topic Re: Denied USAA Credit card in Credit Cards

Denied USAA Credit card

keikdasneak — Thu, 23 Dec 2010 02:52:19 GMT

Proportion of revolving account balances to credit limits
Derogatory public record or collection filed
Length of time accounts have been established
Number of accounts with delinquency

Just applied and was denied...

FICO 668

Had two credit cards over the limit, i didnt even know.. They where two small 300 dollars cards over by $20 dollars.

my other card had a 14k limit and i am only using 2k of that.

1 collection and 1 charge off..

Re: Denied USAA Credit card

Anonymous — Thu, 23 Dec 2010 03:16:45 GMT

I was recently denied as well. I have no other credit cards open, trying to establish some type of credit besides student loans.

Serious delinquency - Last delinquency was 2 1/2yrs ago!
Length of time accounts have been established - FICO says 2yrs!
Time since delinquency is too recent or unknown - Last delinquency was 2 1/2yrs ago, again!
Proportion of balances to credit limits is too high on bank revolving or other revolving accounts - Only 1 account is over limit by $200 exactly! All other accounts I have are student loans, a closed BoA credit card $600 under limit and paying off totally next week ($400)!

Would they be able to reconsider us, anyone? I wrote a letter in an email. Is there a number we can contact? They pulled my Experian which had my lowest score (594), yet my TU has a score of 603.

Re: Denied USAA Credit card

Anonymous — Thu, 23 Dec 2010 03:27:18 GMT

@keikdasneak wrote:
Proportion of revolving account balances to credit limits
Derogatory public record or collection filed
Length of time accounts have been established
Number of accounts with delinquency
Just applied and was denied...

FICO 668
Had two credit cards over the limit, i didnt even know.. They where two small 300 dollars cards over by $20 dollars.
my other card had a 14k limit and i am only using 2k of that.
1 collection and 1 charge off..

Is your collection paid? Have you tried a sturdy goodwill campaign? How old is the charge-off?

The over-the-limit cards are app killers. In this day and age, nobody is going to extend credit with cards already more than maxed-out. But, the good news is that reason will go away as soon as you pay down your cards, below the limit.

I'd suggest waiting 12 months, put some time between your apps, and some more time behind your derogs (hopefully paid/reporting $0) in the event that they're not dropping any time soon. Get your utilization under 10% overall, and per card. Then, app again.

Re: Denied USAA Credit card

MarineVietVet — Thu, 23 Dec 2010 03:37:49 GMT

@Anonymous wrote:
Is your collection paid? Have you tried a sturdy goodwill campaign? How old is the charge-off?

The over-the-limit cards are app killers. In this day and age, nobody is going to extend credit with cards already more than maxed-out. But, the good news is that reason will go away as soon as you pay down your cards, below the limit.

I'd suggest waiting 12 months, put some time between your apps, and some more time behind your derogs (hopefully paid/reporting $0) in the event that they're not dropping any time soon. Get your utilization under 10% overall, and per card. Then, app again.

Yep.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Denied USAA Credit card

Anonymous — Thu, 23 Dec 2010 03:43:51 GMT

@Anonymous wrote:
I was recently denied as well. I have no other credit cards open, trying to establish some type of credit besides student loans.

Serious delinquency - Last delinquency was 2 1/2yrs ago!
Length of time accounts have been established - FICO says 2yrs!
Time since delinquency is too recent or unknown - Last delinquency was 2 1/2yrs ago, again!
Proportion of balances to credit limits is too high on bank revolving or other revolving accounts - Only 1 account is over limit by $200 exactly! All other accounts I have are student loans, a closed BoA credit card $600 under limit and paying off totally next week ($400)!
Would they be able to reconsider us, anyone? I wrote a letter in an email. Is there a number we can contact? They pulled my Experian which had my lowest score (594), yet my TU has a score of 603.

Hi Psylence!

One of the first rules of recon... okay, I'm actually making the order of 'rules' up as I go along here, but stay with me, LOL! Know the lender. Some recons stand a decent chance of success, some will require some effort, and some aren't feasible at the moment. As I mentioned in another post, it's virtually impossible to get new credit extended these days when you're already over-the-limit on existing obligations. That's a big red flag.

