USAA just lost my business

[Varakai]

After not apping since April I pulled the trigger on of their CC and was instantly denied. Scores are in my signature.Util 4%. Have the following products with them: Checking, Savings, Brokerage and IRA... Their reasons for denying were completely and utter bogus reasons. No manual underwriting provided. I'm pissed and I'm pulling it all and going to Delta Airlines Federal Credit Union or Wings Financial.

[android01]

What were the completely and utterly bogus reasons?  

[clocktick]

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@android01 wrote:

What were the completely and utterly bogus reasons?  

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Yes, please share.  Also, did you talk to anyone there about your denial and their reasonings?

[pizzadude]

I'm sorry to hear that this happened, but don't you think it would be worth a few minutes of your time to call them on Monday morning and recon, before you close everything ??

[quest208]

What was the reason??

[Uncle_Money]

Sorry to hear that. I would be pissed too.

Unfortunately, this all goes back to what I've always said; we're nothing but a 3 digit number to a bank In most cases, it really doesn't matter if you have a million dollars in an account with a bank. If your credit score isn't high enough, they will decline you for credit. Period. I've seen this happen over and over again. The banks only check credit reports in most cases. A person with a $50K per year income and excellent credit will be approved before someone who earns $1 million per year and has lousy credit.

It definitely won't hurt to try and recon. I would go for it. Good luck.

UM

[tntexans72]

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@Uncle_Money wrote:

Sorry to hear that. I would be pissed too.

Unfortunately, this all goes back to what I've always said; we're nothing but a 3 digit number to a bank In most cases, it really doesn't matter if you have a million dollars in an account with a bank. If your credit score isn't high enough, they will decline you for credit. Period. I've seen this happen over and over again. The banks only check credit reports in most cases. A person with a $50K per year income and excellent credit will be approved before someone who earns $1 million per year and has lousy credit.

It definitely won't hurt to try and recon. I would go for it. Good luck.

UM

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I understand your fustration and I would be pretty upset also if you bank with them, etc.....

Annual Income and HHI is not the whole story and you already knew that.

But any time a lender refused credit, there's always a reason(s) why. Maybe wait for the declined letter and see what is listed.

If all of those are false and you felt you didn't get a fair shaked, call them up and go over the declined remarks.

Best way to recon imo....or if you call over the phone and the CSR can tell you why you were declined.

Just have all infor and be prepare to fax or send additional documents require.

GL and for you to do this much business with them, I am pretty much shocked to see why they would turn away your business.

Last thing...go over the reports USAA pulled to check for errors and to make sure they pulled your latest report too!

I've heard horror stories, one example was an applicant credit report that the lender pulled was 60 days old and it showed his util % was too high.

He faxed in his updated report and was approved through recon.