@Dustink wrote:
@mikka1 wrote:Dustink, kevinjjc, thanks, added to my short list
A also looked at this card before, but again it seems that requirements to qualify for this card are pretty high and there is a huge chance to end up with the other US bank card instead if not initially approved for Cash+.
BTW, unlike Chase Freedom and Discover cards that announce all their bonus categories in public, I have never been able to get any insights on what categories are offered for 5% CB on this particular USBank card as that section of their website is intended for existing cardholders only. Would you mind giving me some insights on how that 5% CB categories work there with some live examples of what category / categories can be chosen, if possible, please?
Thanks
You have a good chance at approval for the Cash+ if you have a1+ year history with an account over $5000, FICO over 740, $50+k income, and nothing negative on the credit reports like high amount of INQ's. It is possible to get the card with significantly lower credit standards, it just isn't as easy as an instant approval.
I do not yet have the card, so I am unsure what the category choices are. It looks like they change and must be enrolled in every quarter. I have the Flexperks signature card, it has been pretty good. The Cash+ might be a little better, the credit requirements for the cards are the same.
Dustin, I don't think that 740 is their UW target for this card. There's a number of posts elsewhere suggesting that the minimum bar is around 710, somewhat more than a year's worth of AAoA and a clean sheet for the floor assuming you can clear the Siggy limit hurdle. The forum population here that's applied for a Cash+ isn't a large enough representative sample.
Unless the OP has a seriously checkered credit history, I'm guessing it's an excellent shot though I've sometimes been surprised by people's FICO and I missed whatever it was in this thread for mikka.
@Revelate wrote:
@seigex wrote:
@Revelate wrote:Don't let the lack of "5K limit cards" deter you from the CSP application. That's been proven to be incorrect over the past few months for many people, and FWIW I suspect you're in a much better position for approval than you think with both the Amex and the Chase Amazon card. Honestly I'm hoping to execute on my own credit card acquisition plan as well as you apparently have looking at your portfolio, and even though I don't know the exact approval timeline, I can guess. Absolutely well played to date.
Edit: that said, the Cash+ really is one of the most useful cards on the market today, and your Travel Rewards card overlaps with the CSP in many respects, and the USBank Cash+ is pretty much unique.
3 months ago I was denied and the sole reason according to the credit specialist was because I didn't have a $5k limit card yet.... wasted HP for me but as usually YMMV
You're special seigex
All kidding aside, it's not for everyone admittedly but we've seen at least 3 approvals in the past couple of months where CSP's were granted and their current limits were nowhere close to 5K. Even with my current top limit of 2500, if I had the credit file to support a CSP approval and I wanted it (and wasn't putting lipstick on my pig for a mortgage in this instance) I'd apply... am just guessing but I suspect Chase would be happy to give me a card even now, just it probably wouldn't be their CSP currently heh.
HP's are never wasted unless it's a frivolous app, and that's not the case for the OP. Probably wasn't for you either but I don't remember your stats from the time unfortunately.
there was a couple cases where people apped for the chase freedom and got a 500 CL and then apped for the CSP and got it, so it has been kind of weird, but as everything YMMV.
@Revelate wrote:
@seigex wrote:
@Revelate wrote:Don't let the lack of "5K limit cards" deter you from the CSP application. That's been proven to be incorrect over the past few months for many people, and FWIW I suspect you're in a much better position for approval than you think with both the Amex and the Chase Amazon card. Honestly I'm hoping to execute on my own credit card acquisition plan as well as you apparently have looking at your portfolio, and even though I don't know the exact approval timeline, I can guess. Absolutely well played to date.
Edit: that said, the Cash+ really is one of the most useful cards on the market today, and your Travel Rewards card overlaps with the CSP in many respects, and the USBank Cash+ is pretty much unique.
3 months ago I was denied and the sole reason according to the credit specialist was because I didn't have a $5k limit card yet.... wasted HP for me but as usually YMMV
You're special seigex
All kidding aside, it's not for everyone admittedly but we've seen at least 3 approvals in the past couple of months where CSP's were granted and their current limits were nowhere close to 5K. Even with my current top limit of 2500, if I had the credit file to support a CSP approval and I wanted it (and wasn't putting lipstick on my pig for a mortgage in this instance) I'd apply... am just guessing but I suspect Chase would be happy to give me a card even now, just it probably wouldn't be their CSP currently heh.
HP's are never wasted unless it's a frivolous app, and that's not the case for the OP. Probably wasn't for you either but I don't remember your stats from the time unfortunately.
You know my mom told me that all the time.. musta been a good thing, right??
Yeah there's always exceptions to the rule, I actually didn't realize there was a $95 AF until after so i'm glad I didn't get it. I don't currenlty travel enough for it to be worth it. As for my apps, frivolous is a loaded word, I don't *need* the credit, but it's good to have the flexibility and it's helping me repair my credit after years of horrid abuse.
Hah. Well to clarify, I define a "frivolous" application as being no-chance-in-hell of approval, aka the "what were you thinking?" app.
