In the last year, I've really been working hard to get my scores up after school nearly bankrupted me. In October, I got a BoA card with a $500 limit (~23%) thinking that with regular credit line increases (as advertised), I could really get back in good shape. Well, when I applied, it turns out that my "emerging credit" never secured card was not eligible for credit line increases. I recently decided to apply for another, larger card. No late payments in two years, though some (resolved) baddies from 2004 and 2005 still hanging out and two unresolved collection accounts from 2006. My latest credit scores were 680 and 697 this month, so I'm 100+ points better than I was this time last year.
So I was feeling good when I applied for a specialty card at BoA, not as great when I apped for another platinum at BoA, terrible by the time I got to Citibank. Dinged everywhere! I felt like my scores were good enough, and that I was far enough away from the dark days of 2005.
Anyway, I've been a member of USAA since 1995, mainly for car insurance. I switched my checking there earlier this year (Feb-March), and am happy to report that they just granted me a $5k platinum mastercard. As of last night I was afraid I was another 6-9 months away from even a $1k credit limit, so I'm just totally thrilled!
I was putting off applying there because some of the strings have said that they are more stringent, and that FICO doesn't look as fondly at USAA as the big banks, but as others have said, I think the big credit line more than makes up for that by bringing my util so far down. So excited!
USAA puts a lot of weight on the length of time that you've been with them, and the number of their products that you have, so whether you realized it or not, you were setting up your future with them.
Great website, too.
I think that a lot of times, the major banks are a bit chicken about taking a chance on someone like you, and it takes a CU or an outfit like USAA to see your worth. Strange, though, that BofA wouldn't give you a chance.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
This is one reason I recommend parents get a savings account for their kids when they turn 15 or 16. This way, the kid can build reputation at the bank in preparation for when they tuirn 18 and become eligible for a credit card.
- - - - in a credit-scoring postnuclear Stone Age...
I applied for an American Express (Blue or some such) (at American Express) on Monday night, and was too despondent to try for the USAA Amex right off the bat. Apparently, also too despondent to include it in my original post. I think I'll wait and build some with the MC before trying for the USAA Amex. Really, I think I want the Amex with Amex because at my next job (probably sometime late 2009), I'll probably have to have a corporate account with them and I really want to be in good shape by that time. I have an old inactive (an aged out baddie) with them still showing as paid as agreed, so I might try to eventually "oasis" in (if it still exists or applies to me).
For the time being, I think I'll bask with the MC, and then see where I am in six months. USAA Amex is definitely on my list of things to consider. I may have to do a car loan in the mean time, so I'm trying not to do too many moves.
USAA is great. I've had their car insurance for years now, but just got their MC seven months ago along with some of their other products. The CL on my MC was $8500 initially. I called them about a week ago about a CLI and they increased me to 25K. They'll definitely grow with you.