US Bank Secured graduation

[Anonymous]

US Bank is the only secured card I have since BoA unsecured my card in July. I called US Bank underwriting today and figured they could give me a yes or no answer and unsecure, but instead the guy mentioned he was concerned about a 60 point score drop in the past month, but said he would submit the request. He didn't sound to confident they would unsecure it and I decided to call back and got another underwriter to cancel the request since it would potentially be a waste of a hp.

I am a bit confused because my score has never dropped 60 points in fact I just reached 692 last week so I don't know what he was looking at. This is my first card and I don't want to close it, but I feel like I will be stuck with a $300 secured card on my cr. Does anyone know if the secured underwriters have to submit the request to the unsecured dept? I don't understand why they couldn't approve or deny the request themselves. 

[TheClub]

Just out of curiousity, how long did you have the US Bank secured account for?

[Anonymous]

13 months

[slund5499]

From everything that is posted here about the US Bank graduation.....the only way to get the card to graduate is to request it. After speaking to CSR today, The minimum requirement is at least 12 months on payment history. Other factors consdiered are the income and rent/mortage payment which establishes the ability to repay any charges.

The CSR could not tell me wether is would be a HP or SP and there was no guideline he could relate to referencing any minimu FICO score requirement.

Basically it is a crapshoot. But to graduate you must submit the request and roll the dice.

In my case....the $300 tied up in the account has no value due to other higher credit lines and the AF of $25. I submitted the request today. If it graduates.....great. If not, I will just close the account and reclaim secured funds. The account will still report for 10 years as a positive tradeline.

[slund5499]

Update to US Bank secured graduation request. Just found out that US Bank HP my TU report. Still no news about a decision, but I would guess it will get denied because I still have the paid First Premier charge off shows a derog. Only 7 inquiries and a low score of 632.

[Anonymous]

I closed my card last month. And even that was a hassle. I had to write a letter and mail it in and I was told that it would not close for 60 days from my last transaction. Oddly enough I never received a denial letter yet and it has been about 2 months now I believe since I requested the upgrade. They confirmed over the phone it was not approved, but I have no clue of the reasons and at this point don't care. My lowest limit is 1.5k and my highest is 10k I have never been late or missed any payments for anything and the score they pulled was 686. It's not like I asked them for a cli or anything I just wanted the card unsecured since it is the only secured card I have.