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Senior Contributor
Ron1
Posts: 4,808
Registered: ‎05-23-2009
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Does anyone have US Bank Reserve Line Of Credit?

I just opened US Bank Gold Checking package to qualify for extra 25% bonus for US Bank Cash+. After opening the checking, I called to check the status of Gold Package Checking. They told me to apply for US Bank Reserve Line Of Credit. I told him I need to think about it. Does anyone have the account or applied recently? How hard is getting approved for the LOC? Where did they pull? Will they report to CRA?

 

Thanks.

 


Ron.

Regular Contributor
IECredit
Posts: 208
Registered: ‎07-15-2012
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Re: Does anyone have US Bank Reserve Line Of Credit?

[ Edited ]

Here you go, If you went in a branch and they offered you a Pre approved RL at account opening it will be a SP, no income or anything needed, yes say yes! If you apply for a RL after the account opening, it will be a HP and they do random pulls. I've seen customers get accepted with low 600 fico's but if you have any Derog's on your credit you will be denied. RL will report on your credit as a open line of credit, its an awesome product and offered to customers at account opening(SP) if you already have any US Bank products, because they know your qualified.

Current Score:TU 717(Walmart 1/9/14) / EQ 766(DCU Monthly 1/28/14) EX Fico 723(MyFico 9/15/13)
Goal Score: All above 800
Wallet: DCU Plat. $10,000 | Logix 10,000 | Chase Freedom $1,000 | Discover $3,600 | WalMart $3,500 | Paypal MC $4,000 | Cap 1 QuickSliver $6,000 | Barclay NFL $3,400 | Best Buy $1,000 | Cap 1 Venture $4,000 | IN THE GARDEN(5/6/13)
10 Accounts $46,500 Revolving
Valued Contributor
Imhotrodcrazy
Posts: 1,392
Registered: ‎03-11-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?

I have the Platinum account which gives me an extra .50% on my rewards card.  The gave me a  LOC when I applied for my Flexperks card at the time.  I did it  since they were using  the same report.  So, it was very easy to obtain for me.  I have only used it a couple of times and yes they report to all three agencies.  They pulled EX for me at the time, and I am located in So Cal.  Hope this info helps. 

FICOS
TU 794 8/5/14
EX 785 8/5/14
EQ 752 7/28/14

/ Amex 16.5k / / Chase Freedom 10.6k /
Regular Contributor
tengtengvn
Posts: 249
Registered: ‎01-18-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?

[ Edited ]

I had it with 2k limit. When I applied for a car loan in 2010, the account was closed. Replaced by a 15k Premier Line of Credit. This LOC saved me big time when I started the business past summer. Put 14.9k on it with no issue.

It's the same as CC but you can get cash from the branch with no fee and the interest is much lower than the CCs. Shows up on CR as Line of Credit.

What's in your wallet?
-Not Capital One.
Senior Contributor
Ron1
Posts: 4,808
Registered: ‎05-23-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?

[ Edited ]

Thanks for feedback. They offered me over the phone when I requested to convert my saving into Money Market Savings because the system didn't open Money Market Savings. I don't have any past due or charge-off and perfect credit history. I currently have US Bank Cash+ Visa Signature Card, Flexperks Rewards business card.   I think my EXP score is around 750. Should I apply for the LOC? By the way, is there any way to transfer funds from other banks? 

 

 

Thanks.

 

 

Ron.

Senior Contributor
Ron1
Posts: 4,808
Registered: ‎05-23-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?

How do I qualify for Premier Line Of Credit?

 

 

Ron.

Regular Contributor
tengtengvn
Posts: 249
Registered: ‎01-18-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?

I think the requirement is the same as for their CC.

What's in your wallet?
-Not Capital One.
Senior Contributor
Ron1
Posts: 4,808
Registered: ‎05-23-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?

[ Edited ]

tengtengvn wrote:

I think the requirement is the same as for their CC.


Thanks for the info. I just looked at it and they will give a Visa Card if approved. The terms is similar to cc.

 

 

Ron.

Regular Contributor
IECredit
Posts: 208
Registered: ‎07-15-2012
0

Re: Does anyone have US Bank Reserve Line Of Credit?

[ Edited ]

Premier Line Of Credit requires a RMS(relationship management score), it takes around 6 months to build a high RMS to get approved for A PLOC, and the more you use your accounts the higher your score gets. You must have a 690-700 fico and a RMS score to be approved but the product is awesome, it has a 9.25%  APR and you can transfer money instantly into your checking account with no cash advance fees, and it also comes with a Card and checks.

Current Score:TU 717(Walmart 1/9/14) / EQ 766(DCU Monthly 1/28/14) EX Fico 723(MyFico 9/15/13)
Goal Score: All above 800
Wallet: DCU Plat. $10,000 | Logix 10,000 | Chase Freedom $1,000 | Discover $3,600 | WalMart $3,500 | Paypal MC $4,000 | Cap 1 QuickSliver $6,000 | Barclay NFL $3,400 | Best Buy $1,000 | Cap 1 Venture $4,000 | IN THE GARDEN(5/6/13)
10 Accounts $46,500 Revolving
Senior Contributor
Ron1
Posts: 4,808
Registered: ‎05-23-2009
0

Re: Does anyone have US Bank Reserve Line Of Credit?


IECredit wrote:

Premier Line Of Credit requires a RMS(relationship management score), it takes around 6 months to build a high RMS to get approved for A PLOC, and the more you use your accounts the higher your score gets. You must have a 690-700 fico and a RMS score to be approved but the product is awesome, it has a 9.25%  APR and you can transfer money instantly into your checking account with no cash advance fees, and it also comes with a Card and checks.


Thanks for the reply. I have two personal cards and one business card. I also have both gold checking and money market savings. Will I qualify for the Premier Line Of Credit? Do I need to pre-select for qualify?

 

 

 

Ron.


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