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Are USAA loans impossible to get?


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The title basically sums it up. I've been a USAA customer for going on 6 years now, recent paid off a $25,000 loan during which I never missed a payment, have a good job on active-duty (resident physician), and a 700+ FICO. USAA would not approve for an auto loan and we ended up having to go to a local bank to get one. USAA then decline a small debt consolidation loan to get rid of some credit card debt I had from medical school.

 

Are others with good credit/jobs having difficulty getting approvals from USAA? I really don't want to have to open an account at PedFed or NFCU just to get a small loan.

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I have their insurance, and love it, but JMO, they are flaky about credit. It doesn't hurt to keep things separate - have some accounts in different places, so if something goes wrong it won't all be tied up at once.

 

Is this new for them? They suggested getting a specific, "debt consolidation loan" that directly pays off the debt over a personal loan, and said they no longer offer this because of, "legal issues". I cannot find anyone who specifically does such a loan.

 

It's silly that they were willing to extend way more credit when I was a brand-new member in medical school with a paltry income compared to now.

 

Edit: Just found that PenFed offers a bill consolidation loan. They also have a branch in the hospital I work. I guess if I get approved, I will be moving my account.

Edited by HooahDOC
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  • 2 months later...

Strange.

 

I'm a vet and have been with USAA for a number of years now. I was just able to recently get a mortgage through them and a CC with a 4k limit, which honestly surprised me considering my score is mid-high 600's.

 

Yet I can't get anything with NFCU. :/

 

Goes to show you that its just what ever the roll of the dice is at that moment.

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  • 10 months later...

Strange.

 

I'm a vet and have been with USAA for a number of years now. I was just able to recently get a mortgage through them and a CC with a 4k limit, which honestly surprised me considering my score is mid-high 600's.

 

Yet I can't get anything with NFCU. :/

 

Goes to show you that its just what ever the roll of the dice is at that moment.

 

Agreed, USAA has showed me love with a new CC with 2k limit and refinance my auto dropping me about 10% interest.

 

NFCU declines everything I ask for.

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How much student loan debt do you have? I've never had an issue with usaa giving me an auto loan, but my CR has very little debt besides my mortgage. Are you also reporting your promotions and income to all USAA agencies? Just because you tell the bank or even the customer service center your now XX rank and you make YY money doesn't mean they tell the credit dept. they make think your a 2LT when your really a CPT.

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  • 4 weeks later...

I'm not sure how either NFCU or USAA operate. Navy seems to throw money at everybody. USAA seems tight fisted.

 

I know from personal experience USAA values length and depth of membership. They also subscribe to the RHIP principal. If you also have a good Equifax and above average FICO they will pre-approve you for everything.

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  • 6 months later...
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  • 7 months later...

I agree that they can be flaky, pre approved for a mortgage then flaked, worked out in my favor with a slightly better APR elsewhere. On the other hand started me off with 20k limit on USAA Amex. I have checking/savings/cc/insurance with them and have been pleased but after the mortgage annoyance I would seek out NFCU before USAA for loan products, fool me once theory.

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I agree that they can be flaky, pre approved for a mortgage then flaked, worked out in my favor with a slightly better APR elsewhere. On the other hand started me off with 20k limit on USAA Amex. I have checking/savings/cc/insurance with them and have been pleased but after the mortgage annoyance I would seek out NFCU before USAA for loan products, fool me once theory.

I'd think twice about Navy for a mortgage, too.

 

Both USAA and Navy outsource their mortgage business. If any of their own employees are involved at all, they are simply middlemen for the entity that actually ends up owning the loan. While most mortgage apps with USAA and Navy go well, those that do have issues end up generally totally FUBAR.

 

With both USAA and Navy their initial mortgage pre-approvals are useless. They also both have difficulties when working within time constraints.

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  • 2 weeks later...

Interesting... A few years back, I applied for a loan of $34k on a $54k truck ($8k down, 12k discounted end of year model). Denied. Went to credit union, had check ready when I took delivery.

Moved back to the USA, bought a house. USAA declined pre-approval of mortgage. Wells Fargo pre-approved for $169K. I ended up pulling a rope-a-dope and used a local mortgage company who financed our $128K house for 0.25% less... and always sold all their paper to Wells Fargo within 60 days of inception (yup, my mortgage is with Wells Fargo now).

USAA card? *Had* a $3k limit. When the card was expiring they sent a cancellation notice instead of a new card. I responded by paying off the balance immediately. Don't want to extend me credit, you don't get my interest money.

Been a member for 14 years, insurance for 9. Why they pull crap like this is beyond me, I have now moved my primary banking to an actual bank (Chase) that is willing to do business. If I were in El Paso (my current residence), I would be using the local Credit Union as my primary; for now it is a secondary account.

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Interesting... A few years back, I applied for a loan of $34k on a $54k truck ($8k down, 12k discounted end of year model). Denied. Went to credit union, had check ready when I took delivery.

Moved back to the USA, bought a house. USAA declined pre-approval of mortgage. Wells Fargo pre-approved for $169K. I ended up pulling a rope-a-dope and used a local mortgage company who financed our $128K house for 0.25% less... and always sold all their paper to Wells Fargo within 60 days of inception (yup, my mortgage is with Wells Fargo now).

USAA card? *Had* a $3k limit. When the card was expiring they sent a cancellation notice instead of a new card. I responded by paying off the balance immediately. Don't want to extend me credit, you don't get my interest money.

Been a member for 14 years, insurance for 9. Why they pull crap like this is beyond me, I have now moved my primary banking to an actual bank (Chase) that is willing to do business. If I were in El Paso (my current residence), I would be using the local Credit Union as my primary; for now it is a secondary account.

Just out of curiosity, what reason did they give you for not wanting to renew your credit card?

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  • 3 months later...

Just was approved for a USAA credit card $7000 limit and a $10,000 personal loan (asked for $10,000)

My score experian 739-transunion 688-equifax 667

Bankruptcy on my report 7 years 1 month old.

 

How long have you been a member with USAA?

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  • 1 month later...

USAA jumped head over heels to get an auto loan through them when I was an E-3 (They wanted me to put up $5000 upfront for a $7000 car, but I digress) but won't even speak to me about any other types of loans. Maybe it is a rank thing and the stereotype of being young and "irresponsible. With NFCU, I took out a secured loan, put up $9000 as collateral and paid it off in 3 months. SInce then, that bank ALWAYS has my back now and goes out of their way to help me out.

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