Question about USAA and PenFed

[1GaDawg85]

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! 

[keithB]

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 

[p-]

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@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! 

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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?

[baller4life]

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.

[p-]

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

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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.

[1GaDawg85]

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

[Anonymous]

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@p- wrote:

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

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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.

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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.

[lhcole77]

USAA did not HP me when I joined.

[p-]

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@lhcole77 wrote:

USAA did not HP me when I joined.

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USAA does not hard pull to join, Penfed does.

[1GaDawg85]

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