topic Re: USAA chances? in Credit Cards

USAA chances?

2FixMyCredit — Wed, 06 Mar 2013 17:56:41 GMT

What are the chances of getting approved for USAA with my EQ sitting at 580?

Please - do not start talking about secured cards, I have a BofA that just started reporting and Fingerhut that just started reporting as well.

Re: USAA chances?

Anonymous — Wed, 06 Mar 2013 17:57:46 GMT

I would say slim to none even if you are a full memeber

Re: USAA chances?

p- — Wed, 06 Mar 2013 18:00:26 GMT

@2FixMyCredit wrote:
What are the chances of getting approved for USAA with my EQ sitting at 580?

Please - do not start talking about secured cards, I have a BofA that just started reporting and Fingerhut that just started reporting as well.

Pretty slim, however they do offer secured versions of some cards if you are denied. You might look into that. I'm not sure how they report or if they graduate, but the reps are real helpful if you call in.

Your best bet, as a member, is to keep an eye on the "My Offers" tab. They have generic offers and targeted offers, and a genuine targeted offer is pretty much a guaranteed approval. On the other hand, if you are a memebr and they aren't making offers to you, plan on being declined.

Re: USAA chances?

aldejesus — Wed, 06 Mar 2013 18:01:44 GMT

I tried USAA back on oct-12 and got denied with a score EQ 651. Did you tried with GEMB? they approved me the same month.

Re: USAA chances?

dodfire — Wed, 06 Mar 2013 18:03:20 GMT

580 I do not think you are going to get unsecured. Keep working on it and let the cards you have age a little while and you should get your score up to a point to get approved.

Re: USAA chances?

2FixMyCredit — Wed, 06 Mar 2013 18:04:53 GMT

Secured cards are NOT an option for me, due to my own personal opinion on them.

I just joined so I'm figuring it out, I'm sure it isn't realistic right now just wanted opinions My offers tab isn't showing anything yet but I literally just joined so who knows. If not I will gladly wait a while.

GEMB has denied me as well. Go figure!

Re: USAA chances?

Anonymous — Wed, 06 Mar 2013 19:12:10 GMT

@2FixMyCredit wrote:
Secured cards are NOT an option for me, due to my own personal opinion on them.

I just joined so I'm figuring it out, I'm sure it isn't realistic right now just wanted opinions My offers tab isn't showing anything yet but I literally just joined so who knows. If not I will gladly wait a while.

GEMB has denied me as well. Go figure!

Yeah it's totally unrealistic man. You will be waiting a LONG while before they offer you anything at all (2 years?). I don't know your history though so who knows maybe sooner. I went from a 560 to a 740 with nothing but 2 secured cards and a couple of small rebuilders. Your opinion about secured cards (in my opinion), is going to hold you back from growing. Look at my signature. That's what I got with rebuilding the secured route after 5 to 6 months.

Re: USAA chances?

2FixMyCredit — Wed, 06 Mar 2013 19:34:13 GMT

I'm sure many many people think secured cards are great but I am not going to give a bank my money, pay interest ony my money to build my credit.

It doesn't matter either way though because I did get approved for a Bank of America card with 0% interest and no annual fee to start out with, plus Fingerhut as well as Aarons reporting soon. That is installment, revolving and store credit that should boost my score in a while.

Funny thing, I just called USAA to ask about their requirements with no plan on applying yet (maybe in a year or two) but the moron sure enough did, got the notice not 30 minutes after I hung up on her. Called again and told them to remove it and apparently I have to fill out a ton of forms, have it all notarized, contact the CRA, and mail or fax a copy of my report showing them it actually happened. After that, I don't think I will be doing business with them for a while, that just rubbed me the wrong way.

Re: USAA chances?

p- — Wed, 06 Mar 2013 19:37:11 GMT

Johnny_Favorite wrote: Your opinion about secured cards (in my opinion), is going to hold you back from growing. Look at my signature. That's what I got with rebuilding the secured route after 5 to 6 months.

+1... I'm not sure what your personal objection is to secured cards, but they can be a great tool in the rebuild process. I'd tell you to app for Orchard if they were still around, but barring that your options are pretty slim unless you want to pay a bunch of ripoff fees. And those are cards you'll likely close in a year or two when your score is up.

I'm curious what your main objection is. If you're against giving the bank an interest free loan, then paying interest on their loan to you, or concerned about how it will look on your report there is another option. Some credit unions allow you to invest money into a CD, and then use that as collateral for a credit card. You get the benefit of the money's growth, and they report it as an unsecured card.

Flash forward a year or two later and your deposit will be released, with the gains, and you'll have the benefit of the mature card history.

If there is another objection to secured cards, please share.

Re: USAA chances?

p- — Wed, 06 Mar 2013 19:41:25 GMT

2FixMyCredit wrote: I am not going to give a bank my money, pay interest ony my money to build my credit.

Ah, you posted that while I was typing. The CU option might be a good one for you. Sorry to hear that USAA did that, they are usually better than that. You might consider emailing a complaint via the online portal and see what happens.

Re: USAA chances?

Anonymous — Wed, 06 Mar 2013 19:48:08 GMT

I am full member was denied with a 671 and was approved with a 706

Re: USAA chances?

