topic What does FICO think of USAA? in Credit Cards

What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:11:59 GMT

I've heard a few people praise USAA... What benefits does USAA offer in comparison to a regular bank or even NFCU? And, what does FICO think about CCs through USAA?

We're thinking of diversifying our banking a bit since apparently NFCU doesn't get the respect it deserves on FICO.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:13:16 GMT

Where is HTSU when you need her expert post-

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:14:50 GMT

I think USAA is treated like other CUs by FICO. However, I think it's the best CCC out there. Best CS, great CLs, no fees on BTs or CAs, awesome APRs, and periodic special offers that are awesome (e.g. 0% BT for 12 months)! The only CC I know to give offers like that post-signing up.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:16:12 GMT

As far sas scoring NFCU and USAA are treated exactly the same-

Whille there is a chance the "major" banks hold a little more weight than CU's the points are very small-

Given the great CL's from both of these organizations- you really can't go wrong with either one.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:16:29 GMT

same as far as i have seen reported. however, if you have an in at usaa jump on it! after a period of time if you haven't obtained a product (any product) thorugh them, your ability to get in expires.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:18:16 GMT

good point dnm! time is of the essence with them and you have to lock into an insurance product (home, renters, car, life, etc.) to get the best banking and other product offers.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:23:08 GMT

I think we'll join.. as long as DH is still eligible, only eight months from retirement..

Looked over the services & accounts offered, and it looks like a great company.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:24:18 GMT

Do they do a credit inq/hard pull when you sign up?

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:29:59 GMT

@Anonymous wrote:
Do they do a credit inq/hard pull when you sign up?

Only hard inqs for new CCs. Insurance, clis, and everything else is soft. Def a good choice!

Message Edited by Pj1369 on 04-04-2008 12:29 AM

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:38:24 GMT

Great! Once their online registration stops kicking us out and not processing, we'll be good!

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 04:55:42 GMT

They did hard pulls on EX and EQ when I opened my saving's with them. Hard on EQ for car insurance too.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 05:14:27 GMT

@Anonymous wrote:
They did hard pulls on EX and EQ when I opened my saving's with them. Hard on EQ for car insurance too.

To my knowledge, they only do Hards for savings, if you don't have a CC, and want to do Deposit@home....essentially depositing checks you scan and upload from a home computer.

By chance, stef37, did you have an insurance product before or after opening up the savings product...it's weird they pulled hards...sorry to hear. I don't believe thats the norm...but who knows...

Last, year, three of my family members and I all got insurance and banking products and no hards, except for the CCs. But, maybe it's different where you live.

OP, just call up and ask to ensure/confirm no hards are pulled, if important to you. Again, good luck!

Message Edited by Pj1369 on 04-04-2008 01:14 AM

Re: What does FICO think of USAA?

haulingthescoreup — Fri, 04 Apr 2008 12:07:20 GMT

See, you guys didn't need me! Some of us toddled off to bed, here in Eastern time.

Whoever posted about the insurance, they're right: if you're still active duty, or maybe recently separated, you need to have one of their insurance products to maintain eligibility in civilian life. USAA was originally an auto insurance company, so maybe that's how they maintain their charter or something. The CSR who explained this to me said that many people do the renter's insurance, because you can get it ridiculously cheap.

Somehow it's different for dependents, or for others who get in through family. I was eligible because my dad was in the Army, and I got my first car insurance with them. But I canceled it early on (that's when it was really expensive), and had nothing with them for a good decade or more, and then started back up with a checking account, and it's grown from there.

ivy, you might want to call and work through all this with a human. Their CSR's are great! --all US-based, on duty 24/7, except for some of the more exotic stuff like investments. 1-800-862-6909 for membership

And I agree with the others about the FICO scoring and all: even though FICO foolishly doesn't give quite as many brownie points for credit unions and USAA (which is a Federal Savings Bank), the much higher CL's that you typically get do wonders for your util, which carries a lot more scoring oomph. I got some cards from national banks just to help this out, but the big CL's are on the CU cards. (Well, and BofA, because of a BT.)

edit to add: and I wouldn't worry about the inqs. Even if you do lose some points, I'll bet that it won't be more than a couple or three. I know you're hanging on to all you've got, but I would consider it an investment in future FICO scores. They have pulled EQ and EX for my family at different times for CC's and a HELOC, but I don't have any info on whether they originally did so for straight banking products.

Message Edited by haulingthescoreup on 04-04-2008 05:07 AM

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 12:35:31 GMT

Also, if it helps, I called USAA a few weeks back and spoke to someone in the cc dept. and asked him what scores USAA like to see. He hesitated, and threw in the obligatory "we have many factors" but finally came around to saying that USAA only seriously considers people who are 650 and above. At least, that's what he said for their MC, it may be higher for the Amex.

Message Edited by Lyyssa on 04-04-2008 07:35 AM

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 12:37:25 GMT

Ivy, typically you can't beat USAA's prices for auto insurance. In fact when other companies call and ask me if I want to switch as soon as I get USAA out of my mouth they say "Oh sorry we can't beat their price"

IT has been very good to us and you can do everything online. YOu might want to call or have your dh call to open an account with them.

Re: What does FICO think of USAA?

Anonymous — Fri, 04 Apr 2008 12:45:35 GMT

@Anonymous wrote:
Also, if it helps, I called USAA a few weeks back and spoke to someone in the cc dept. and asked him what scores USAA like to see. He hesitated, and threw in the obligatory "we have many factors" but finally came around to saying that USAA only seriously considers people who are 650 and above. At least, that's what he said for their MC, it may be higher for the Amex.

Message Edited by Lyyssa on 04-04-2008 07:35 AM

I think it's 720 for the Amex "normally"...unless you are a VERY long standing customer. But, I wonder...