Yes, USAA does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
USAA's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the credit score simulator on WalletHub.
If you're looking for a lender that does not do a hard inquiry at all, you could consider LendUp, NetCredit and Integra Credit.
USAA will consider people with bad credit (a credit score below 640) for a personal loan, according to customer service, because there is no officially specified USAA credit score requirement. You also need to be eligible for USAA membership to qualify for a USAA personal loan.
Keep in mind that USAA will look at more than just your credit score when evaluating your application for a personal loan. USAA will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you.… read full answer
It takes 2 to 4 business days to get money from a USAA personal loan, in most cases. The USAA loan timeline includes around 1 business day to get approved for a USAA loan and another 1 to 3 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From USAA as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from USAA having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Once you get approved for a USAA personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 3 business days.
Yes, a USAA personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a USAA personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a USAA Personal Loan Affects Your Credit Score
Hard pull: When you apply for a USAA personal loan, USAA will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a USAA personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a USAA personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a USAA personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a USAA personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you%d like to estimate how certain actions might affect your credit score, you can use WalletHub%s free credit score simulator.
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