US Bank Altitude Reserve approval odds

[frank784]

Looks like 5 of my 7 cards reports small balances 1-2% of CL. I need to read more about the statement cut vs closing date for reporting. I took your suggestion the other day and when my statement cut I PIF the next day. I looked at all my accounts this morning and I owe $635 total over all my cards ($65,900 total in limits). I tend to use each card every month just for something small since it's a habbit of mine. I always PIF as well. 

[bourgogne]

there is overall and individual utilization.  sounds like you are pretty low but I would experment, maybe it won't change anything maybe it will.  as I usually only use 3 cards and everything cuts close to the same day its a snap for me.  chase is great as they will report a zero, perfect cards for micro mgmt types.  you really sounds solid...when you open a chase biz checking is when the pre-approvals will often show + you can get a few 100 bucks back for the open.  I really favor biz accounts for everything.  you are made for the cip, easy to get and a nice bonus.

[frank784]

Thanks for the compliment and the help. I tend to read a lot on here like most and have learned along the way. I need to start doing more work on the business side of credit cards since this would be my first. I know there are some stickies on here to guide me which will help me along as needed. 

The CIP 20K referral offer would be great as well. 

I have been thinking about closing my SW card and reapplying for a couple SW cards in 24 months so that I could qualify for the companion pass. It's very attractive to me as I fly domestically and would still have all my UR points from my other cards if I wanted to fly internationally or the occastion first/business class. 

[bourgogne]

not only have you done really well you are doing something very important that many individuals miss... you are thinking about your moves and not just trying to get random cards or credit.  you have a focus and you are filling in the blanks of how to best serve your needs.  excellent imo.  i now have 140k from the cip referrals so I am a believer.  I have been on lock-down since 9/9/17, tried to get a branch approved ink cash via my banker and his biz mrg friend and was shot down.  the recon csr suggested a freeze for a year and I acted on it, no apps this year.  unless chase announces an ultra csr ha-ha, then I will come out and play.  about ready to have a bunch of inqs fall off.  its not so bad to close up shop for a year and i got a nice plat au to replace my bgr so i have something pretty to look at

[frank784]

I personally can't think of a card that suits my needs better than that CSR but if they came out with one I would be all over it. If I close my SW card I would just move it to the CSR and have a 20K limit vs the current 13K. 

I just need to read a bit more about closing cards and how to do it properly to keep the AAoA up. My SW card was opened 7/16 so I have some history. 

Thanks again. 

[bourgogne]

the csr is great, no question.  cannot speak to the sw as i only fly international except for maybe 1-2x a year.  on the cards you are not using like discover and cap1 just sd them and set an alert for $1 as a tip off to fraud.  there is often a $1 test before the onslaught.  fund an amazon gift card every 4-6 months for a buck with them to keep them active.  cap1 is pestering me with emails to update my income for cli's, my god if it one thing i dont want from them is a cli lol.  a freeze might not be a bad idea for yourself as well, draws a line in the sand.  not doing an app for a year is not that bad I am finding out and I love how solid my scores are holding

[frank784]

Not a bad idea to SD them with a fraud alert. Disco keeps declining me for CLIs (soft pull) which I think it funny. Cap 1 offered my Venture card a 1k increase from 20K to 21K but I turned that down as well. In the grand scheme of things I would like to have about 100K or more in available limits but ideally it would be between 3-5 cards. 

Getting more cards now or cards with lower limits is just something that doesn't interest me. The only one that caught my attention was the Altitude Reserve for the SUB and with the mobile payments I thought I could rack up some decent points as well. I won't be applying till my scores are 750 plus though. 

[bourgogne]

if it were me I would totally forget about clis.  with amex its a kick as its 3x but not so with anyone else.  I still think that in time you should  think about the bgr at 75 and the cip at 80 assuming the sub stays that high - both hidden tls.  helps to keep high scores if no spend is being reported.  credit takes time and yeah $100k is a perfect limit, I have more than that only as a byproduct of good sls but I would be happy to have half of what I have.  the biggest spend I ever have is sept when I take the month off and go out of country.  I often pay for one of my ex's so the spend can get over ~$20K but other than that my overall card use is very low i think

[Anonymous]

Hi Frank,

Just my 2 cents:

You seeem to alredy have the right kind of relationship with USB for them to want to extend that further -- their relatively new CEO seems quite committed to changing their culture for the better.  In the past, USB was among the most difficult credit card issuers from whom to gain approval; that appears to have changed fairly recently.

If my experience is any guide, I'd say you have an excellent chance at approval.  Here are my suggestions to improve the odds:

• Call USB Customer service.  Tell them you are a great customer -- chat them up and inquire about the Altitude, Premiere credit lines, etc.  Likely the call center rep won't know anything useful and may send you to the Altitude marketing department (not likely worth the effort or time, but be polite).  Don't let them take an app over the phone -- you are still thinking about it.  The objective is simply to have them log your inquiry into their CRM system as a "good prospect." 

• Wait at least a few days.  In all probability, a local actual banker will call you to see how they can help you further.  If this happens, start a dialogue and cultivate him/her.  If it makes sense, upgrade your banking package with USB to Gold or Platinum -- probably won't cost you anything as they mostly waive the monthly fees for this.  If you are already there, fantastic.  Discuss the Altitude card and your situation, just a bit -- if they offer, let them take your application directly -- your odds of approval appear to be much higher if a branch officer enters the app.

• If they do not offer to take the app, call back in a few days or visit the branch directly.  There appears to be some kind of internal rating or incentive program in-place for bankers to extend their relationships with new product sales.  When you apply online, no one gets credit for the app.  There is no hard sell -- USB is ethical and tries to be helpful but you can use this tiny bit of leverage to your advantage.

I learned from personal experience that USB is really motivated, (at least they were a couple of months ago) to push this card as well as their card portfolio in general.  It's a highy competitive space, especially for premium cards and they're currently well behind the rest of the "pack" with card issuance.  You might note that their's is the only top card with a lower $400 annual fee; the rest are $450 - 550 or more.  This is certainly not by accident.

So, my advice (for what little it's worth) is that if you want this card (and I really, really like it), go for it -- but do it cleverly.  I wouldn't wait until more tough news circulates about how badly banks are getting clobbered by rising credit default rates across the industry, interest rate concerns, etc.

Best of luck!

PG

[NRB525]

I will guess the OP has already applied for Altitude. 

PG, do you have the Altitude? Did you go through all those steps to get it? What other US Bank products do you have?

I have a mortgage at USB, have two open CC, and two other now-closed CC. I chose to go in the branch and sit down with a banker to have the app keyed in. It went to review of course ( all apps at USB seem to go to review for approval ) then came back a few days later as approved.