What was your "serious delinquency"? Is it currently paid? USAA is quite fickle about serious delinquencies, especially unpaid ones. They've also been known to be twitchy about too many INQs, and very short credit history.

Once you've burned the INQ, it doesn't hurt to try a recon (unless they will pull again, and I don't think USAA will), but I'd caution you to make sure you're in "USAA shape" ahead of going after one of their cards again. Or, at least, very close for a recon effort. At the very least, recon after you've paid the over-the-limit card down/off, and your reports update with the new balance. There might be a sympathetic decision-maker who will listen and bend on almost any past mishap-- but over-the-limit on current obligations is a show-stopper for certain.

Personally, I'd put USAA on the backburner for now. Wait a year, get your reports cleaned up, and then go after them.

Re: Denied USAA Credit card

Anonymous — Thu, 23 Dec 2010 04:25:37 GMT

@Anonymous wrote:
I was recently denied as well. I have no other credit cards open, trying to establish some type of credit besides student loans.

Serious delinquency - Last delinquency was 2 1/2yrs ago!
Length of time accounts have been established - FICO says 2yrs!
Time since delinquency is too recent or unknown - Last delinquency was 2 1/2yrs ago, again!
Proportion of balances to credit limits is too high on bank revolving or other revolving accounts - Only 1 account is over limit by $200 exactly! All other accounts I have are student loans, a closed BoA credit card $600 under limit and paying off totally next week ($400)!
Would they be able to reconsider us, anyone? I wrote a letter in an email. Is there a number we can contact? They pulled my Experian which had my lowest score (594), yet my TU has a score of 603.

603 is pretty low by USAA standards.

I'd give it another year or more.

Re: Denied USAA Credit card

Anonymous — Thu, 23 Dec 2010 05:21:47 GMT

i have an bk 20 months ago, usaa gave me an secured cc on aug 2009 for 1500 dollars, which they said at the time should go unsecured by next aug. ussa is like pen-fed when it come to giving cc they are tight.

Re: Denied USAA Credit card

RammaCredit — Thu, 23 Dec 2010 05:51:38 GMT

slow your roll. USAA is an ELITE card.. you need to get what you have already got under control. no trying to be pessimistic, but they will more than likely deny. Once you get your balances down to 0 or 5% of your limits wait a month and app a local CU. clean up your XPN then app the AMEX blue for students this will probably get you jump started and into The ELITE credit card club.

Re: Denied USAA Credit card

Anonymous — Thu, 23 Dec 2010 06:57:12 GMT

A huge miss conception people have is that USAA is just as credit friendly as Navy Federal. Its NOT. It is very conservative in comparison.

You need to remember that it was originally officer only for membership, with their higher income and subjectively higher responsibility. USAA still retains those stricter standards.

You need to do as has been suggested that is step back and improve your overall picture.

Edited to add:

After looking at several of your threads- you need to accept the fact you have done all you can right now, that you are both credit and score challenged and Stop APPLYING. Lurk and participate on the boards, and learn, but you need to get your negative factors mitigated by paying down balances, by the passage of time, and your inquiries dropping off.

Re: Denied USAA Credit card

wmarat — Thu, 23 Dec 2010 17:04:48 GMT

Though it does depend on defenition but I would not call USAA credit cards ELITE, they offer average product for average credit profile.

RammaCredit wrote:
slow your roll. USAA is an ELITE card.. you need to get what you have already got under control. no trying to be pessimistic, but they will more than likely deny. Once you get your balances down to 0 or 5% of your limits wait a month and app a local CU. clean up your XPN then app the AMEX blue for students this will probably get you jump started and into The ELITE credit card club.

Re: Denied USAA Credit card

Smug — Thu, 23 Dec 2010 15:08:31 GMT

I also consider it elite..

