topic Re: Question about USAA and PenFed in Credit Cards

Question about USAA and PenFed

1GaDawg85 — Wed, 13 Aug 2014 14:04:09 GMT

I have tried like hell to get USAA to approve me for a WWP card but hasn't been successful yet but would like to hear from those that carry USAA cards, what should I do to better allow an approval? Particular credit scores? Bankruptcy?

Also, so, what about PenFed? Any guidance would be appreciated!

Re: Question about USAA and PenFed

Anonymous — Wed, 13 Aug 2014 14:12:12 GMT

I have auto insurance with USAA, they sent me a pre-approval for the World MasterCard. They also recently sent me a pre-approval for the Cash Rewards Platinum Visa Card, but unfortunately I don't feel I'm in a good position to accept it right now - gardening and all

Re: Question about USAA and PenFed

p- — Wed, 13 Aug 2014 15:12:41 GMT

@1GaDawg85 wrote:
I have tried like hell to get USAA to approve me for a WWP card but hasn't been successful yet but would like to hear from those that carry USAA cards, what should I do to better allow an approval? Particular credit scores? Bankruptcy?

Also, so, what about PenFed? Any guidance would be appreciated!

I have heard from several people that a USAA pre-approval virtually guarantees you'll get a card. I applied and was declined, but later when my scores improved a pre-approval popped up in the "offers" tab on the USAA website. At that time my fako scores were: EXP - 700 EQU - 678 TRANS - 686. I put the details in my log on page 15. They were the first to give me a real credit line, at 3k, when all I had prior was a secured card and a 3-figure Orchard Subprime Card. Within a month I got offers from Cap1, Chase, and Amex, and added two more cards with similar limits. I'd say keep working on your report, and watch the offers tab.

From what I hear, Penfed is extremely conservative. When I applied for membership, all of the cards I mentioned above were over a year old. A recon rep at Chase taught me how nervous new credit makes underwriters, so I got a bit conservative with the apps and it paid off. They pulled EQ, and my FICO score at that point was 727. I was approved for a 1.49% car refi, and probably would have been approved for a card as well, but didn't take it as I had plenty of cards already by then. The details of my file, utilization, etc. at that time are posted here.

What are your scores and file details? Do you have a bankruptcy on your file?

Re: Question about USAA and PenFed

baller4life — Wed, 13 Aug 2014 15:56:39 GMT

They are both pretty conservative. But,what I have read about Penfed quite a bit is don't even join unless Equifax is squeaky clean because if not, they will lump you in a "bad credit" bucket that is hard to get out of even after your credit improves. USAA denied me a card last year and offered secured that I declined since I already had two. I will try again next year when Equifax is clean.

Re: Question about USAA and PenFed

p- — Wed, 13 Aug 2014 18:20:32 GMT

baller4life wrote: don't even join unless Equifax is squeaky clean...

Definitely wait to join until you are ready for one of their credit products. They hard pull for membership, but that pull can be used for apps in the next 90 days. Join when you are ready to app for a cc or car loan, and use the same hard pull for both.

It's hard to give you advice without more information about your file, though.

Re: Question about USAA and PenFed

1GaDawg85 — Wed, 13 Aug 2014 19:06:24 GMT

So to give you a quick background....i Ch 7 BK back in 2012 and currently sitting in the 630ish range depending on what I look at (CreditKarma and Barclay). I have a NFCU Cash Reward card with a 12.5k limit, Cap1 Journey with a 3k limit, and AU BoA card with 1.8k limit. Util is about 40ish% at the current time.

CK reports 638 while Barclay reports 659

Re: Question about USAA and PenFed

Anonymous — Wed, 13 Aug 2014 18:59:39 GMT

@p- wrote:
baller4life wrote: don't even join unless Equifax is squeaky clean...

Definitely wait to join until you are ready for one of their credit products. They hard pull for membership, but that pull can be used for apps in the next 90 days. Join when you are ready to app for a cc or car loan, and use the same hard pull for both.
It's hard to give you advice without more information about your file, though.

They pull just for membership? I didn't know that. Oh well.

I just recently became a member and wanted to get their Promise VISA to do a balance transfer (no BT fee and a reasonably-low 4.99% for 48 months). I didn't get extended nearly enough credit to transfer the amount I wanted to transfer, but at least I'm "in the door" with them. Their current rates on loans seems pretty competitive, so I may look to them in the future for loans.

I tried to stay in the garden, but I was really hoping to get rid of this ridiculously-high-APR card that I'm carying. Oh well, guess I'll REALLY try to garden now. I've no need for any apps in the near future. Now just to get the $1,500 spend on the Promise VISA and get the $100 statement credit.

Re: Question about USAA and PenFed

lhcole77 — Thu, 14 Aug 2014 00:40:39 GMT

USAA did not HP me when I joined.