2FixMyCredit — Wed, 06 Mar 2013 20:30:20 GMT

As of right now I am not worried about adding any additional lines of credit to my report, with the three different types I think that will serve its purpose. Not to mention (and I'm not trying to offend anyone!) but some people here seem to have money to just throw around at CD's or secured cards OR they make waaay more than I do a year. I don't have money to continually throw at banks to help build my credit or else I would have done it long ago.

I have had a really hard life and my main focus right now is getting a home. After being homeless and everything else I see others around me in debt and heading that way because of credit cards and stuff and I will never put myself in a situation like that again, mind you the reasons I was homeless was not because of credit.

As long as I can get to a 620-640 I will be content. I would of course love a higher score for the future but as long as I use what I have wisely I think I will be ok!

Re: USAA chances?

p- — Wed, 06 Mar 2013 20:55:39 GMT

2FixMyCredit wrote:... I don't have money to continually throw at banks to help build my credit or else I would have done it long ago...my main focus right now is getting a home..

I agree it's difficult to tie up money like that, unless you have it in abundance. But at that point, who needs credit, right?

Something to consider, though, as you head toward home ownership; even the low down FHA requires 3% down plus closing costs, so you really need to have a savings plan. And putting that money into CD's at a credit union will make it easier to resist spending, as well as net you a better rate than a straight savings account. Starting with a small CD and adding a little to it each payday is a good way to grow your savings and potential down payment. If that CD can double as security for a card, you double your benefit.

Also, I recommend you pay in full every month. Besides the fact that this is looked upon favorably by banks and will help your chances of limit increases, you avoid ever paying a penny of interest. I've learned from my mistakes, and now if I am considering a purchase on a credit card, I ask myself if it's worth getting a loan from the bank for that transaction. I really do my best to only buy what I can pay off that month.

I see your point about secured cards. I had one with Wells Fargo for a little while. I put down a thousand bucks, and then they arbitrarily decided they didn't graduate them anymore so I closed it. Back then it was my only 4 figure limit, and I'm pretty sure it opened the way for my approval for Chase, USAA, and Cap1. But it burned me up every time I thought about my hard earned money working for them. I was glad to see it go.

Re: USAA chances?

wonderandawe — Wed, 06 Mar 2013 22:51:06 GMT

@2FixMyCredit wrote:
I'm sure many many people think secured cards are great but I am not going to give a bank my money, pay interest ony my money to build my credit.

I thought the same thing about four years ago. I got some secure card apps in the mail and said "What a racket!" and added my self to the opt-out list.

However, it is very difficult to get credit of any kind with out secure cards, if you have a poor history. I assumed it was my income holding me back. Nope it was like lack of revolving credit.

No one thinks that secure cards are great. I see them as a burnt offering to the banking gods to allow me to get a car/home loan in the future. Because that is what you are doing; burning money.

It seems like you managed to get some non secure cards. I'd stick with those for 6 months to a year and then try applying again.

Re: USAA chances?

Leadberry — Wed, 06 Mar 2013 22:58:44 GMT

@wonderandawe wrote:
@2FixMyCredit wrote:
I'm sure many many people think secured cards are great but I am not going to give a bank my money, pay interest ony my money to build my credit.

I thought the same thing about four years ago. I got some secure card apps in the mail and said "What a racket!" and added my self to the opt-out list.

However, it is very difficult to get credit of any kind with out secure cards, if you have a poor history. I assumed it was my income holding me back. Nope it was like lack of revolving credit.

No one thinks that secure cards are great. I see them as a burnt offering to the banking gods to allow me to get a car/home loan in the future. Because that is what you are doing; burning money.

It seems like you managed to get some non secure cards. I'd stick with those for 6 months to a year and then try applying again.

US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.

Re: USAA chances?

p- — Wed, 06 Mar 2013 23:04:37 GMT

Leadberry wrote: US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.

Nice. If you do end up doing that, make sure you ask what their policy is on raising the limit. I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.

Re: USAA chances?

Leadberry — Wed, 06 Mar 2013 23:20:26 GMT

@p- wrote:
Leadberry wrote: US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.
Nice. If you do end up doing that, make sure you ask what their policy is on raising the limit. I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.

Hrm? I have no need for any secured cards; was just tossing it out there for those who may be interested.

Re: USAA chances?

p- — Wed, 06 Mar 2013 23:24:59 GMT

@Leadberry wrote:
@p- wrote:
Leadberry wrote: US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.
Nice. If you do end up doing that, make sure you ask what their policy is on raising the limit. I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.
Hrm? I have no need for any secured cards; was just tossing it out there for those who may be interested.

Not you, the OP...

Re: USAA chances?

Leadberry — Wed, 06 Mar 2013 23:25:26 GMT

@p- wrote:
@Leadberry wrote:
@p- wrote:
Leadberry wrote: US Bank offers a secured card that has no AF and whose associated savings account earns a little interest--no money burned.
Nice. If you do end up doing that, make sure you ask what their policy is on raising the limit. I know with the WF card, I was allowed to start at 250 and keep adding to the limit whenever I had spare cash.
Hrm? I have no need for any secured cards; was just tossing it out there for those who may be interested.
Not you, the OP...

Haha oh! Sorry!

Re: USAA chances?

DaveSignal — Wed, 06 Mar 2013 23:32:04 GMT

Most secured cards do not cost any money. You just need to put some money into a savings account or CD to use as collateral. Often, these accounts earn interest. The banks don't charge interest if you pay your full balance each month. And the bank doesn't keep your money, they give it back to you when you no longer need the secured account. With a very low credit score, this is a fantastic option.