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US Bank Secured information from underwriting

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slund5499
Established Contributor

US Bank Secured information from underwriting

I thought this may be useful to somebody else here.

 

Today, I started to call US Bank to close my account. I was informed that I had to call the secured card dept and did so. I explained to an underwriter that I wanted to find out what I needed to get the account unsecured. My TU score is 639, the account is paid off and has been opened for 18 months. I stressed that I did not want to apply for a new card with US bank because (1) I did not want a HP is not necessary and (2) the current $300 limit is useless with my other avaialble credit.

 

I was informed that I could close the account a apply for a regular visa but it would require a HP. She did some research and after a few minutes suggested that I wait until Feb 2015.....call in again....and ask for have the account upgraded. I assum this will result in another HP, but am led to believe that they would review the account and make a decision in 72 hours.

 

The underwrite said I could always close the account if US Bank chose not to upgrade. The key information here is that my scores are lower than the 660 they would like to see for a new account holder and that utilization is a high factor with US Bank.

 

I will wait until Feb, ask for an upgrade and if I do not get it then I will close the account and apply my $300 somewhere else where it will be beneficial.

In the garden since 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

Message 1 of 4
3 REPLIES 3
RobertEG
Legendary Contributor

Re: US Bank Secured information from underwriting

Just be aware that by requesting a change in account status, you have initiated a request for credit which provides them permissible purpose to pull your CR without need for your specific authorization.

 

I am not saying it will be a hard pull, just cautioning that if they do a HP, you would have no basis for dispute.

Message 2 of 4
CreditUnionFan
Valued Contributor

Re: US Bank Secured information from underwriting


@slund5499 wrote:

I thought this may be useful to somebody else here.

 

Today, I started to call US Bank to close my account. I was informed that I had to call the secured card dept and did so. I explained to an underwriter that I wanted to find out what I needed to get the account unsecured. My TU score is 639, the account is paid off and has been opened for 18 months. I stressed that I did not want to apply for a new card with US bank because (1) I did not want a HP is not necessary and (2) the current $300 limit is useless with my other avaialble credit.

 

I was informed that I could close the account a apply for a regular visa but it would require a HP. She did some research and after a few minutes suggested that I wait until Feb 2015.....call in again....and ask for have the account upgraded. I assum this will result in another HP, but am led to believe that they would review the account and make a decision in 72 hours.

 

The underwrite said I could always close the account if US Bank chose not to upgrade. The key information here is that my scores are lower than the 660 they would like to see for a new account holder and that utilization is a high factor with US Bank.

 

I will wait until Feb, ask for an upgrade and if I do not get it then I will close the account and apply my $300 somewhere else where it will be beneficial.


Good luck with the upgrade in February.

 

You may end up needing to apply for a whole new account anyway to avoid upcoming annual fees. There are many posts from folks who ended up with unsecured cards from Capital One and Bank of America that had to close the old account and openn a new one in order to not have an annual fee. Some banks think they're doing you a favor when they unsecure the old account, even though they leave the other terms in place.

 

It also sounds like the underwriter gave you a hint that you should pay down what you can on your cards to get your overall and/or individual card utilization ratios down. I'd think about dipping into the savings account in order to pay debt down for other card(s) statements before requesting the US Bank upgrade.

I was going to garden... Honest!
Message 3 of 4
Anonymous
Not applicable

Re: US Bank Secured information from underwriting


@slund5499 wrote:

I thought this may be useful to somebody else here.

 

Today, I started to call US Bank to close my account. I was informed that I had to call the secured card dept and did so. I explained to an underwriter that I wanted to find out what I needed to get the account unsecured. My TU score is 639, the account is paid off and has been opened for 18 months. I stressed that I did not want to apply for a new card with US bank because (1) I did not want a HP is not necessary and (2) the current $300 limit is useless with my other avaialble credit.

 

I was informed that I could close the account a apply for a regular visa but it would require a HP. She did some research and after a few minutes suggested that I wait until Feb 2015.....call in again....and ask for have the account upgraded. I assum this will result in another HP, but am led to believe that they would review the account and make a decision in 72 hours.

 

The underwrite said I could always close the account if US Bank chose not to upgrade. The key information here is that my scores are lower than the 660 they would like to see for a new account holder and that utilization is a high factor with US Bank.

 

I will wait until Feb, ask for an upgrade and if I do not get it then I will close the account and apply my $300 somewhere else where it will be beneficial.


Very interesting since I was on the phone with them yesterday regarding my secured Visa.  I simply want to close mine as I have finally gained unsecured credit and I can take my deposit and make use of it (not to mention that the account is 3-4 months old).  I was then promptly told that I have to send a letter, in writing and hand signature, with my account number and request to close.  Then the CSR told me that I would receive my deposit back in 60 days.

Message 4 of 4
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