topic Re: USBank credit card question in Credit Cards

USBank credit card question

tennisfan78 — Sun, 15 Apr 2012 21:39:36 GMT

i started with a secured credit card with us bank and after one year, it has graduated to unsecured card with a credit limit of $1000. I have had this card for more than 6 months and i am considering to request a credit limit increase. I heard that US Bank is very conservative and looks like any credit limit request will result in a hard inquiry.

Any one willing to share their personal experiences with their credit card?

Thanks

Re: USBank credit card question

Creditaddict — Sun, 15 Apr 2012 23:39:52 GMT

It will be a HP but I would go for it!

What other cards and limits do you have?

I think the conservative comment is over used with USBank... Once you are in, I don't find them that conservative in the past at least. CS has kind of really faded in the last year.

Re: USBank credit card question

Gypsy82 — Mon, 16 Apr 2012 00:16:45 GMT

Did you get the US Bank Platinum Visa? If so, yes do request it. It will be a hard pull on TU, but like the poster above said, I don't agree that they are a conservative lender. Especially if you also bank with them. Having a checking and savings, or other products with them goes a long way.

What other cards and limits do you have? What are you going to ask for?

I also graduated from the secured card to the unsecured. For me it was the US Bank Platinum Visa. I recently increased my limit on the card, after reconning. If by chance, you are denied, for sure recon. I had great success with this. During a recon, mentioning banking with them goes a long way.

Also, another tip. The gentleman I spoke to, when I reconned my CLI, told me that after a year to a year and a half I should apply for the Flex Perks Rewards Visa.

Good luck and let us know how it goes!

Re: USBank credit card question

Gypsy82 — Mon, 16 Apr 2012 00:21:35 GMT

Also, another tip. The gentleman I spoke to, when I reconned my CLI, told me that after a year to a year and a half I should apply for the Flex Perks Rewards Visa.

Sorry, meant to say upgrade (product change) NOT apply for.

Re: USBank credit card question

tennisfan78 — Tue, 17 Apr 2012 04:10:56 GMT

Creditaddict wrote:
It will be a HP but I would go for it!
What other cards and limits do you have?
I think the conservative comment is over used with USBank... Once you are in, I don't find them that conservative in the past at least. CS has kind of really faded in the last year.

I only have 2 other cards. Capital one ( $750) and Bank of America ($500)

My credit limit on the US Bank is currently $1000. I am thinking of requesting to raise it to $2000, do you guys think it is too much?

Re: USBank credit card question

tennisfan78 — Tue, 17 Apr 2012 04:14:13 GMT

Gypsy82 wrote:
Did you get the US Bank Platinum Visa? If so, yes do request it. It will be a hard pull on TU, but like the poster above said, I don't agree that they are a conservative lender. Especially if you also bank with them. Having a checking and savings, or other products with them goes a long way.

What other cards and limits do you have? What are you going to ask for?

I also graduated from the secured card to the unsecured. For me it was the US Bank Platinum Visa. I recently increased my limit on the card, after reconning. If by chance, you are denied, for sure recon. I had great success with this. During a recon, mentioning banking with them goes a long way.

Also, another tip. The gentleman I spoke to, when I reconned my CLI, told me that after a year to a year and a half I should apply for the Flex Perks Rewards Visa.

Good luck and let us know how it goes!

I have Capital One - $750 and Bank of America - $500.

Mine was US Bank Platinum Visa as well (current credit limit $1000). I never asked for a credit limit increase before. How much CLI did you get if I may ask.

And thanks for the tip, I also do bank with them, so that definitely helps.

Re: USBank credit card question

Gypsy82 — Tue, 17 Apr 2012 05:16:49 GMT

tennisfan78 wrote:

I have Capital One - $750 and Bank of America - $500.

Mine was US Bank Platinum Visa as well (current credit limit $1000). I never asked for a credit limit increase before. How much CLI did you get if I may ask.
And thanks for the tip, I also do bank with them, so that definitely helps.

I recently was raised from $300 to $1,000 and even though I reconned I am regretting not sticking to my guns and asking for my original amount of $1500. Depends on income and living expenses etc. However, I had 2+years with their card and as with all things on YMMV.

I hate to give you a number and you not get it. What I can do is tell you what I intend to ask for in 6 months. In 6 months I am first requesting a CLI of $2500 and then asking if I qualify for an upgrade to one of their Flex Perks Card,

Just remember, if you do get declined for your CLI, as I was, recon it! Call the number listed on the letter and ask for a "manual review". They will ask you gross income, monthly housing expense, rent or own. Good luck buddy and let me know how it goes! I am pulling for ya!

Re: USBank credit card question

Freefall — Tue, 17 Apr 2012 11:08:22 GMT

Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's :(

Re: USBank credit card question

tennisfan78 — Wed, 18 Apr 2012 01:26:07 GMT

Gypsy82 wrote:
tennisfan78 wrote:

I have Capital One - $750 and Bank of America - $500.

