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New Member
Posts: 3
Registered: ‎11-27-2013
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Denied for US Bank Cash+ because of short credit history

[ Edited ]

During an app spree I applied for the US Bank Cash+ card in person. After a few days they called me and told me I was only approved for the Cash Rewards card with a $3,000 CL. I haven't gotten a letter yet (will I?).They told me they like to see a history of at least 5 years for the Cash+ card (I have 4 years 6 months), but I haven't seen anyone mention that anywhere, and I think I've seen others on the forum with shorter credit history get this card! I guess they are just making this card harder and harder to get? I also can't believe the CL is so low considering my other CLs.

 

I told them I didn't want the Cash Rewards card, but now I'm wondering if I should just take it and try to PC in six months. From what I've seen it can be hit or miss with PC though, so I'm not sure. Is PC with US Bank a hard pull? If it isn't I guess that would be a point in favor of taking the Cash Rewards card. Otherwise, I was thinking of just applying again in 6 months when my oldest account will be 5 years old.

 

I really want this credit card because it's almost the only one that gives extra cashback for charity. The other one is FlexPerks (3% for statement credit, up to 6% if you redeem for flights). Maybe I should get the FlexPerks card and PC that one to Cash+ later.

Barclay Sallie Mae MC $4,500 (Nov '13) / Capital One Quicksilver $20,000 (Nov '13) / Citi Forward $6,500 (Oct '12)
Sock drawer: AmEx Blue Cash Everyday $24,900 (Jan '13) / Nordstrom Visa Signature $10,000 (May '09)
Equifax Score: 743
Age: 24
Income: $113K/year
Mega Contributor
Posts: 16,747
Registered: ‎08-08-2011
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Re: Denied for US Bank Cash+ because of short credit history

Welcome to the forum you took the hit you may as well take the card. I like my FlexPerks that could be an option. I have read many posts where they have product changed from that to Cash+.

New Member
Posts: 3
Registered: ‎11-27-2013
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Re: Denied for US Bank Cash+ because of short credit history

Hmm, I called and they can't change the application for a FlexPerks application so I would have to apply again for FlexPerks. I guess the best thing to do is to accept the Cash Rewards and PC later, but I feel like it would be annoying to use.

Barclay Sallie Mae MC $4,500 (Nov '13) / Capital One Quicksilver $20,000 (Nov '13) / Citi Forward $6,500 (Oct '12)
Sock drawer: AmEx Blue Cash Everyday $24,900 (Jan '13) / Nordstrom Visa Signature $10,000 (May '09)
Equifax Score: 743
Age: 24
Income: $113K/year
Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
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Re: Denied for US Bank Cash+ because of short credit history

I would use the card, demonstrate good payment history, and try to get a CLI to bump the CL up toward $5K, the minimum CL for a Cash+.

 

Super Contributor
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Re: Denied for US Bank Cash+ because of short credit history

Surprised. You have good cards with great CL's. Didn't know about the five year past performance record. I did know they have a $30K minimum income (which is not a problem for you). They are good about p/cing with soft pulls. User5387 has a good idea worth considering. Usually when you go into a branch and an employee works with you it seems more positive outcomes are the ending (based on what I have read).

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Valued Contributor
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Registered: ‎04-04-2013
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Re: Denied for US Bank Cash+ because of short credit history

There is no 5 year requirement. Heck, I havent even had credit for 2 years yet, and I have two of those cards.

 

You do need a $5000 limit, and then I think you need to wait 4-6 months after it is at $5000 before you will be eligible to PC.

 

The actual PC process is an extremely quick and painless phone call.


Valued Contributor
Posts: 8,705
Registered: ‎10-21-2012
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Re: Denied for US Bank Cash+ because of short credit history


user5387 wrote:

I would use the card, demonstrate good payment history, and try to get a CLI to bump the CL up toward $5K, the minimum CL for a Cash+.

 


+1

 

Bottom line, every individual profile is different and not everyone will be elegible.  Put it to good use and eventually once you achive the minum CL threshold see if your account becomes elegible.

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Posts: 11,969
Registered: ‎12-30-2011
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Re: Denied for US Bank Cash+ because of short credit history

[ Edited ]

Themanwhocan wrote:

There is no 5 year requirement. Heck, I havent even had credit for 2 years yet, and I have two of those cards.

 

You do need a $5000 limit, and then I think you need to wait 4-6 months after it is at $5000 before you will be eligible to PC.

 

The actual PC process is an extremely quick and painless phone call.


To be fair underwriting guidelines do change all the time and this could be a new requirement... or the representative was just blowing smoke on an easily seen thing (see, you only have 4.5 years!  No Cash+ for you!) that the the customer cannot possibly argue with (or sue over).

 

Finstar's summation is correct as well, everyone's profile is different.  

 

Edit: also to be fair to USBank, OP they may be looking for a more seasoned file or longer established employment history.  At 22 with presumably less than 5 years real employment and with several recently opened tradelines and barely even a year on the oldest national bankcard, might well be different than if I went walking into a branch with long documented 100K+ income history and national bankcards 2+ years of age and applied even with a worse score and undoubtedably much uglier report.  Out of the national banks, USBank strikes me as one of the more conservative especially in their credit card division.  

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