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NFCU CLOC & USAA Rate Advantage Approval (HELP!)

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NFCU CLOC & USAA Rate Advantage Approval (HELP!)

Well, that went from good to blah!

 

I called this morning to NFCU & was approved for a $3K CLOC which is fantastic since I don't use my checking account... ever. Lol. We use our joint checking which my DH is the primary on. Still, YAY!

 

It gave me an itch, so I decided to try again with USAA. I apped online in April '19 & was counter offered for $1K which I declined. I decided this time to try for the Rate Advantage for the potential lower APR - I wanted to make my teen an AU since he's a senior & about to leave the nest & join the Navy. It would just make me feel better for him to have access to emergency funds, ya know? Cause kids are morons.. especially the ones that pee standing up. Smiley Wink Anyways, I asked a good amount of questions which included "if I am approved with a higher APR can I negotiate a reduction down the road?" CSR said No, but I decided to apply anyways feeling confident that if they give me an offer I don't like, I can just decline it like last time.

 

I was approved for $2.5K @ 25.9% APR. AHHHH!!! ABORT!  ABORT!

 

That's when it became a whiskey tango foxtrot situation. Apparently, you can't decline an offer with USAA. You're approved.. you're getting the card. But, if you want to close your account, you can be transfered to the right department who will then say "just lettting you know that we're going to report this card and closure on your credit which can negatively impact your score." Smiley Mad

 

Someone tell me it's not going to be a big deal to my report. I understand the HP will hurt a bit, but what can a same day open & closed CC do to my score?







Message 1 of 8
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Re: NFCU CLOC & USAA Rate Advantage Approval (BLAH!)


@Hut1 wrote:

Well, that went from good to blah!

 

I called this morning to NFCU & was approved for a $3K CLOC which is fantastic since I don't use my checking account... ever. Lol. We use our joint checking which my DH is the primary on. Still, YAY!

 

It gave me an itch, so I decided to try again with USAA. I apped online in April '19 & was counter offered for $1K which I declined. I decided this time to try for the Rate Advantage for the potential lower APR - I wanted to make my teen an AU since he's a senior & about to leave the nest & join the Navy. It would just make me feel better for him to have access to emergency funds, ya know? Cause kids are morons.. especially the ones that pee standing up. Smiley Wink  Hey now! Boys rule and girls drool! Anyways, I asked a good amount of questions which included "if I am approved with a higher APR can I negotiate a reduction down the road?" CSR said No, but I decided to apply anyways feeling confident that if they give me an offer I don't like, I can just decline it like last time.

 

I was approved for $2.5K @ 25.9% APR. AHHHH!!! ABORT!  ABORT!

 

That's when it became a whiskey tango foxtrot situation. Apparently, you can't decline an offer with USAA. You're approved.. you're getting the card. But, if you want to close your account, you can be transfered to the right department who will then say "just lettting you know that we're going to report this card and closure on your credit which can negatively impact your score." Smiley Mad

 

Someone tell me it's not going to be a big deal to my report. I understand the HP will hurt a bit, but what can a same day open & closed CC do to my score?


Congrats on the approvals. A lot of people would kill to be able to get into either NFCU or USAA so take those approvals as wins.

 

As far as USAA goes...they are very much a relationship bank. They like to see insurance policies, savings and checking and above all, usage. I would accept the card and use it regularly and pay it in full (that way the near 26% APR is not an issue). Then, after 6 months to a year you could mostly likely be approved for another card with them with better terms. 

 

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Re: NFCU CLOC & USAA Rate Advantage Approval (BLAH!)

Oh, Gawd! I already closed the account. Since it was a Rate Advantage (no rewards system & a high APR) I had no incentive to use it and PIF each month. I have other cards for that. The card was literally about a low APR that I could carry a balance on if needed. 

 

What do I do now????? Let it ride, or call in and app for a different card since I know I'll be approved. I have no idea where to go from here. *face palm*







Message 3 of 8
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Re: NFCU CLOC & USAA Rate Advantage Approval (BLAH!)

Well, I would say leave USAA be, at least for a time.

 

The USAA account hitting will have impact on inqs, AoYA and AAoA. This does cost points, difficult to guess how many. Shouldn't be catastrophic.

 

As far as a card that suits the purpose you are looking for, look at the NFCU Platinum, when you are eligible.

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Re: NFCU CLOC & USAA Rate Advantage Approval (HELP!)

 

"whiskey tango foxtrot"

 

Great "phonetics" ...oh and Congrats!!!

 

 

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Re: NFCU CLOC & USAA Rate Advantage Approval (BLAH!)

You'll take a small hit on credit scores, but nothing major.  Smiley Happy

 

What's done is done... give it a while (six months?) and try again if that is a card that you want.  Whatever the APR, accept the card, use it, PIF, and repeat for six months or so... then apply for another card, and you'll get better terms.

 

Generally.  Smiley Happy

 

Good luck!

04/01/20 Fico 8: EX 693, EQ 704, TU 723.
03/05/20 Fico 9: EX 672, EQ 682, TU no idea...

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Re: NFCU CLOC & USAA Rate Advantage Approval (BLAH!)


@Hut1 wrote:

Oh, Gawd! I already closed the account. Since it was a Rate Advantage (no rewards system & a high APR) I had no incentive to use it and PIF each month. I have other cards for that. The card was literally about a low APR that I could carry a balance on if needed. 

 

What do I do now????? Let it ride, or call in and app for a different card since I know I'll be approved. I have no idea where to go from here. *face palm*


No worries! As others have said, its okay to move on for now. It looks like you may be in the rebuilding process or newer to credit so in another 6 months or so you may already have the improved profile that USAA wants to see for better terms.

 

You will also find that Navy offers an even better rate on the Platinum card than USAA's Rate Advantage; so that may be something to look at. And if you go for the Navy Platinum you can go for the USAA Cashback Rewards Plus Amex instead Smiley Wink

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Super Contributor

Re: NFCU CLOC & USAA Rate Advantage Approval (BLAH!)

Additionally, this account will count towards Chase's 5/24 rule should you app for a card of theirs



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>04/2020 CCT EX 834 TU 848 EQ 844

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