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From Capital 1 to USAA!!

Established Contributor

From Capital 1 to USAA!!

I have been really talking USAA up to my boyfriend/soon to be fiance who is still working on building credit. My boyfriend is the type of person that if you give him advice, and he thinks it is sound, he will follow it to a tee. So his brother told him after high school graduation to get a credit card to build his credit. He got a Capital 1 card with a $300 limit. It was suppose to graduate to higher credit limits which it never did. Years later he is still sitting at $300. I don't understand this. He keeps his utilization <20% and PIF's every month and yet no luv.


Recently he has been accepted into a doctorate program for physics. I am proud of him. I told him he needed to call Cap1 for an increase. He balked at the idea of talking to a >gasp< customer service rep (he is extremely shy). So finally today I signed him up for USAA. He said to go ahead and apply for the cc for him.


He was approved for $4800!!! Smiley Surprised


I work in credit card services for USAA. I was convinced he would get the counter offer for secured, or at best classic card. So this was a most pleasant surprise. The bad part is his interest is at 23.9% Smiley Mad I am convinced that it is because of his limited credit history and in part because he is not P&C eligible. Buuut he ALWAYS PIFs, so in the end it should be a nonissue.


And bonus! He is needing a new checking account. Since he has the cc he is eligible for the at home deposits app. I'm so happy for him, I don't think I'm being biased when I say USAA is one of the best banks to get in with! Smiley Very Happy

Message 1 of 9
Super Contributor

Re: From Capital 1 to USAA!!

Congrats to you all.  I would sock drawer the Capital One card, but never close it, since it may be his oldest card. 

Message 2 of 9
Valued Contributor

Re: From Capital 1 to USAA!!

Does he have any baddies, late payments on his CR?

Is Capital 1 the only card he has before the USAA approval?

What is his Fico score and what CR did USAA pulled?

Congrats to him for a nice CL from USAA.



Message 3 of 9

Re: From Capital 1 to USAA!!

is he a full member at usaa ? what is scores

Message 4 of 9
Established Contributor

Re: From Capital 1 to USAA!!

To answer your questions:


He has no baddies and no collections on his credit report.


His only credit hx has been his capital one with the $300 limit and about $17000 in student loans that are currently deferred.


USAA exclusively pulls Equifax.


I can only guess at what his credit score is, which I believe to be in the mid to upper 600s. We are going to pull his scores later this summer. TBH,  the credit score is a small piece of the pie in what they look at. Honestly, they put more weight on DTI than the actual score.  In my SO's case he has always kept his utilization at less than <20%. When he was accepted into the PhD program he had a big jump in income (physics departments are obnoxiously funded, he has a full ride and they are paying him more being a GA than what I make working full time).


He is not a "full member" he is what USAA would consider a customer (he is not P&C eligible). That is in part why his APR is so high. When I think about it more he might not be eligible for at home deposits because of this, I'll have to double check with the deposits dept.


This is good, because my SO is not the type to apply for credit. This card and the Cap1 will probably be his only cards for the next 10 years, and the limit will stay where they are at. He is not the type to request CLI and $5100 in credit is enough for him to be content.


Now we are in the process of moving all his banking to USAA. Later down the road when it becomes more of an issue we'll get him P&C eligible.

Message 5 of 9
Senior Contributor

Re: From Capital 1 to USAA!!

Congrats!  Am not a USAA credit services rep but a few notes seem in order:


1.  SO is a USAA 'member', granted a limited member, not a 'customer'.


2.  Limited member here too with10% APR, the assumption that his rte is solely a mechanism of his limited membership is probably overblown, though full members generally enjoy better terms overall.


3.  Currently USAA automatically increases CL on cc with good behaviour, no requests are required.



DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 6 of 9
Established Contributor

Re: From Capital 1 to USAA!!

I am sure his high APR is due to his very limited hx as well as his member status. I have worked with USAA since December and have not heard one word about auto CLI. But then again members are usually calling me because they haven't had a cli. Smiley Very Happy

Message 7 of 9

Re: From Capital 1 to USAA!!

whats my chances to get approved for a usaa cc not a member, i have a score around 690 no balances,  equifax 1 inq

orchard 320 limit 3 years

capitol one 500 3 months

macys 3 years

Blumingdale 4 years

just opend a bofa secured with 2800$ limit deposit

Message 8 of 9
Established Member

Re: From Capital 1 to USAA!!

Ever notice the link in USAA member site? It say's:"Please stop automatic credit increases's".

I love this Bank.


Message 9 of 9