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

[ Edited ]

How long have you had your accounts? I would suggest your hav eyour checking/savings opening 6 months before you apply for the PLOF!

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Senior Contributor
Ron1
Posts: 4,883
Registered: ‎05-23-2009
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Re: Does anyone have US Bank Reserve Line Of Credit?


IECredit wrote:

How long have you had your accounts? I would suggest your hav eyour checking/savings opening 6 months before you apply for the PLOF!


I just opened Gold Checking today and saving was opened three to four months ago. One of the credit cards  was opened in 2007. I don't think I would qualify for PLOC according to what you said. By the way, my credit histroy is perfect (no late, no past or charge-off). My EXP score was  750 according to AXP three months ago. TU FUCO score was 743 as of yesterday and EQ was 801 as of yesterday. I know they usually pull EQ by applying online or EQ inside the branch.

 

 

Ron.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Does anyone have US Bank Reserve Line Of Credit?


Ron1 wrote:

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.


I just (now!) opened a gold checking package, but now think it might be based on a faulty calculation.   Is the 25% bonus based on all the cash back (so 25% on the 5% categories as well) or just on the base 1%.   I remember some discussion but cannot find it!

 

Thanks

Senior Contributor
Ron1
Posts: 4,883
Registered: ‎05-23-2009
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Re: Does anyone have US Bank Reserve Line Of Credit?

I think it is similar to Chase 10/10 checking bonus.

 

 

Ron.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Does anyone have US Bank Reserve Line Of Credit?

OK, not familiar with that, but I put the question into customer service.

 

BTW: did you find out about transferring from other banks?  I couldn't see a way but wasn't sure if that was because my account wasn't fully open.

I see they charge a fee for depositing a check from the computer.  That is a rip off.   If the 25% isn't on the full cash back, I will have to (try to!) close this account as it's not worth while with my spend vs interest lost.

Senior Contributor
Ron1
Posts: 4,883
Registered: ‎05-23-2009
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Re: Does anyone have US Bank Reserve Line Of Credit?


bs6054 wrote:

OK, not familiar with that, but I put the question into customer service.

 

BTW: did you find out about transferring from other banks?  I couldn't see a way but wasn't sure if that was because my account wasn't fully open.

I see they charge a fee for depositing a check from the computer.  That is a rip off.   If the 25% isn't on the full cash back, I will have to (try to!) close this account as it's not worth while with my spend vs interest lost.


I think 5%+ .25% =5.25% when you spend 5% categories.  I don't think they have setup to transfer funds from other banks. You have to set up ACH transfer to transfer funds into the checking/savings. I asked them already. It is a hassle. You will have to take a look to see if they charge a fee by closing within 30 days. Some banks do that.  By the way, you don't have put a lot of money to keep the account. You have to open a checking, savings and credit card. You need to set up auto pay each month to waive the fee. Don't expect to get high interest. I opened Gold checking package to collect my cash back instead of statement credit.

 

 

Ron.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Does anyone have US Bank Reserve Line Of Credit?


Ron1 wrote:

bs6054 wrote:

OK, not familiar with that, but I put the question into customer service.

 

BTW: did you find out about transferring from other banks?  I couldn't see a way but wasn't sure if that was because my account wasn't fully open.

I see they charge a fee for depositing a check from the computer.  That is a rip off.   If the 25% isn't on the full cash back, I will have to (try to!) close this account as it's not worth while with my spend vs interest lost.


I think 5%+ .25% =5.25% when you spend 5% categories.  I don't think they have setup to transfer funds from other banks. You have to set up ACH transfer to transfer funds into the checking/savings. I asked them already. It is a hassle. You will have to take a look to see if they charge a fee by closing within 30 days. Some banks do that.  By the way, you don't have put a lot of money to keep the account. You have to open a checking, savings and credit card. You need to set up auto pay each month to waive the fee. Don't expect to get high interest. I opened Gold checking package to collect my cash back instead of statement credit.

 

 

Ron.


I was going for the $2500 min balance.  Trouble with auto pay for the card is that you need to transfer the money when it is needed and that can be a pain.  I think you are right about the 5.25%, otherwise it would be too good!  I will ask about the closing fee, thanks!

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RonDawg
Posts: 322
Registered: ‎10-19-2012
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Re: Does anyone have US Bank Reserve Line Of Credit?


Ron1 wrote:

How do I qualify for Premier Line Of Credit?

 

 

Ron.


You can apply online for the Premier Line of Credit, Unlike the the Reserve line the Premier line of credit gives you a visa access card and the interest rate is a lot lower between 9.25% and 13.25% where as the Reserve line is over 21%  Also the Reserve line acts more like a loan then a line of credit.  The CL on the reserve line is much lower then the Premier line mine is 14.5k were as the reserve line is 4k.  You can actually do something with 14.5k.

 

The Reserve line you can get by talking to a banker they may even be able to set you up without a credit pull (hard that is) but the Premier line is so much better then the reserve line. If you want a LOC I would suggest the Premier Line of credit.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Senior Contributor
Ron1
Posts: 4,883
Registered: ‎05-23-2009
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Re: Does anyone have US Bank Reserve Line Of Credit?


RonDawg wrote:

Ron1 wrote:

How do I qualify for Premier Line Of Credit?

 

 

Ron.


You can apply online for the Premier Line of Credit, Unlike the the Reserve line the Premier line of credit gives you a visa access card and the interest rate is a lot lower between 9.25% and 13.25% where as the Reserve line is over 21%  Also the Reserve line acts more like a loan then a line of credit.  The CL on the reserve line is much lower then the Premier line mine is 14.5k were as the reserve line is 4k.  You can actually do something with 14.5k.

 

The Reserve line you can get by talking to a banker they may even be able to set you up without a credit pull (hard that is) but the Premier line is so much better then the reserve line. If you want a LOC I would suggest the Premier Line of credit.


Thanks for your reply. I talked to customer service and they need to HP for this product. That's why I hold off to apply for LOC. I was told Premier Line need some kind banking relationship.  

 

 

Ron.

Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012
0

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


Ron1 wrote:

RonDawg wrote:

Ron1 wrote:

How do I qualify for Premier Line Of Credit?

 

 

Ron.


You can apply online for the Premier Line of Credit, Unlike the the Reserve line the Premier line of credit gives you a visa access card and the interest rate is a lot lower between 9.25% and 13.25% where as the Reserve line is over 21%  Also the Reserve line acts more like a loan then a line of credit.  The CL on the reserve line is much lower then the Premier line mine is 14.5k were as the reserve line is 4k.  You can actually do something with 14.5k.

 

The Reserve line you can get by talking to a banker they may even be able to set you up without a credit pull (hard that is) but the Premier line is so much better then the reserve line. If you want a LOC I would suggest the Premier Line of credit.


Thanks for your reply. I talked to customer service and they need to HP for this product. That's why I hold off to apply for LOC. I was told Premier Line need some kind banking relationship.  

 

 

Ron.


That is true, I thought you opened up a checking account and got the gold package?  If you have done that then you can get the Premier line of credit.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903

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