US Bank Visa offer

[jefftca925]

Hello everyone.

I just received a "pre-qualified" offer from US Bank for a Plat Visa with 0% introductory APR for one year and then 3.99% APR on BTs until 2013 w/no BT fee. I do not need a BT at the moment as I really don't have any CC balances (PIF every other week). Was just curious on what their approval rate is and what they DON'T like.

My fico's are in the high 700s but I have a few new TLs that I know I should just let them age. This is more out of curiosity than anything.

Thanks for the feedback!!

[Scamp]

jefftca925 wrote:
Hello everyone.

I just received a "pre-qualified" offer from US Bank for a Plat Visa with 0% introductory APR for one year and then 3.99% APR on BTs until 2013 w/no BT fee.

Was just curious on what their approval rate is and what they DON'T like.

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Jeff, you should find some useful info on this thread that followed my USB pre-app experience with them: 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=102870&view=by_date_as...

Hope this helps. 

[jefftca925]

thanks for the link. I don't know too much about this card and couldn't find a lot of info on it. One of my friends has their Visa with a huge limit on it... which is encouraging. They also have a lot of bank branches in my area. I have until Oct. to wait so I have time to think about it.

[haulingthescoreup]

Do some reading here on the forums. This one is starting to pick up interest. They have some very bare-bones starters, but they also have some really nice cards for those with good credit. I'd say that they'll be all over you. Good luck!

[jefftca925]

my concern honestly is that I have a few inqs and some new TLs on my bureaus. I'd hate to app for this and get denied... (ya know those denials do hurt ones ego LOL!)

[haulingthescoreup]

Hard to fathom getting denied with scores in the high 700's, but I'm a firm believer in having a written-out plan for where you want to go with your credit, and the steps that will help you get there. If you don't need a higher total credit limit, or if you don't have another good reason (like a 0% APR or BT), or if it's not the right time, I'd let it go.

All these banks will be there when you're ready. Or if they're not, you definitely didn't want to be with them anyway!

[jefftca925]

thanks HTSU. Strange things do happen in the credit world and unfortunately nothing is guaranteed. I just PC'd part of my 7k limit on a Chase Plat Visa to a Chase Freedom Sig (which I'm gonna keep as part of my credit game plan). So now my utilization wiggle room has shrunk. Its not that big of a deal but a CL to replace it would be comforting. LOL...gotta love these pre-app dilemnas!!

[Scamp]

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jefftca925 wrote:
thanks HTSU. Strange things do happen in the credit world and unfortunately nothing is guaranteed.

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Well, FWIW, when they approved me last month, they pulled EX, which was around 680 and had about 8 inqs on it, at least half of those since April this year.  My overall util was around 20-25%, with one BT'd card a smidgen under 50%.  Unless your util is worse than that or you have more inqs or something else icky you've not mentioned, I think you'd be a shoo-in.

[jefftca925]

my EX score earlier this month was 784 with about 7 inq and 2% util... so it sounds like I'd pretty much get approved. The other good thing about this bank is that they have branches around where I live in case Wamu tanks and I need to move my money. Is US Bank one of those CC issuers who like you to carry a balance or are they more PIF-types? How is their customer service? Thanks for the input!

[haulingthescoreup]

We don't have that many members with their cards, and I'd say to try a search on "us bank", but unfortunately, both terms get thrown out as too common. I'm afraid that you're going to wind up being a pioneer.

My personal opinion is that if a bank requires me to carry a balance and give them some interest income, they won't be my bank any longer. I use my cards a lot, and they'll have to be happy with the transaction fees they get every time I swipe my card.

BTW, I'm not sure if you're aware, but it's the number of inqs on the report that is pulled which matter. So if you had 5 on TU, 3 on EQ, and 4 on EX, they would only see the 5, 3, or 4, not 12. (This assumes that they only pull one report, of course.)