my first USAA preselect offer

Anonymous · ‎02-20-2017

I had a USAA Classic no frills card back in 2012-my first card after facing major problems two years back. I had it for a few years and closed it when I began getting better cards. I went into a wild spending-app spree in November and December and ran up a huge debt and lots of HPs. I paid most of my debt off in late January and my UTIL stands at less than 10% ($4500 balance on $76000 total limit). It's still reporting as 18% on this month's scores that are in the 690s. Today I signed on to USAA (I have insurance through them and have been a customrer for 6 years) and saw I had a credit card offer. It's for a rate advantage platinum-like the one I had but with a slightly lower interest rate (15.40%). The range is 7.9-24.9% so I'm in the middle as reflected in my average score. They offer 0% (3% fee) for 15 month BTs. I have moving expenses coming up and could use the card but already have 6 with a 76K limit. I've used up my BT offers on the other cards.

Is the offer valid? Should I wait before my lower UTIL posts? Should I pass? Thanks.

Anonymous · ‎02-20-2017

I have no experience with preapprovals from USAA so I am not sure how solid they are, having said that if I were in your situation I would pass. The reason is you have been through a app/spending spree and are now getting your utliization down so your scores will only improve. It doesn't look like you have an immediate need for more CL so it would probably be best to garden for a while and then take advantage of the benefits of your improved profile. It's always tempting to take those prequalified offers but if you don't space your new accounts out you can end up being less attractive overall to creditors.

Credit-hoarder · ‎02-20-2017

OP: Others on here may tell you USAA pre-selected offers are rock solid---but they are not. Last Summer I had a pre-sel offer for their AMEX card and a couple weeks after I got the offer I bit on it--denied. Had another one recently for a Cash Rewards Visa Sig, but turned it down due to the fact they declined me for a CLI a couple of weeks earlier. Best of luck though if you decide to go for it.

BUSINESS

Rewards Pts.-Miles: UR-MR-TYP-Venture

elim · ‎02-20-2017

I've had 2 and was approved for both with 680's eq08. Nobody knows for sure, and you won't unless you app. Nobody's choice but yours. GL if you do.

Anonymous · ‎02-20-2017

@Anonymous wrote:
I had a USAA Classic no frills card back in 2012-my first card after facing major problems two years back. I had it for a few years and closed it when I began getting better cards. I went into a wild spending-app spree in November and December and ran up a huge debt and lots of HPs. I paid most of my debt off in late January and my UTIL stands at less than 10% ($4500 balance on $76000 total limit). It's still reporting as 18% on this month's scores that are in the 690s. Today I signed on to USAA (I have insurance through them and have been a customrer for 6 years) and saw I had a credit card offer. It's for a rate advantage platinum-like the one I had but with a slightly lower interest rate (15.40%). The range is 7.9-24.9% so I'm in the middle as reflected in my average score. They offer 0% (3% fee) for 15 month BTs. I have moving expenses coming up and could use the card but already have 6 with a 76K limit. I've used up my BT offers on the other cards.

Is the offer valid? Should I wait before my lower UTIL posts? Should I pass? Thanks.

Keep in mind USAA does not do APR reductions so that no frills Rate Advantage will stay at 15.4% (variable) for the life of the card... I'm not a huge fan of their Rate Advantage card either.

Oz