Re: Question about USAA and PenFed

p- — Thu, 14 Aug 2014 17:25:17 GMT

@lhcole77 wrote:
USAA did not HP me when I joined.

USAA does not hard pull to join, Penfed does.

Re: Question about USAA and PenFed

1GaDawg85 — Thu, 14 Aug 2014 17:31:30 GMT

Seems that both of these banks are conservitive when it comes to lending

Re: Question about USAA and PenFed

Anonymous — Thu, 14 Aug 2014 17:34:11 GMT

@1GaDawg85 wrote:
Seems that both of these banks are conservitive when it comes to lending

People say that, and at the same time, I see that peole get approved for ridiculously-high CL's.

Re: Question about USAA and PenFed

1GaDawg85 — Thu, 14 Aug 2014 17:40:23 GMT

I see the high CL's and I feel like they are just ignoring those of us with BK's still on the record

Re: Question about USAA and PenFed

lhcole77 — Thu, 14 Aug 2014 17:46:40 GMT

@p- wrote:
@lhcole77 wrote:
USAA did not HP me when I joined.
USAA does not hard pull to join, Penfed does.

I must have misread previous post

Re: Question about USAA and PenFed

p- — Thu, 14 Aug 2014 17:47:30 GMT

@1GaDawg85 wrote:
I see the high CL's and I feel like they are just ignoring those of us with BK's still on the record

Probably. Don't take credit decisions personally. It just means that a high number of people with the same profile as you defaulted. It doesn't mean you will, but lenders are not in the business of taking chances.

In my experience, banks who are more selective about who they lend to are more generous with limits, basing them on a combination of income, spending, and credit. Getting "in" with these banks has its advantages.

The best example is Capital One, who is really two companies. Their sub-prime branch approves almost anyone, but many of their cards have annual fees and/or limit caps. Even when your credit improves, the cards top out. The "excellent credit" branch of the company hands out cards with five figure limits but won't touch a rebuilder. That's why many of us product change our old rebuilder cards into prime cards that can get good limits, once our file improves.

Most companies aren't both; they are one or the other. Don't be insulted by rejection; just figure out how to be more attractive to them.

Re: Question about USAA and PenFed

1GaDawg85 — Thu, 14 Aug 2014 18:29:58 GMT

Figured they would like seeing the NFCU card in 5 figures, some balance on my Cap1 card, car loan paid on time, student loan paid on time.

Re: Question about USAA and PenFed

p- — Thu, 14 Aug 2014 18:31:53 GMT

@1GaDawg85 wrote:
Figured they would like seeing the NFCU card in 5 figures, some balance on my Cap1 card, car loan paid on time, student loan paid on time.

Hard to say, don't know your file details.

Re: Question about USAA and PenFed

Anonymous — Fri, 15 Aug 2014 03:35:13 GMT

@baller4life wrote:
They are both pretty conservative. But,what I have read about Penfed quite a bit is don't even join unless Equifax is squeaky clean because if not, they will lump you in a "bad credit" bucket that is hard to get out of even after your credit improves.

I was approved for membership with Penfed and a $7500 Platinum Rewards Visa last month with a Dismissed CH13 (2008) Discharged 13 (Filed 2009 Discharged 2012), and a paid Federal Tax Lien (2009) on my Equifax Report.

Re: Question about USAA and PenFed

ecxpa — Fri, 15 Aug 2014 04:20:55 GMT

Hard to figure USAA; denied in my early rebuilding phase last year and was offered a secured card which I did not accept. Recently approved for the Amex and Visa card with 2k limits on each a few days apart. Earlier last week I received an offer for the WMC and took the bait. Got the platinum MC for 7k which is OK with me that I didn't get the WMC. . Planning to change my auto insurance from Allstate to them within the next month. I think they want to see a hx of successful handling credit card debt......this is the only thing I can figue out. They pulled Experian my FiCO is 741, have a couple of old late payments from 3 -4 years ago.

Re: Question about USAA and PenFed

takeshi74 — Fri, 15 Aug 2014 11:59:03 GMT

@1GaDawg85 wrote:
I have tried like hell to get USAA to approve me for a WWP card but hasn't been successful yet but would like to hear from those that carry USAA cards, what should I do to better allow an approval? Particular credit scores? Bankruptcy?

What were your reasons for denial? Start there just as with any creditor.

@1GaDawg85 wrote:

Also, so, what about PenFed?

If you can't get a USAA approval I'd suggest not even thinking about Penfed. FWIW, USAA approved me while I was rebuilding with a BK reporting and granted me my highest limits and lowest APR's at the time. Penfed didn't approve until my reports were clean.

Re: Question about USAA and PenFed

1GaDawg85 — Fri, 15 Aug 2014 13:40:03 GMT

They have denied me because of bankruptcy, too many derog's on my file....i filed Ch7 back in 2012 and just now starting to rebuild