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Regular Contributor
Posts: 237
Registered: ‎06-21-2010
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Advice on US Bank Secured Card graduation request

That title sounds like a mouth full huh? Smiley Happy

 

I have had my US Bank Secured Visa card for 3 years now (the annual fee actually just got charged). 

 

I've been told that you have to request to have it graduated to an unsecured card.  I've also been told that people should have FICO scores of 680 or above.

 

My fico scores are 640 (TU) and 660 (EQ).  Should I wait until my scores are above 680 or do you think 3 years has been long enough?

 

Also, I just got a Barclay's (AMEX) last November, so maybe I should definitely wait as this becoming an unsecured card might set off their alarms.

Valued Contributor
Posts: 1,142
Registered: ‎09-01-2011
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Re: Advice on US Bank Secured Card graduation request


charyot77 wrote:

I've also been told that people should have FICO scores of 680 or above.

 



I have wondered why US Bank has not automatically unsecured their secured credit cards after a year -- so, the bank clerk told you its because you have to have a FICO® above 680.  

 

I guess that makes ALL the difference! 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Established Contributor
Posts: 643
Registered: ‎09-18-2011
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Re: Advice on US Bank Secured Card graduation request

I had US Bank secured card and it has graduated to unsecure card upon my request after one year. I believe my scores were close to 680 or slightly higher.

 

 


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Valued Member
Posts: 48
Registered: ‎08-30-2010
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Re: Advice on US Bank Secured Card graduation request

I had my US bank secured card graduated this past Feb. I called and after the request I got a letter the next day saying that my performance on the secured card combined with my credit history I was ready to be unsecured. My score was 650 equifax which they use here in MN, (softpull). I have a family member who works for them and he said the 680 and above is only for first time applicants who want either the platinum card or any of the flexperks. Secured and college cards are easier to get.


Starting Score: 520
Current Score: 665
Goal Score: 700


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Regular Contributor
Posts: 237
Registered: ‎06-21-2010
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Re: Advice on US Bank Secured Card graduation request


Moes wrote:

I had my US bank secured card graduated this past Feb. I called and after the request I got a letter the next day saying that my performance on the secured card combined with my credit history I was ready to be unsecured. My score was 650 equifax which they use here in MN, (softpull). I have a family member who works for them and he said the 680 and above is only for first time applicants who want either the platinum card or any of the flexperks. Secured and college cards are easier to get.



So are you saying it was a softpull? The girl I talked to on the phone "couldnt confirm" whether I would have a softpull or hardpull.  Of course she also originally told me that I would change products by going in online myself and applying for a new card. Smiley Mad (luckily she had enough sense to put me on hold and come back with a better answer).

 

Also, with your scores (which are similar to my scores) were you able to get a flexperks card or did you just stick with the regular US Bank visa?

 

Valued Member
Posts: 48
Registered: ‎08-30-2010
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Re: Advice on US Bank Secured Card graduation request

It was a softpull for the upgrade. I tried to get it unsecured at a year with a score of 620 but got denied. I waited 4 months and tried again this time with a 650 score.

 

They automatically give you the platinum card with the same credit limit as your secured card. I called and asked for flexperks and they said it would be a separate application. They told me I would have a better chance of approval for flexperks card if I use the platinum card for 6 months to 1 year then apply. You can have both the platinum and the flexperks card if approved.

 

The best part is that only your account # and description change on your reports. The history of the secured will still be there but they just replace it with the unsecured so it's not a new account.


Starting Score: 520
Current Score: 665
Goal Score: 700


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Regular Contributor
Posts: 237
Registered: ‎06-21-2010
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Re: Advice on US Bank Secured Card graduation request


Moes wrote:

It was a softpull for the upgrade. I tried to get it unsecured at a year with a score of 620 but got denied. I waited 4 months and tried again this time with a 650 score.

 

They automatically give you the platinum card with the same credit limit as your secured card. I called and asked for flexperks and they said it would be a separate application. They told me I would have a better chance of approval for flexperks card if I use the platinum card for 6 months to 1 year then apply. You can have both the platinum and the flexperks card if approved.

 

The best part is that only your account # and description change on your reports. The history of the secured will still be there but they just replace it with the unsecured so it's not a new account.


 

MOES, do you mind sharing when you got your card changed over?

 

I talked to underwriting and the woman claimed that it would be a hard pull and that I would get a new account number.


I asked her what was the point of having a secured card with a bank that doesnt graduate and she said "it helps you re-establish credit". I guess she's right but for the most part my credit has already been re-established. If it's just going to be another hard pull and new account I might as well close the card, get my deposit back, and apply later. Smiley Indifferent

New Contributor
Posts: 65
Registered: ‎04-03-2012
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Re: Advice on US Bank Secured Card graduation request

If I were you I would call them get your AF for this year refunded and ask for your card to be graduated to the unsecured.  They should remove your AF before they product change you.  My banker said that the 680 figure was for new applicants and that 1 year was good with secured and a year and a half was better.  I forgot to call and didn't graduate until my second year.  I say go for it!

EQ-673 TU- 713 EX-697
Discover More - 4500
US Bank Platinum Visa- 2500
AMEX Gold - NPSL
Cap 1 Platinum Mastercard- 1500
Cap 1 Venture One Mastercard- 4250 [AU]
Valued Member
Posts: 48
Registered: ‎08-30-2010
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Re: Advice on US Bank Secured Card graduation request

Got the card Oct. 2010, graduated to unsecured in Feb. 2012. Don't talk to underwriting, they don't know about secured card changes. I talked directly with the secured card department and they are the ones who graduate your card.


Starting Score: 520
Current Score: 665
Goal Score: 700


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New Contributor
Posts: 65
Registered: ‎04-03-2012
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Re: Advice on US Bank Secured Card graduation request


Moes wrote:

Got the card Oct. 2010, graduated to unsecured in Feb. 2012. Don't talk to underwriting, they don't know about secured card changes. I talked directly with the secured card department and they are the ones who graduate your card.


+1 Smiley Happy

EQ-673 TU- 713 EX-697
Discover More - 4500
US Bank Platinum Visa- 2500
AMEX Gold - NPSL
Cap 1 Platinum Mastercard- 1500
Cap 1 Venture One Mastercard- 4250 [AU]
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