topic Re: Should i apply for USAA (approved?) in Credit Cards

Should i apply for USAA (approved?)

keikdasneak — Thu, 04 Aug 2011 23:48:47 GMT

Hi guys/gals

This forum has always been helpful in my decision with credit and learning from other experiences. I am looking to apply for USAA credit card but i am curious if i even have a chance. I want to close 1 of my small balance credit cards and hopefully open another card up with USAA with a better interest rate and higher limit.

Equifax is 728 Fico Score

Here is a little summary of my credit report.

Length of Credit History: 11 Years , 5 Months
Average Account Age: 2 Years, 11 Months

Public Records - 0
Negative Accounts - 1
Collections - 0

Inquiries in the Last 2 Years - 14

Re: Should i apply for USAA (approved?)

LTomBerry — Fri, 05 Aug 2011 02:00:00 GMT

Go for it!

When I got approved for my USAA MasterCard I had about a 690, and the only open tradeline was my student loan. I had a handful of old closed accounts and there might have even been a baddie or two in there. They gave me the platinum card because the CL was less than $5000. Within 6 months I had the button pop up offering to upgrade to World MasterCard and had a CLI from 3000 to 11000. I think your previous history with USAA plays as big a part as your CH with them. (You are already a USAA member, right?) As long as your debt/income ratio isn't horrible you should be OK. They pull Equifax.

Re: Should i apply for USAA (approved?)

haulingthescoreup — Fri, 05 Aug 2011 02:45:26 GMT

By the way, have you checked your Offers button? There might be one waiting for you, and if so, my understanding is that they won't pull a hard inquiry.

(Someone please confirm that last bit for me, though!)

Re: Should i apply for USAA (approved?)

Anonymous — Fri, 05 Aug 2011 02:54:38 GMT

@haulingthescoreup wrote:
By the way, have you checked your Offers button? There might be one waiting for you, and if so, my understanding is that they won't pull a hard inquiry.

(Someone please confirm that last bit for me, though!)

I am also interested -- I recenty went to the Amex site and looked for offers, but they asked for the last 4 digits of my ssn and I got cold feet. I know that's not enough for them to get a hard inquiry, but perhaps they already have the rest? Could the form trigger a hard inquiry?

Re: Should i apply for USAA (approved?)

-Cain- — Fri, 05 Aug 2011 02:57:30 GMT

Checking for existing offers on the Amex site shouldn't result in a hard pull.

Re: Should i apply for USAA (approved?)

keikdasneak — Fri, 05 Aug 2011 03:38:26 GMT

I don't have any accounts with them, and no offers. I applied and got the verication menu to verify some credit items. Then got this message on the next screen.

"Thank you for your interest in MasterCard®. We are reviewing your application. Please print a copy of this page for your records."

Re: Should i apply for USAA (approved?)

Ron1 — Fri, 05 Aug 2011 03:46:38 GMT

I think you might get approved with your score. Your AAOA is a little short. By the way, how many inquiries do you have within six months. They usually give you instant decision. Did you apply for Platinum Mastercard or World Mastercard?

Ron.

Re: Should i apply for USAA (approved?)

keikdasneak — Fri, 05 Aug 2011 04:25:18 GMT

Platinum, also I received all my inquries with 6 months. When I was car shopping.

Re: Should i apply for USAA (approved?)

Anonymous — Fri, 05 Aug 2011 04:27:23 GMT

I was declined with a score of 748... not a clue what the hell went wrong there....

Re: Should i apply for USAA (approved?)

score_building — Fri, 05 Aug 2011 04:33:26 GMT

USAA is likely worth a shot at upgrading cc limits and rates with a great lender based on current profile, especially as a full member.

Consider improving upon the proportion of accts w/ balances to at least less than 50% (looks like 6 out of 8 currently report balances) to potentially increase the odds of landing their most favorable terms.

Re: Should i apply for USAA (approved?)

LTomBerry — Fri, 05 Aug 2011 13:12:18 GMT

With the USAA MC you can request a CLI every 6 months. They soft pull for CLIs and they don't let you ask for a specific amout of CLI, they just tell you what you get. I went from 3k to 11k and now to 14k.

Re: Should i apply for USAA (approved?)

keikdasneak — Fri, 05 Aug 2011 22:00:41 GMT

Still haven't received a email or anything yet.

Re: Should i apply for USAA (approved?)

climbinghigher — Sat, 06 Aug 2011 01:30:36 GMT

@keikdasneak wrote:

Hi guys/gals

This forum has always been helpful in my decision with credit and learning from other experiences. I am looking to apply for USAA credit card but i am curious if i even have a chance. I want to close 1 of my small balance credit cards and hopefully open another card up with USAA with a better interest rate and higher limit.

Equifax is 728 Fico Score

Here is a little summary of my credit report.

