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Valued Member
Cutie-Mama
Posts: 42
Registered: ‎01-09-2011

USAA

I recently opened a USAA checking and savings account. I am not too familiar with USAA but have seen the occasional post on myfico that it is a good place to have an account with. So, I am wondering, what is great about having a USAA membership (I joined through my father who is retired military) and in what ways can I use USAA to help me rebuild my credit?

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: USAA


Cutie-Mama wrote:

I recently opened a USAA checking and savings account. I am not too familiar with USAA but have seen the occasional post on myfico that it is a good place to have an account with. So, I am wondering, what is great about having a USAA membership (I joined through my father who is retired military) and in what ways can I use USAA to help me rebuild my credit?


Well USAA offers a wide range of products and services like any bank.

 

Not sure how USAA can help you rebuild better than any other bank.  It is said that USAA offers better rates and higher CLs to full members.  But I doubt that is true.  Or at least not verifiable beyond anecdotal evidence.

 

Maybe CMS and CCs that they offer.  They have secured cards too.  But again, not sure how USAA can help rebuild better than most.

 

 

Valued Member
Cutie-Mama
Posts: 42
Registered: ‎01-09-2011

Re: USAA

What is a full member?

 

How would I know if I am a full member or not?

 

What other types of USAA membership is there besides being a full member?

 

I don't recall seeing anything on their website about different types of membership when I signed up. Where would I find out this information?

Valued Contributor
Swapmeet
Posts: 1,267
Registered: ‎11-10-2012

Re: USAA

Don't worry, you are a full member. The good things about them is that they are liberal with credit scores that they will approve for a cc, and they are generous with initial credit limits and cli. If you need to, start with a secured card and treat it good -- they will graduate you to an unsecured card or approve you for an unsecured card in a reasonable amount of time. They also offer reasonable insurance rates and loan rates.

My Wallet: WalMart: ||10k|| USAA Platinum MC: ||13k|| Amex Delta Gold: ||2k||; BCE: ||9k|| Chase Freedom Siggy: ||10k||
Discover it: ||6.5k|| SG Visa: ||7k|| USAA World MC: ||13k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||10.5k||
Barlays Arrival World MC: ||10k||
Fico Scores: EQ 700 (SW),TU 745 (Walmart), EX 738 (myfico) Last app: Arrival World MC 2-1-14
Valued Contributor
chasmith
Posts: 1,059
Registered: ‎05-26-2010

Re: USAA

If your father is retired military, his service should also qualify you for membership in NFCU.  I'm in the same situation (membership through my father's reserve service 15 years ago for USAA and joined NFCU three years ago via his retired status).

 

USAA offers outstanding insurance products and service on insurance.  They are more conservative about lending than NFCU (harder to get approval, lower limits).  Both offer secured credit card products, NFCU also has a really easy secured installment loan process.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Contributor
BearOSO
Posts: 96
Registered: ‎10-03-2012

Re: USAA

Do their secured cars really graduate? I have not heard of them doing a review to graduate to an unsecured card. I am about 2 months away from finishing up my USAA Amex secured term of 2 years, they have yet to say anything or send me anything. 


Starting Score: 656 12/2012
Current Score: FICO (USAA pulled) EXP:678 | myFICO EQ:676 | myFICO TU:685 | App free since 2/1/2013

Valued Contributor
chasmith
Posts: 1,059
Registered: ‎05-26-2010

Re: USAA

USAA definitely doesn't graduate, at least in my experience.  I had their secured MC for two years, had to make a new application and was turned down.  I'm a long time full member, but had a 2009 BK which caused no loss to them.  I was able to add (unsecured) a Walmart Discover (1200 CL) and a First Tech FCU VISA (5K CL) to replace the USAA card (1500 CL).  I still believe they are a great resource and do some banking and all my insurance with them.

 

I hear mixed statements about NFCU.  In my case they graduated my card with a CLI, since then I've gotten other credit from them.  I would focus on NFCU for secured or rebuilding credit.  If you must borrow secured and have no installment debt reporting you can do a double play - put money in to secure an installment loan.  Then use the loan proceeds to secure a credit card.  That can give your score a slight extra bump for the credit mix.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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