Re: Denied USAA Credit card

laz98 — Thu, 23 Dec 2010 20:36:02 GMT

@Anonymous wrote:
A huge miss conception people have is that USAA is just as credit friendly as Navy Federal. Its NOT. It is very conservative in comparison.

how funny.....usaa was willing to give me a card but navy fed was not! oh well

Re: Denied USAA Credit card

Anonymous — Fri, 24 Dec 2010 00:01:58 GMT

@laz98 wrote:

@Anonymous wrote:
A huge miss conception people have is that USAA is just as credit friendly as Navy Federal. Its NOT. It is very conservative in comparison.
how funny.....usaa was willing to give me a card but navy fed was not! oh well

Now that IS strange!

Re: Denied USAA Credit card

Anonymous — Fri, 24 Dec 2010 07:35:34 GMT

In general most everyone gets a card from NFCU over USAA and usually at a higher limit then USAA.

It is very odd.

Granted there are always "exceptions that make the rule."

And we have no idea the particulars of your relationship with, and time of your applications between the two.

When I was at EAS I found the hard way that NFCU would not extend a loan to anyone with less then a year on their contract, and then would not extend a loan unless you had a year at your current job (effectively giving me the cold shoulder for 2 years). So who knows what justified their decision..

Re: Denied USAA Credit card

Anonymous — Fri, 24 Dec 2010 07:46:40 GMT

@Anonymous wrote:
In general most everyone gets a card from NFCU over USAA and usually at a higher limit then USAA.

It is very odd.

Granted there are always "exceptions that make the rule."

And we have no idea the particulars of your relationship with, and time of your applications between the two.

When I was at EAS I found the hard way that NFCU would not extend a loan to anyone with less then a year on their contract, and then would not extend a loan unless you had a year at your current job (effectively giving me the cold shoulder for 2 years). So who knows what justified their decision..

I think the one year to ETS rule is logical. Who knows if the person will be able to replace the income they lose after discharge.

Same for the one year on a new job requirement. It could be considered a probationary period where anything can happen.

I think Navy Federal should, however, make these little guidelines more known amongst the membership to avoid surprises. It might be good if they put these things into a little preamble to any credit application.

Re: Denied USAA Credit card

Anonymous — Sat, 25 Dec 2010 02:30:26 GMT

@Anonymous wrote:
I think Navy Federal should, however, make these little guidelines more known amongst the membership to avoid surprises. It might be good if they put these things into a little preamble to any credit application.

I do not think any other institution posts their credit lending criteria so I do not feel NFCU should be singled out to do so.

Re: Denied USAA Credit card

haulingthescoreup — Sat, 25 Dec 2010 02:54:09 GMT

USAA is more conservative in many ways than other lenders, BUT they will also cut you a lot of slack if you've been a member for a long time.

They gave me a $50K HELOC with a 651 EQ FICO, and I qualified for a lot higher amount than that. But I had already been a member for nearly 30 years.

They did scold me about the score, though.

Re: Denied USAA Credit card

Anonymous — Sat, 25 Dec 2010 03:36:05 GMT

@Anonymous wrote:

@Anonymous wrote:
I think Navy Federal should, however, make these little guidelines more known amongst the membership to avoid surprises. It might be good if they put these things into a little preamble to any credit application.
I do not think any other institution posts their credit lending criteria so I do not feel NFCU should be singled out to do so.

No other institution deals almost exclusively with servicemembers having an ETS. Even USAA and PenFed do not have an ETS rule etched in stone. I suppose what should happen then is that military training should help people to develop ESP so they can realize that Navy federal is different from the pack instead of hoping to uselessly rely on them during the last year of each enlistment contract.

Also, NFCU will waive the one-year-to-ETS rule when one's CO certifies the individual is recommended for re-enlistment and has expressed a desire to re-enlist. The problem is they never tell people about that waiver until after they have been denied credit and the NFCU member specifically asks about waivers.

Re: Denied USAA Credit card

score_building — Sat, 25 Dec 2010 08:23:03 GMT

applied for cc w/i a few weeks of each other,

NFCU 1st= 24k, then USAA= 12k. (no big changes on cbr upon USAA app except new NFCU acct.)