Length of Credit History: 11 Years , 5 Months
Average Account Age: 2 Years, 11 Months

Public Records - 0
Negative Accounts - 1
Collections - 0

Inquiries in the Last 2 Years - 14

Hi..I was just approved for a Usaa Platinum a couple of months ago. I responded to an offer in the mail. My TU fico score runs about 725 to 735. The only credit I have is 2 Cap One cards. I have tax liens that will drop 03/2012. My CL was 3k. My wife started with a Platinum at 3k and shortly was offered a World card for 11k and was approved. We have our insurance with them and have always been happy. Good luck on your decision.

Re: Should i apply for USAA (approved?)

keikdasneak — Sat, 06 Aug 2011 03:35:46 GMT

Just got off the phone with them, had to verify some information.....

You've been approved for a USAA Platinum MasterCard

$4,000

Purchase APR
23.9% (Prime+20.65%)

Cash Advance and Balance Transfer APR
23.9% (Prime+20.65%

Re: Should i apply for USAA (approved?)

tata — Sat, 06 Aug 2011 12:47:26 GMT

Wow, that seems like a high APR!!!

Re: Should i apply for USAA (approved?)

score_building — Sat, 06 Aug 2011 13:19:02 GMT

@tata wrote:
Wow, that seems like a high APR!!!

For whatever reason OP applied with balances on 6 out of 8 accts which, to some degree, led to somewhat suboptimal scores and appearing to be higher risk; this approach may've easily influenced the CL and subprime rate offered.

To those thinking of app while profile is suboptimal, especially if seeking good terms as OP initially stated, it is important to consider that the terms can be impacted negatively by various items which include high UTI, too many accts showing balances, etc. and to tweak profile prior to jumping in, if possible.

Re: Should i apply for USAA (approved?)

keikdasneak — Sat, 06 Aug 2011 18:53:25 GMT

Yeah apr is high..

Re: Should i apply for USAA (approved?)

UFGuy2006 — Sat, 06 Aug 2011 21:28:59 GMT

@score_building wrote:
@tata wrote:
Wow, that seems like a high APR!!!
For whatever reason OP applied with balances on 6 out of 8 accts which, to some degree, led to somewhat suboptimal scores and appearing to be higher risk; this approach may've easily influenced the CL and subprime rate offered.

To those thinking of app while profile is suboptimal, especially if seeking good terms as OP initially stated, it is important to consider that the terms can be impacted negatively by various items which include high UTI, too many accts showing balances, etc. and to tweak profile prior to jumping in, if possible.

I applied earlier this year with great scores and high CL on other cards - got the same APR and a CL of 12k. Was told the rate was higher as I am only a limited member.

Re: Should i apply for USAA (approved?)

keikdasneak — Sat, 06 Aug 2011 22:35:15 GMT

I am a limited member as well, that is probably the reason.

Re: Should i apply for USAA (approved?)

score_building — Mon, 08 Aug 2011 01:01:58 GMT

@UFGuy2006 wrote:
@score_building wrote:
@tata wrote:
Wow, that seems like a high APR!!!
For whatever reason OP applied with balances on 6 out of 8 accts which, to some degree, led to somewhat suboptimal scores and appearing to be higher risk; this approach may've easily influenced the CL and subprime rate offered.

To those thinking of app while profile is suboptimal, especially if seeking good terms as OP initially stated, it is important to consider that the terms can be impacted negatively by various items which include high UTI, too many accts showing balances, etc. and to tweak profile prior to jumping in, if possible.

I applied earlier this year with great scores and high CL on other cards - got the same APR and a CL of 12k. Was told the rate was higher as I am only a limited member.

I am a limited member with a multiple acct history for a few yrs, app with 7% UTI and bal on 1 acct, approved for 5 figure CL at 10% APR. Yes, limited members seem to have a more rigorous review process, however, it is apparently possible to be approved for favorable terms if app with credentials that support them, at least IME. Limited members may not necessarily be doomed to subprime terms with USAA, or perhaps I just got lucky.

Frontline csr may not have complete information about the range of terms available to limited members but any number of items, also under review- such as length, depth and status of acct history with USAA, UTI, # of acct with balances, # of recent accts opened, EQ score, length of time at job/housing location, DTI all can provide compelling evidence for more favorable terms- regardless of membership status.

Long ago there was a thread in which another member argued vehemently that USAA was not well suited for limited members compared to some other lenders due to the terms offered, this may be true in some cases. However, it is probably worth highlighting for those considering an approach as a limited member (who perhaps also desire the most favorable terms possible) that they are not necessarily completely out of reach. FWIU, IME app at a time when a profile is as close to pristine and as relatively strong on all fronts as possible, prior to pulling the trigger, seems to offer the best odds.