What Role Does "Good Credit" Play in Getting Loan Approval

What does it take to get a loan approval through USAA?  Obviously, good credit doesn't matter.  Here is the scenario;

Perfect credit until injured while on deployment spent 3 months in the hospital and 3 years of rehab and surgeries with doctors trying to put me back together again.  Summed up to medical discharge from the Navy.  During the hospitalizations, surgeries, pain management, and rehab, not much was getting done with bills, creditors, etc.  After being categorized as 100 percent disabled, I started trying to rebuild my life and my credit.  Since 2015 I have been diligent in paying all bills on time with no late payments, delinqencies, etc.  At last check my credit score was 695 (Experian).  Today I was turned down for an auto refinance loan with USAA?  The underwriters could see that the refinance vehicle (in question) never had a late payment, nor did any of my other auto loans.  I was told that I could not speak to an underwriter for any reason.  What is the purpose of busting your *ss to recover if you efforts are fruitless?  Thanks USAA you really know how to "support" the military!

4 REPLIES

@CeGe First and foremost, thank you for your service to our country. I'm very sorry that our underwriters are not available to speak to in order to discuss your loan request, and I'm also very sorry to your loan request was not approved. You should have received a letter in the mail within 5-7 business days after applying. For faster access, we have also placed a copy of the loan decision letter to your documents online. Please know, we only use one credit reporting agency, which is Experian. When an application is submitted, USAA will consider your overall credit profile. While USAA does take your relationship into consideration, here are some major factors USAA considers from your overall credit profile that may affect your ability to obtain a loan such as; payment history, number of inquiries, revolving utilization, various types of trade lines, recent account openings, collections/tax liens, closed accounts, insufficient/limited credit history, and your overall credit score. My best recommendation is to contact Experian to review your credit, and check for any inaccuracies. Should you have any other questions, you may reach us at 1-800-531-8722 or 210-531-8722 or #8722 from a mobile device. Our normal business hours are Monday-Friday 6 a.m. to 10 p.m. CT, Saturday 8 a.m. to 8 p.m. CT, Sunday 8 a.m. to 6 p.m. CT. 

I think the response confirms the writer's point. USAA used to be an outstanding company who cared about its customers and would work with their concerns. Now it has reduced the customer to a number created by an outside organization, and refuses to even listen to the customer, even if the situation is service related. While the writer, if taken at face value (which I do), indicates that he/she has never made a late auto payment, why should that not matter to USAA. Or at least, why wouldn't USAA be willing to listen to the writer, rather then giving some stock answer to go to Experian. We (our underwriters) can't listen to you, even though you make perfect sense is, in essence, USAA's response. I have been a member for 30 years, and I remember a much better USAA. I have heard there are much better rates for insurance, mortgages and auto loans available, but have never looked, because USAA has always been my company. Sadly, I'm going to begin comparison shopping now. Thank you for you service.

USAA SocialService:

You state several lies that I would like to address:

1.  When my Auto Loan was denied (My Experian Score is 800), your Underwriters used Equifax to deny my credit.  please reference my post (Disappointing Ethos and Culture).  You are either lying about using Experian, or you simply do not know the company and their procedures.  I am not sure which is worse.

 

2.  I'm sure CEGe, got the same BS auto generated document from General Manager Thomas Ciannelli stating "We reviewed your application and after careful evaluation....etc. etc. etc". USAA didn't carefully evaluate anything....another lie.  They simply looked at an EQUIFAX report and denied credit.

 

3.  Sorry you have to go through this CEGe.  They don't have your back.

@Semper Fidelis 68, Thanks for your input. I've forwarded your comments to our loan department for further review.- Ben