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US Bank 3/12 rule ?!

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New Contributor

US Bank 3/12 rule ?!

Hello

 

I recently applied for US Bank cash+ and got denied.

 

I have very short credit history <1 year. So whenever I got denied by other banks the reason was the same (Not enough established credit history).

 

However with US Bank the rejection reason was interesting (Too many recent new accounts).

 

When I checked with underwriting they confirmed the reason and told me they usually don't like to see more than 3 new accounts in the current calender year and that includes all kinds of accounts (credit cards - retail - loans).

 

So what kind of experience do you guys have with this and what do you think about that ?


FICO: EX 698, TU 720, EQ 729. Total CL $17,250. Gardening till Nov 2019.
5 REPLIES
Valued Contributor

Re: US Bank 3/12 rule ?!

It's a BS answer that still abides federal laws on AA notification.

 

A bank may deny you for many reasons, but by law they have to give you reasons you were denied -- even if those reasons aren't 100% accurate.  FICO sells "reason codes" to banks to help them abide the regulations out there, but those reason codes may have nothing to do with reality.

 

Don't expect the CSR to tell you, either.  Call underwriting, if they talk to consumers -- try to speak with a senior underwriter if one is available.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Established Contributor

Re: US Bank 3/12 rule ?!


ABCD2199 wrote:

It's a BS answer that still abides federal laws on AA notification.

 

A bank may deny you for many reasons, but by law they have to give you reasons you were denied -- even if those reasons aren't 100% accurate.  FICO sells "reason codes" to banks to help them abide the regulations out there, but those reason codes may have nothing to do with reality.

 

Don't expect the CSR to tell you, either.  Call underwriting, if they talk to consumers -- try to speak with a senior underwriter if one is available.



☝️Agreed. BS

Worlds second worst gardener.
Super Contributor

Re: US Bank 3/12 rule ?!

Yep. Horsehockey.

 

I remember when i first tried for the Cash+ when it was new and they said over the phone on several occasions (i kept calling to be sure) i was indeed approved for Cash+.

 

In the mail was the 1% cash card. They will tell you a load of malarky a lot of times.

 

If truth be told IMO the customer service is very mediocre.

 

Take that anyway you like but i had a couple of their cards for 5 years (via PC) and most the time it was always a song and dance to get anything that lined up in unison after discussion with different folks.

 

Not their fault. Like anyone else, they just want to get through the day right?

Valued Contributor

Re: US Bank 3/12 rule ?!

They also are rated and get bonuses based on how fast they can turn over a call.
FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Valued Contributor

Re: US Bank 3/12 rule ?!

A lot of BS I was declined recently by them an one of the reasons was too many consumer finance accounts and too high UT.  I have no consumer finance accounts and my UT is below 5%. 


AX BCP 15k, (AU on ED 7k,) BC Ring 11.5K, BC Arrival+ 9.5k, BC AA Aviator 4K, AKUSA FCU -10k , Comenity Blue Nile 11k, Discover (2) 11k , Kohls-4k, CHASE Amazon Prime VS 500, BofA AK Air Siggy 9.8k, BofA Secured $500, Synchrony Cathay Pacific Visa 9k, Synchrony E-bates Visa $2.4k, PFCU Plat Rewards Siggy 18k, PFCU Power Cash Rewards 21.5 k, NFCU Go Rewards 24k , NFCU Flagship 31.5k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $3250, Target 1k, BLIS PAY 5k, Pay Pal 1k, CO Venture 23k, 259k total available credit. Utiliz-2%, Current FICO EQ-707, EX 702,TU 715 Chapt 7 BK D/C 11-2012. Starting scores 520-550