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Applied online for Cash+ (First time app for US Bank product)
Initially got 3-7 or 10 day message as reported by many users.
Approved for a $1,000 limit....
They said I was bumped down to Platinum card, instead of the Cash+ OR the Cash Rewards Visa Card, which is given to those who did not qualify for Cash+.
Immediately called the backdoor number, and requested for CLI reconsideration.
When asked how much, I asked for $10,000
Couple days later, called the backdoor # to find out I was approved for the requested CL of $10,000
However, product still remained as Platinum.
Underwriting told me to call cardmember services for PC.
Called to PC and was advised to wait 6 months for PC by the frontline CSR
Requested to speak with a supervisor.
Fortunately, the supervisor, a nice lady, told me they will manually review the case in exactly 32 days since the date of intial approval and told me she doesn't see any reason that I will get denied.
Underwriting should have considered me again for Cash+, which I initially applied for when they approved the CLI no?
I guess they don't like giving out Cash+ to customers who are new to their Bank..
Anyways, has anyone experienced this and was able to obtain the Cash+ card succesfully?
@gnay wrote:Underwriting should have considered me again for Cash+, which I initially applied for when they approved the CLI no?
Not necessarily. A CLI and a PC are two entirely different things. You OP only indicates that you requested a CLI. Did you request the PC along with the CLI?
I would stay on them. To be straight, they are terrible. Card member services is in no hurry to get back to you. I didn't get downgraded but they sent me a prequal for a specific interest rate and when I was approved, it was MUCH higher (and the app was around 3 days post SP they based APR on). They finally honored it but it took a fight and way too much time. Now that the Cash+ did away with drug stores, it's pretty much useless to me. I keep it around because I've banked with US Bank for 14 years now but the whole process left a bad taste in my mouth. For you, I'd just wait and see how it goes. With US Bank, you never know. Wishing you the best on the upgrade....
FYI- they are one of the very few that uses FICO 04 scoring model which is usually much lower than 08. When I applied, my TU 08 score was in the 770's and they pulled a 721 so quite the difference. That may be why you were downgraded but not sure. Again, good luck!
It was literally a 2 minute phone call. Disappointed, asked if I can be reconsidered for a higher limit by saying that I already have three cards at/over $10,000. When asked for any specific amount, I asked if they can match those limits. I was told decision will be made within 3 business days.