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USAA SECURED AMERICAN EXPRESS

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logan_720
Established Contributor

Re: USAA SECURED AMERICAN EXPRESS

I can't speak for people that were approved, but I would assume that since it is a credit application, there will be a hard pull.

Message 11 of 22
Revelate
Moderator Emeritus

Re: USAA SECURED AMERICAN EXPRESS

I'm not absolutely certain; however, USAA told me they were going to do a credit inquiry to open a secured CD loan with them (loan secured with a CD as collateral, the same way USAA does for their secured credt cards), and while I haven't checked my real Exquifax report this year to see, I have to assume they did as they disclosed.  I don't see why it'd be any different with a secured credit card.




        
Message 12 of 22
Anonymous
Not applicable

Re: USAA SECURED AMERICAN EXPRESS

It's a hard pull. For sure. 

Message 13 of 22
amkari
New Contributor

Re: USAA SECURED AMERICAN EXPRESS

I opened mine back in July 2011 with a $500 deposit... it was  hard pull and took about 3 weeks to get the card.

 

I added another $500 to the CD when I got my tax refund in February of this year.

 

The CD is locked in for 2 yrs but you can add to it whenever you want in increments of $50.

 

Having, and using it, helped my scores to go up about 50-75 pts in the time I had it (only other open TL was $300 WFNNB/Lane Bryant which CLI at the same time I added to AMEX).

Mar 2012: 03/31/2012 - FICO EX 599 (auto loan pull) EQ 593 TU 602)
Oct 2012: 10/25/2012 - EX (tenant screening) 655 - EQ (myfico.com) 641 - TU (myfico.com) 622
Aug 2020: FICO 8: EQ 690, TU 685, EX 688
700s or Bust!
Message 14 of 22
Anonymous
Not applicable

Re: USAA SECURED AMERICAN EXPRESS

Thank you all for the feedback. Can anyone speak to what their scores were/ if they had any charge offs when approved for the secured card? 

Message 15 of 22
Steelersfan904
Regular Contributor

Re: USAA SECURED AMERICAN EXPRESS

I have the AMEX secured card from USAA. It was a hard pull to open the CD and get the card. So far everything has been good, after the two years USAA will re-evaluate you and if they will give you a non-secured card they will give you what you put into the CD plus interest that you earned. I like it because it is basically forcing me to save money since I really cant touch money I put into the CD



Starting Score: 502 5/4/2012
Current Score: 640 08/03/2012
Goal Score: 700


Take the FICO Fitness Challenge

Message 16 of 22
Revelate
Moderator Emeritus

Re: USAA SECURED AMERICAN EXPRESS


@Steelersfan904 wrote:

I have the AMEX secured card from USAA. It was a hard pull to open the CD and get the card. So far everything has been good, after the two years USAA will re-evaluate you and if they will give you a non-secured card they will give you what you put into the CD plus interest that you earned. I like it because it is basically forcing me to save money since I really cant touch money I put into the CD


Are you sure it was a HP to open the CD?  I haven't looked at my full EQ report since December (which was before I opened the CD and secured loan against it), but they never asked disclosed the inquiry on the CD, and it would be awfully wierd to do a HP on any depository account... other than the specialness of member-owned institutions like CU's.

 




        
Message 17 of 22
Anonymous
Not applicable

Re: USAA SECURED AMERICAN EXPRESS


@Anonymous wrote:

Thank you all for the feedback. Can anyone speak to what their scores were/ if they had any charge offs when approved for the secured card? 


We didn't have any FICO® scores at all and we were approved.

Message 18 of 22
Adalen
Frequent Contributor

Re: USAA SECURED AMERICAN EXPRESS

I have a few CO accounts and I was approved for an unsecured (Classic) USAA AmEx, 607EQ with $1K CL.


Message 19 of 22
Revelate
Moderator Emeritus

Re: USAA SECURED AMERICAN EXPRESS


@Adalen wrote:

I have a few CO accounts and I was approved for an unsecured (Classic) USAA AmEx, 607EQ with $1K CL.


I forgot to ask you this on a different thread, but did you have any pre-approval offers from USAA besides the usual run-of-the-mill ones they post?  

 

I know the Classic is an offer they counter with, I'm expecting to get that if I get approved for anything when I make my little app spree in December.

 




        
Message 20 of 22
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