Mine was US Bank Platinum Visa as well (current credit limit $1000). I never asked for a credit limit increase before. How much CLI did you get if I may ask.
And thanks for the tip, I also do bank with them, so that definitely helps.

I recently was raised from $300 to $1,000 and even though I reconned I am regretting not sticking to my guns and asking for my original amount of $1500. Depends on income and living expenses etc. However, I had 2+years with their card and as with all things on YMMV.

I hate to give you a number and you not get it. What I can do is tell you what I intend to ask for in 6 months. In 6 months I am first requesting a CLI of $2500 and then asking if I qualify for an upgrade to one of their Flex Perks Card,

Just remember, if you do get declined for your CLI, as I was, recon it! Call the number listed on the letter and ask for a "manual review". They will ask you gross income, monthly housing expense, rent or own. Good luck buddy and let me know how it goes! I am pulling for ya!

Thanks buddy. I will let you know how it goes!

Re: USBank credit card question

tennisfan78 — Wed, 18 Apr 2012 01:27:37 GMT

Freefall wrote:
Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's :(

Did you request to graduate it to unsecured? I am not sure what kind of credit score they need for graduation.

Re: USBank credit card question

Gypsy82 — Wed, 18 Apr 2012 02:15:02 GMT

Freefall wrote:
Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's :(

Freefall: Funny you mentuon that. That is one of my only complaints against their secured card, I was told by my banker that it would not report as secured and yet it did. I don't think it mattes whether it reports secured or unsecured, however someone far wiser will surely weigh in on this. In fact, my banker had very little accurate information about the secured card...however their knowledge and understanding of literally every other banking product I have used with US Bank has been outstanding. If they charge you that Af for year two call for a graduation to an unsecured card. I switched at two years only to find out I could have switched at 1 year. Good luck!

Re: USBank credit card question

haulingthescoreup — Wed, 18 Apr 2012 03:05:18 GMT

Gypsy82 wrote:
Freefall wrote:
Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's :(
Freefall: Funny you mentuon that. That is one of my only complaints against their secured card, I was told by my banker that it would not report as secured and yet it did. I don't think it mattes whether it reports secured or unsecured, however someone far wiser will surely weigh in on this. In fact, my banker had very little accurate information about the secured card...however their knowledge and understanding of literally every other banking product I have used with US Bank has been outstanding. If they charge you that Af for year two call for a graduation to an unsecured card. I switched at two years only to find out I could have switched at 1 year. Good luck!

Not wiser, but a lot creakier and greyer. :)

Secured vs non-secured has no effect on your scores.

Many people worry that other lenders will get all sniffy when they see "secured" on your reports.

My own feeling is that hey, we all have to start/ re-start somewhere, and lenders are certainly familiar with all the things that consumers have gone through over the last 3-4 years. I've never seen convincing evidence that a lender has gotten sniffy about the presence of a secured account. (It does seem that if all you have are a bunch of $300-$500 cards, they're often reluctant to be the first to take you up to $1K.)

If a secured card will help you establish/ re-establish your credit by providing month after month of clean credit history, then I think they're worth it. I don't see much point in being defensive about the presence of a secured card on your reports. From what I've read here on the forums, lenders have seen far, far worse. ;)

Re: USBank credit card question

Gypsy82 — Wed, 18 Apr 2012 03:21:59 GMT

haulingthescoreup wrote:
Gypsy82 wrote:
Freefall wrote:
Cant add too much to the OP question except Ive had their secured product for 2 years now and have been VERY happy with their product and service. I just wish it didnt report "Secured" on the CR's :(
Freefall: Funny you mentuon that. That is one of my only complaints against their secured card, I was told by my banker that it would not report as secured and yet it did. I don't think it mattes whether it reports secured or unsecured, however someone far wiser will surely weigh in on this. In fact, my banker had very little accurate information about the secured card...however their knowledge and understanding of literally every other banking product I have used with US Bank has been outstanding. If they charge you that Af for year two call for a graduation to an unsecured card. I switched at two years only to find out I could have switched at 1 year. Good luck!
Not wiser, but a lot creakier and greyer. :)

Secured vs non-secured has no effect on your scores.

Many people worry that other lenders will get all sniffy when they see "secured" on your reports.

My own feeling is that hey, we all have to start/ re-start somewhere, and lenders are certainly familiar with all the things that consumers have gone through over the last 3-4 years. I've never seen convincing evidence that a lender has gotten sniffy about the presence of a secured account. (It does seem that if all you have are a bunch of $300-$500 cards, they're often reluctant to be the first to take you up to $1K.)

If a secured card will help you establish/ re-establish your credit by providing month after month of clean credit history, then I think they're worth it. I don't see much point in being defensive about the presence of a secured card on your reports. From what I've read here on the forums, lenders have seen far, far worse. ;)

+1 :smileyvery-happy:

Very wise words.