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I have been a USAA member for a long, long time and three weeks ago logged on to their website to check on getting new auto insurance. I noticed a tab called "My Offers" or something like that and clicked on it. There were a few offers for a pre-approved personal loan, auto loan, HELOC and a USAA AmEx card. I thought this was strange considering the current economic conditions and had no intention of applying for more credit that I really don't need, but then I thought it would be nice to have a bank-issued AmEx instead of dealing with AmEx itself ... so ...
I applied. Instant approval for $25k. I still can't believe it.
They pulled EQ where my FICO is about 725 and 2 inquiries over the past two years -- which I don't think is really that great. Also, I think I have what they call a "thin file" since I only have three trade lines and each is only slightly less than 2 years old. Since being stationed overseas for such a very long time, I hardly ever used any US credit and relied on my overseas bank issued credit cards.
By the way, are there any advantages / disadvantages to having a bank issued AmEx over one issued directly by American Express?
Congrats !!!
There are no disadvantages to having a co-branded Amex. Especially one from USAA.
The advantages are that you don't have to put up with the real Amex companies bull. You can link that card to your USAA checking account as an overdraft also. So I guess you have a 25k overdraft protectionif you want.
Got my USAA MC the same way. Clicked on offers and it was there for 15k. Nothing about an AMEX. Pulled the trigger for the MC , was instantly approved, applied for the AMEX five minutes later and was also instantly approved for 15k.
Since then have combined the cards into one for a 29.5k limit, you can transfer CL's between cards but must leave 500 bucks on one or 500 less if you combine.
Anyway, congrats again.
Given all the hassles that people are having with AmEx, I thought a bank issued AmEx would be a bit more stable.
Still, I am very surprised that USAA isn't acting like all the other banks and being really paranoid in extending credit.
Oh, and their rates and card agreement terms and conditions are far, far better than with Chase.
I've been a USAA member for 35 years, but never banked with them instead of just using them for auto insurance. Now I'm thinking of opening a checking account with them, too.
I did call their CSR and it seems that the card has the full AmEx consumer protection package. I also noted that during the call that their CSR staff is very professional and, surprise, just really nice people. They didn't try to sell me anything either. I'm starting to think that I have been missing out on a real gem of a banking partner for a long, long time.
By the way, I noticed the hit on my EQ credit report immediately after approval. How long will it usually take for USAA to start reporting the trade line, too?
Congrats....
Underh20 wrote:
I've been a USAA member for 35 years, but never banked with them instead of just using them for auto insurance. Now I'm thinking of opening a checking account with them, too.
I did call their CSR and it seems that the card has the full AmEx consumer protection package. I also noted that during the call that their CSR staff is very professional and, surprise, just really nice people. They didn't try to sell me anything either. I'm starting to think that I have been missing out on a real gem of a banking partner for a long, long time.
By the way, I noticed the hit on my EQ credit report immediately after approval. How long will it usually take for USAA to start reporting the trade line, too?
Deposit at home requites Military membership (and their families) and asome sort of LOC
USAA is a conservative institution for loans, they started as being for officers only and although they let the enlisted in their ranks- a lot of their lending standards are still pegged to officer pay grade levels.
The "rebate" you get annually is a factor of overall how many products you use and your overall length of holding insurance product with them.
When pricing insurance with them if you are "only" looking at insurance be aware you get some discounts do to having other USAA products.
USAA haas changed their membership guidelines repeatedly over the last few years, people with military service who may have not been eligible even last year may be eligible now.
funny, I looked under the "my offers" button and found an offer for a HELOC.
except, I don't own a home.