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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
Re: USAA rewards credit cards now available to all members

idmd wrote:


2l8iwin wrote:


DI wrote:


No attractions.  I prefer to have the card because it's with CU.  I want to start banking more with CU's instead of big banks.


Correct me if I am wrong but USAA ss not a CU. They are a bank..


Correct, they are a FSB. 

 



You'll see this a lot here on the forums, both because of the "feel" of USAA and because of how it's treating for FICO scoring purposes.

USAA is a Federal Savings Bank that is part of a membership organization, thus the CU "feel." The FICO scoring formulas do not regard it as a national-level bank, but instead as a CU or local bank. We discovered this a year or so ago when a member who only had CC's from USAA and (I think) a CU got a ding on a FICO score report for not having any cards from a national bank, and it was confirmed by the myFICO admin.

It's not a big ding, by any means, but it's there, and something people might want to consider if all they have are CU (and USAA) cards.

USAA is still my go-to institution, regardless of which category in which it falls.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007