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Ok I applied for the Altitude card about 2 or 3 weeks ago and it went to manual review. About 4 or 5 days later they said it was declined because of inquiries. They said I would get a letter in 7 to 10 days. The letter I recieved said that they need to verify some information. This is more than likely because I have a fraud alet. I called and the lady just wanted to verify that is was me and asked about the inquiries. She said it sounded good to her and said she would send it to the credit department for a final review. My Transunion score was in the 720s I believe, with no baddies and about 7 inquiries. I have a USAA secured card that is 9 months old ($250.00), Amex BCE 7 months (15k), Capital One Venture One 4 months old (2.2 k), Chase Ritz 5 months old (10k), BOA Cash 4 months (3k) and Chase Hyatt 1 Month (5k). I also have student loans which are deferred. 6 figure income and I own my home no mortgage. The lady told me I should hear something in the mail in 3 days. I had to ask twice to make sure I heard it right and she said 3 days so I guess I will know in 3 days. Fingers crossed
@tbea1004 wrote:Yesterday I applied for the Altitude card and I was denied instantly but there was no HP. I called the number and the Rep appologized and said there was a system eror. Since I have a business account the system did not recognize me. The Rep said she would send it back thru for manual review and it probably would take two or three days. This morning I got an alert showing that they pulled TU. Only baddie I have on TU is a late payment from almost 5 years ago. In the last six months I have the Ritz card 10K, Venture One 2.2K, BOA 3k, and Amex BCE 15K. I have a USAA secured card but thats about 10 months old. I have student loans wich are deffered at the moment, 6 figure income and I own my home with no mortgage. I also have a fraud alet on my report with 4 inquiries. Credit Karma TU score 718. Does it sound like I may have a chance?
US Bank, considers themselvfes a "Judgemental Lender" a term to discribe manual reviews, so they do not soley base it on FICO scores. They are going to look into utilization, debt to income ratio, amount of new credit in a certain timeframe. They fact that you opened a lot accounts within the last six months could be a factor but that can be offset with a banking relationship. Its a "reconable".
What does US Bank look for as far as new accounts and inquiries?
They are very tight about inquiries and new accounts unless you have some CC products or other loans with them in the past then they are a bit more relaxed. They certainly are a very conservative bank, possibly too conservative. Got the Cash+ recently, but declined CLI recon due to to many new accounts with a TU score of 739 and high income and extremely low utilization. Recently closed out my Fidelity UW by them that had a 6500 CL as well due to the 50 dollar redemption thresh hold