly above 75% util)

Inquiries: 2 on EQ in past year (6 in past 2 years, 2 of which will fall off in September 09 and 1 in December 09...and I will have 0 in the past 12 months as of September)

Current trade lines: WF CC, Best Buy store card, Target Red Card, Cap 1 Card, Chase Card

Total Current CLs equal $9,000 in total CL (util is around $5,500)

Income: $82K 

 

So will the single CO prevent me from getting a USAA card? Will the Util prevent me? (yes, I am working on bringing this down every week but curious if I could get a USAA card now)

 

Thanks in advance for the insight. 

Message Edited by Grape on 06-29-2009 10:35 AM
Message Edited by Grape on 06-29-2009 10:37 AM
Message Edited by Grape on 06-29-2009 12:40 PM
Message Edited by Grape on 06-29-2009 12:40 PM
Message Edited by Grape on 08-03-2009 10:37 AM
Established Contributor
Posts: 522
Registered: ‎03-05-2009
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Re: USAA CC - Would I be approved?

When I first applied for USAA a couple years ago, I too had renters insurance and auto from them.  I had a charge off'd credit card from GEMB that was paid and only 400 cl to boot.  When I applied, that charge off was 2.5 yrs old and they denied me for that reason only.  Now, I applied last year, when the charge off was 4 years old and was approved.  So im not sure what length of time they were looking for, however, besides that - my credit report is pristine and that charge off has since been removed by GW letter.  Good Luck, Id say you have a fair shot, but dont be surprised if they shoot you down, they are a rather conservative lender.
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Registered: ‎02-18-2009
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Re: USAA CC - Would I be approved?

Full member- I think you will be approved. Having their car insurance has anectdotally seemed to sweeten the deal.
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Posts: 111
Registered: ‎09-26-2008
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Re: USAA CC - Would I be approved?

Thanks for the replies!

 

USMC...does it make a difference that I have only been a primary driver listed on the insurance (have been on a USAA auto insurance policy for 8+ years), but not the one making the payments directly to USAA?

 

Thanks again. 

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Re: USAA CC - Would I be approved?

I'm not usmc, but that's how I became a member. I was the primary driver on my car, but the payments went through my dad's policy. (Starving student at the time.) When you go online to USAA, click My Profile and then Manage Personal Information. You should see your membership number on the line under your name.

Really, though, your best bet is to call CS and ask if you are a full-fledged member, eligible for all their banking, credit, and investment products.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Posts: 111
Registered: ‎09-26-2008
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Re: USAA CC - Would I be approved?

Thanks, hauling, good to know.

 

Since I just got my own renter's policy in my own name and through my own membership number, etc (and I do see generic application links for the CCs under the My Offers section and other banking products such as Checking and Savings), that does mean I am a full member, correct? 

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Re: USAA CC - Would I be approved?

I'm pretty sure that you are. If they're waving CC offers at you in My Offers, I think that you're eligible. (btw, if you bite on one, there will be a hard inq on EQ.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Posts: 111
Registered: ‎09-26-2008
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Re: USAA CC - Would I be approved?

[ Edited ]

Okay...so I decided to take the "prudent" route and wait to app for any USAA CCs in order to try and get my Util % down and my EQ score up above 700. Up until today, I did not have any "pre-approved" USAA offers under the My Offers tab, just general links I could click and use to apply for the CCs or other insurance products. 

 

Still, the only insurance product I have under my name/acct is the Renter's Insurance  (made my first payment on that last month), but have been a Primary Driver listed on my dad's auto insurance for  over a decade (although, the policy has always been under his acct # and he has made the payments). I will be adding my own auto insurance policy in the next 30-45 days, however, under my own acct.

 

I am curious how "firm" these pre-approved offers are as I now have an offer for a Cash Rewards World MC with a CL up to 25K (although I KNOW the CL would not be this high)? I have searched and found only a couple posts with experience on these pre-approvals.

 

Also,

(1) Does the World MC report it's limit to the CRAs? (I know HTSU's does, but do others')?

(2) Is it possible to switch from the Cash Rewards to the Total Rewards program after getting a CC?

 

The offer is good until 9/30, so I think I will wait a few weeks in any event and let 2 cards report a 0 balance (one has 60 reporting currently and the other has 190 reporting) and another card reporting a balance decrease of a few hundred, in hopes that the scores tweak up a little. 

 

I am also torn by the fact that the "pre-approved" offer is good until 9/30 and I have 2 inquiries (my only 2 from the past 12 months) that will hit the 1-year mark on 9/17 and 9/26 (but likely will not reflect as much on my CRs until 10/1). Advice on trying before these hit the 1 year mark, or waiting until after even though the "pre-approved" offer will have officially expired? 

 

UUGGGHHH....I want this card in my mix (and for the long-haul), just want to be sure I time it right. Thanks for the continued advice. 

Message Edited by Grape on 08-03-2009 10:21 AM
Message Edited by Grape on 08-03-2009 10:46 AM
Message Edited by Grape on 08-03-2009 10:47 AM
Valued Member
Posts: 25
Registered: ‎05-07-2009
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Re: USAA CC - Would I be approved?

My husband and I are both members of USAA and I recently told him to apply for a USAA CC in order to improve his credit mix. His credit score was around 665. He applied and was instantly approved. He lost 4 points with the initial inquiry but once USAA started reporting (he had a $25.00 balance on a 5K limit) his credit score went up +14. It's remained steady for the past few months.  

Starting Score: 659
Current Score: 686
Goal Score: 720


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Re: USAA CC - Would I be approved?

Grape, are both your inqs on EQ? Because if one or both are on other bureaus, USAA will never see them. (This is an easy point to forget, so I brought it up.)

I don't think that USAA is as allergic to inqs and some of the others, especially if they've already pre-approved you. That's a very valid question about having two expire in September. This might be worth a call to their CSR's.

But I would definitely let your others report $0 first.

Oh, and as for the World reporting, I only accepted it because the CSR assured me that it did. She was actually familiar with the issue, and she knew what I was talking about. Hope that doesn't jinx anything...

Is that what they offered you, the World MC? It sounds like they've moved their whole MC program over to World, probably to get the consumer benefits. That would mean that both their cards have great consumer perks and protection.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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