!!!! The purchase APR is a pretty high. I don't know if you can get them to lower your APR when you get the card.
SavvyInvestor wrote:If your father is a USAA member, and they know this when you get your membership, then you're a full USAA member.
You should be able to use all of their services. You're probably wanting to get a secured credit card with them anyway, but if a LoC benefits you, they have a good one. I think it would probably even be better than a second secured card. (since the util rate on LoCs have a much lower impact on your score apparently.)
FWIW, they don't list it on thier website, but when I asked they said they could give me a line of credit secured by a CD. It sounds like it is a standard deal (just not a common product)...
AFAIK LoC's count the same as any other revolving tradeline unless you get up to the 25-35K range where the model tends to rate it as an installment loan instead which doesn't impact the utilization amount as much. LoC vs. credit card is probably immaterial to any mix of credit analysis. They also don't post it on their website but you can get a secured CD loan from USAA (secured installment loan) which is in most (all even?) FICO ways better than a LoC if you have 2-3 CC's open already and especially if limited installment loan history.
As an added bonus you get your original deposit back (100% LTV) and you can go open up some other secured account type as well; however, the minimum is $2500 for the loan. Anything under $2500 they will direct you to a secured credit card offer instead.
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SavvyInvestor wrote:
Revelate wrote:As an added bonus you get your original deposit back (100% LTV) and you can go open up some other secured account type as well; however, the minimum is $2500 for the loan. Anything under $2500 they will direct you to a secured credit card offer instead.
Right. I said "LoC" when I meant installment loan. I don't think USAA does a LoC at all, at least I can't find one.
Joey and I looked into getting a secured loan and then putting that same cash towards a secured CC... the cool thing is that they can go pretty high on their limits. Ultimately we nixed that idea and just paid off the cars. Then i found out that he was an NFCU member and they still had him in their system.. Hellow NFCU 
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