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Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007
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Re: USAA chances?

I am full member was denied with a 671 and was approved with a 706

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Established Contributor
2FixMyCredit
Posts: 500
Registered: ‎02-02-2013
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Re: USAA chances?

As of right now I am not worried about adding any additional lines of credit to my report, with the three different types I think that will serve its purpose.  Not to mention (and I'm not trying to offend anyone!) but some people here seem to have money to just throw around at CD's or secured cards OR they make waaay more than I do a year.  I don't have money to continually throw at banks to help build my credit or else I would have done it long ago. 

 

I have had a really hard life and my main focus right now is getting a home.  After being homeless and everything else I see others around me in debt and heading that way because of credit cards and stuff and I will never put myself in a situation like that again, mind you the reasons I was homeless was not because of credit.  

 

As long as I can get to a 620-640 I will be content.  I would of course love a higher score for the future but as long as I use what I have wisely I think I will be ok! 

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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: USAA chances?


2FixMyCredit wrote:...  I don't have money to continually throw at banks to help build my credit or else I would have done it long ago...my main focus right now is getting a home..

I agree it's difficult to tie up money like that, unless you have it in abundance.  But at that point, who needs credit, right?

 

Something to consider, though, as you head toward home ownership; even the low down FHA requires 3% down plus closing costs, so you really need to have a savings plan.  And putting that money into CD's at a credit union will make it easier to resist spending, as well as net you a better rate than a straight savings account.  Starting with a small CD and adding a little to it each payday is a good way to grow your savings and potential down payment.  If that CD can double as security for a card, you double your benefit.    

 

Also, I recommend you pay in full every month.  Besides the fact that this is looked upon favorably by banks and will help your chances of limit increases, you avoid ever paying a penny of interest.  I've learned from my mistakes, and now if I am considering a purchase on a credit card, I ask myself if it's worth getting a loan from the bank for that transaction.  I really do my best to only buy what I can pay off that month.

 

I see your point about secured cards.  I had one with Wells Fargo for a little while.  I put down a thousand bucks, and then they arbitrarily decided they didn't graduate them anymore so I closed it.  Back then it was my only 4 figure limit, and I'm pretty sure it opened the way for my approval for Chase, USAA, and Cap1.  But it burned me up every time I thought about my hard earned money working for them.  I was glad to see it go.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Member
wonderandawe
Posts: 47
Registered: ‎05-22-2012
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Re: USAA chances?


2FixMyCredit wrote:

I'm sure many many people think secured cards are great but I am not going to give a bank my money, pay interest ony my money to build my credit. 

 


I thought the same thing about four years ago. I got some secure card apps in the mail and said "What a racket!" and added my self to the opt-out list.  

 

However, it is very difficult to get credit of any kind with out secure cards, if you have a poor history.  I assumed it was my income holding me back.  Nope it was like lack of revolving credit.  

 

No one thinks that secure cards are great.  I see them as a burnt offering to the banking gods to allow me to get a car/home loan in the future.  Because that is what you are doing; burning money.

 

It seems like you managed to get some non secure cards.  I'd stick with those for 6 months to a year and then try applying again.  

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Established Contributor
Leadberry
Posts: 625
Registered: ‎01-31-2013
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Re: USAA chances?


wonderandawe wrote:

2FixMyCredit wrote:

I'm sure many many people think secured cards are great but I am not going to give a bank my money, pay interest ony my money to build my credit. 

 


I thought the same thing about four years ago. I got some secure card apps in the mail and said "What a racket!" and added my self to the opt-out list.  

 

However, it is very difficult to get credit of any kind with out secure cards, if you have a poor history.  I assumed it was my income holding me back.  Nope it was like lack of revolving credit.  

 

No one thinks that secure cards are great.  I see them as a burnt offering to the banking gods to allow me to get a car/home loan in the future.  Because that is what you are doing; burning money.

 

It seems like you managed to get some non secure cards.  I'd stick with those for 6 months to a year and then try applying again.  


US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.  :smileytongue:

   
   
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: USAA chances?


Leadberry wrote:  US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.  :smileytongue:

Nice.  If you do end up doing that, make sure you ask what their policy is on raising the limit.  I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.  

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Leadberry
Posts: 625
Registered: ‎01-31-2013
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Re: USAA chances?


p- wrote:

Leadberry wrote:  US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.  :smileytongue:

Nice.  If you do end up doing that, make sure you ask what their policy is on raising the limit.  I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.  


Hrm?  I have no need for any secured cards; was just tossing it out there for those who may be interested.  :smileytongue:

   
   
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: USAA chances?


Leadberry wrote:

p- wrote:

Leadberry wrote:  US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.  :smileytongue:

Nice.  If you do end up doing that, make sure you ask what their policy is on raising the limit.  I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.  


Hrm?  I have no need for any secured cards; was just tossing it out there for those who may be interested.  :smileytongue:


Not you, the OP...  

 

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Leadberry
Posts: 625
Registered: ‎01-31-2013
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Re: USAA chances?


p- wrote:

Leadberry wrote:

p- wrote:

Leadberry wrote:  US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.  :smileytongue:

Nice.  If you do end up doing that, make sure you ask what their policy is on raising the limit.  I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.  


Hrm?  I have no need for any secured cards; was just tossing it out there for those who may be interested.  :smileytongue:


Not you, the OP...  

 

 


Haha oh!  Sorry!

   
   
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DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
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Re: USAA chances?

[ Edited ]

Most secured cards do not cost any money.  You just need to put some money into a savings account or CD to use as collateral. Often, these accounts earn interest. The banks don't charge interest if you pay your full balance each month.  And the bank doesn't keep your money, they give it back to you when you no longer need the secured account.  With a very low credit score, this is a fantastic option. 

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