topic Re: Anyone know the minimum requirements and reports used for the USAA credit card products? in Credit Cards

Anyone know the minimum requirements and reports used for the USAA credit card products?

p- — Wed, 12 Jan 2011 17:33:47 GMT

In two years I've moved from the 500's to almost 700 on all 3 reports. When I was in the 5's I got an Orchard Bank annual fee low limit card. I wanted to convert this, but they are not very receptive. To replace it, I am trying to get a USAA credit card, but want to know what the requirements are. I hate to waste an inquiry... Anyone here know what score they look for? Anyone know which report they pull?

I have the option to apply for USAA Amex or USAA World Mastercard.

Also, I assume it's about a 60 day prep process - get activity on all cards, reduce to zero and keep there for a full billing cycle to make sure reporting shows min utilization; Anyone have additional suggestions for how I can make myself more marketable in the short term? If you want details on my specific file visit my rebuild project log, linked below.

If the USAA card is not a realistic target for me, what product should I look for? I want no annual fee, below 10% rate, and a limit high enough to use it for airline purchases, etc.

Thanks for your help!

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

BungalowMo — Wed, 12 Jan 2011 17:43:59 GMT

According to a reputable site I go to for this kind of thing...looks like USAA pulls Equifax exclusively. I have seen recent approvals recorded with high 600 & lo 700 scores. I saw one person get the amex for $1k & the regular usaa card with a 4k limit...697 fico just last week.

Another got the amex with a late 1 year ago. They had a 730 fico & got a 12k limit.

Hope this helps!

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Tazman81 — Wed, 12 Jan 2011 17:47:52 GMT

When you sign into your USAA account, do you have any "offers" from them? I thought I recall reading quite a few people saying that if you had an "offer" from them then you were practically approved.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Red1Blue — Wed, 12 Jan 2011 17:51:52 GMT

My Scores have been in 700 and applied 3 times and got denied. I gave up trying.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

BungalowMo — Wed, 12 Jan 2011 17:56:38 GMT

@Red1Blue wrote:
My Scores have been in 700 and applied 3 times and got denied. I gave up trying.

OUCH! That sucks!

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Red1Blue — Wed, 12 Jan 2011 18:00:18 GMT

@BungalowMo wrote:

@Red1Blue wrote:
My Scores have been in 700 and applied 3 times and got denied. I gave up trying.
OUCH! That sucks!

More worst than that, they have all mine and kids investment accounts / 529 / savings all adding to little over 300k with them. They still would not give me a credit card.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Anonymous — Wed, 12 Jan 2011 18:05:54 GMT

I just got a USAA card for $9300 (instant approval). They pulled EQ only. My score was 732 with 0 util, 5 years AAoA and 1 inq. Hope that helps you. Good luck,

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Anonymous — Wed, 12 Jan 2011 18:18:29 GMT

concorduser did they give you a reason why?

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

BungalowMo — Wed, 12 Jan 2011 18:59:22 GMT

@Red1Blue wrote:
@BungalowMo wrote:

@Red1Blue wrote:
My Scores have been in 700 and applied 3 times and got denied. I gave up trying.
OUCH! That sucks!

More worst than that, they have all mine and kids investment accounts / 529 / savings all adding to little over 300k with them. They still would not give me a credit card.

Did you ever call & ask why???? I know I would have....if they want to keep that $$ in their CU. You can move your money anywhere you like!

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Anonymous — Thu, 13 Jan 2011 00:05:33 GMT

I was approved for a 2k limit and a fico EQ of 658. 6 inqs on EQ, and 2 baddies. Hope that helps.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Anonymous — Thu, 13 Jan 2011 04:29:56 GMT

usaa is hard to get any cc, i know if i apllied i would get declined so i am going thur the backdoor. i got an secured mastercard for 1500 last aug. by next aug the card should go unsecured.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Anonymous — Thu, 13 Jan 2011 04:53:45 GMT

@Tazman81 wrote:
When you sign into your USAA account, do you have any "offers" from them? I thought I recall reading quite a few people saying that if you had an "offer" from them then you were practically approved.

Yes, USAA preapprovals are virtually etched in stone.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

hammertime — Thu, 13 Jan 2011 13:11:13 GMT

DW got USAA Platinum Cash Rewards with 4K Limit just recently. EQ FICO 704. Instant approval online. Hard Pull EQ. Soft several days later on either TU or EXP. I don't remember which.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

p- — Thu, 13 Jan 2011 15:08:49 GMT

@Anonymous wrote:
usaa is hard to get any cc, i know if i apllied i would get declined so i am going thur the backdoor. i got an secured mastercard for 1500 last aug. by next aug the card should go unsecured.

The "My Offers" tab doesn't show any pre-approvals, but it does link to my credit card choices, none of which are secured. How did you get a line on the secured card, through the website?

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

p- — Thu, 13 Jan 2011 15:10:50 GMT

@Red1Blue wrote:
@BungalowMo wrote:

@Red1Blue wrote:
My Scores have been in 700 and applied 3 times and got denied. I gave up trying.
OUCH! That sucks!

More worst than that, they have all mine and kids investment accounts / 529 / savings all adding to little over 300k with them. They still would not give me a credit card.

I think you can call and request reconsideration; I would definitely do that.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

p- — Thu, 13 Jan 2011 15:13:07 GMT

It sounds like I might not be quite ready for this one. Maybe I will go the secured route like scrubs suggested. My only reservation is I hate to tie up cash I could be using to pay down other debt... I know I won't carry a balance, so that money will just be gone for a year.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

p- — Thu, 13 Jan 2011 15:16:41 GMT

@Anonymous wrote:
usaa is hard to get any cc, i know if i apllied i would get declined so i am going thur the backdoor. i got an secured mastercard for 1500 last aug. by next aug the card should go unsecured.

Did a USAA inquiry pop up on your report for the secured card? If so, why not apply for unsecured then get secured if I'm denied?

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

Tazman81 — Fri, 14 Jan 2011 20:24:06 GMT

@p- wrote:
It sounds like I might not be quite ready for this one. Maybe I will go the secured route like scrubs suggested. My only reservation is I hate to tie up cash I could be using to pay down other debt... I know I won't carry a balance, so that money will just be gone for a year.

What my brother did was used part of the money from his 8 month emergency fund because it's unlikely that you will need all 8 months at the same time. And if he ever did then he could either do a cash advance from the secured card, or just close out the card and get the money back from the CD. Just a thought.

Re: Anyone know the minimum requirements and reports used for the USAA credit card products?

p- — Fri, 14 Jan 2011 21:01:04 GMT

@Tazman81 wrote:
What my brother did was used part of the money from his 8 month emergency fund because it's unlikely that you will need all 8 months at the same time. And if he ever did then he could either do a cash advance from the secured card, or just close out the card and get the money back from the CD. Just a thought.

Thats not a bad idea. I do prefer my savings to be a little more liquid though... Did they do a hard pull on his CR before they gave him the secured card?

Re: USAA credit card products

p- — Wed, 26 Jan 2011 17:29:34 GMT

I contacted customer service at USAA and requested a pre-approval before they did a hard pull for a USAA credit card. The customer service wrote back that they only do hard pull, no pre-approval.

I replied asking if they would grant a secured card if I did not qualify for the USAA card without doing a second hard pull. I also asked for linking to the secured card information, as that card is not an option listed for me.

I will update as I see more info, suggestions appreciated.