Realistically if you don't apply for credit when you don't need it, you're never going to get it when you actually do need it. Like anything there's limits to how far you can push your markers, but this unfortunately holds true even with how FICO works let alone financial institution policies.
@Revelate wrote:Don't let the lack of "5K limit cards" deter you from the CSP application. That's been proven to be incorrect over the past few months for many people, and FWIW I suspect you're in a much better position for approval than you think with both the Amex and the Chase Amazon card. Honestly I'm hoping to execute on my own credit card acquisition plan as well as you apparently have looking at your portfolio, and even though I don't know the exact approval timeline, I can guess. Absolutely well played to date.
Edit: that said, the Cash+ really is one of the most useful cards on the market today, and your Travel Rewards card overlaps with the CSP in many respects, and the USBank Cash+ is pretty much unique.
Revelate, thanks, totally agree about Cash+.
I am still a little bit hesitant to pull a trigger on Cash+ in the nearest future as I might not meet even those assumed "criteria" mentioned in this thread, especially regarding my AAoA and the length of my higher limit lines (basically my only 5k+ Amex line is only a month old now and is a result of 3x CLI after 60+ days and my AAoA is probably at around 7 or 8 months). I want at least one more card in my wallet to cross 5k mark (I bet it would be Discover or Chase Amazon, but who knows, maybe Cap1 will become that generous, lol) to at least consider applying to Cash+.
Luckily I am not in a rush now and by all means for my current income and spending pattern I have enough credit to stay below 30% util on individual cards and I think below 10-15% overall. I will most likely apply for either Freedom or something nice from Citi, but I also don't want to rush into it as I am still in the middle or even in the beginning of intro APRs on at least 2 cards and this is indeed a nice thing to have (especially if the limit is high enough to keep the balance for some time and at the same time not to rich an extraordiray high util).
BTW, that mix of card is gathered over last 14 months following advice of this community at different times, so great I found it (and you all ) at some point.
@mikka1 wrote:cmthomas06, I looked at CSP and it seems to be a very nice card, but as far as I know it is normally granted with at least 5k limit, so I'm afraid it is still out of my reach - my only limit that big is on my Amex card thanks to 61 day CLI and all my other cards are well below 5k.
On the other hand if I purely compare CSP with 2% on travel and BofA 123 Travel rewards with 1.5%, I come up with a minimum of $19,000 a year to be spent on travel only to justify $95 fee. I doubt I spend that much on travel, frankly. Of course it's kinda speculative calculation as it does not factor other things like 7% bonus on all earned points, 20% discount for tickets booked through their rewards redemption system and ability to transfer points to other partner programs (pity they don't have Delta Skymiles there on the list or any other Skyteam airline, I'd probably go for it) and other nice perks but this at least gives a certain number-based perspective on the economic rationale of having such a card.
Nonetheless, thanks for a good advice, it made me at least to look again carefully at CSP conditions and benefits offered and feel a little bit sorry for my low AAoA
Another point to consider is if you get the Chase Trifecta (CSP + Freedom + Checking). Being able to tranfer UR points from the Freedom for the higher redemption could make that goal a little easier, depending if you would find the 5% categories beneficial.
@Revelate wrote:
@Dustink wrote:
@mikka1 wrote:Dustink, kevinjjc, thanks, added to my short list
BTW, unlike Chase Freedom and Discover cards that announce all their bonus categories in public, I have never been able to get any insights on what categories are offered for 5% CB on this particular USBank card as that section of their website is intended for existing cardholders only. Would you mind giving me some insights on how that 5% CB categories work there with some live examples of what category / categories can be chosen, if possible, please?
Thanks
You have a good chance at approval for the Cash+ if you have a1+ year history with an account over $5000, FICO over 740, $50+k income, and nothing negative on the credit reports like high amount of INQ's. It is possible to get the card with significantly lower credit standards, it just isn't as easy as an instant approval.
I do not yet have the card, so I am unsure what the category choices are. It looks like they change and must be enrolled in every quarter. I have the Flexperks signature card, it has been pretty good. The Cash+ might be a little better, the credit requirements for the cards are the same.
Dustin, I don't think that 740 is their UW target for this card. There's a number of posts elsewhere suggesting that the minimum bar is around 710, somewhat more than a year's worth of AAoA and a clean sheet for the floor assuming you can clear the Siggy limit hurdle. The forum population here that's applied for a Cash+ isn't a large enough representative sample.
Unless the OP has a seriously checkered credit history, I'm guessing it's an excellent shot though I've sometimes been surprised by people's FICO and I missed whatever it was in this thread for mikka.
740 is what US Bank told me, but I know that is high. If all is well they will except you with a lower credit score, 710 is probably about right.
I got the flexperks signature with less than a year of credit history on any account, and it has the same requirements as Cash+. So yes, I was just giving a general guideline for easy approval. I think they said their minimum income requirement was $36k, but I figured $50+k would be a little better.
On a side note. I got declined by Citi for the TY pref with a Fico of 733. I called for recon and was successful.
