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Not Happy with US Bank at All! Here's Why. . .
Last week, around 3 June, I received an "invitation" in the mail saying, "You may be eligible for a $2000 credit limit increase."
I thought that looked good, but I didn't want to do it if (a) it was likely I was going to be rejected; or (b) they would do a "hard pull."
So I called up customer service.
The woman there told me, "if you got a letter, you must be doing something right,and you will almost certainly get the credit line increase of $2000."
She wasn't sure about the question of the hard pull, so she put me on hold for awhile while she "spoke to her manager." When she came back on the line she informed me that it would "absolutely not" be a hard pull. So, I went online and entered my yearly gross income. That was all they asked of me.
Yesterday, 10 July, I received a rejection letter from US Bank. I knew that my utilization on two other cards I have was high, which is why I was skeptical about the offer in the first place. (I actually wanted to increase my CL in order to lower my util rate!)
Well, that's the reason that US Bank rejected my application. According to their letter they pulled a "TransUnion FICO Risk Score classic 04 Bankcard" report, which I have never heard of before. The letter further said that "scores can vary from 250 to 873." My score on that one was an abyssmal 734! Bizarre, when the scores I pulled from my bank were 744, 768 and 768, and my MyFico score is given as 740.
My questions:
1. Why would US Bank send me an invitation if my credit utilization is too high?
2. Why would US Bank lie about the hard pull?
I am FURIOUS!
OP,
I started a new thread for better exposure.
Lexie, myFICO Moderator
Umm ..... No where on the invite does it say you are guaranteed to get the increase, it said its subject to credit approval. Thats why you didint get the increase Immediately, US bank does manuel review on everything. It could be your debt to income ratio is too high or like you said high utilization. And I'm pretty sure it was a soft pull, not a hard pull.
CSR often times do not know what they are talking about . The other week while on the phone with US bank I was told I was approved for a credit card with no credit pull but after hearing him read the disclosure I knew he did not know what he was talking about and was just reading what was in fron of him . So I just told him no thanks . Not sure if it makes a difference but it was an invitation it didnt say you are pre approved for a credit increase.
1. US Bank is not very coordinated. They're slow, old-fashioned, conservative, etc. Maybe something changed between the letter and the last soft pull?
2. It sounds like you didn't get a hard pull. The sccores they provided in the letter were very likely from a TU soft pull. How did they lie again?
I have almost a decade of experience dealing with US Bank, honestly the CSR dept is usually worthless and incompetent. Just deal with an underwriter/credit analyst from now on, take a hard pull to get a sizeable CLI and bring your utilization down ASAP.
Not saying this is you but in many cases I notice people leave out some key info about why they get turned down... Like running up the cards with a purchase... Not saying this is a bad thing but just saying life happens - I just spent $1000 on a vet visit. Any recent purchases that maybe you failed to mention? Remember, sometimes the CRA can take a month to show your new utilization.
BTW, what is your utilization? You seemed to have left that info out =P "High" can mean anything from 30% to 100%.