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New Member
Auricom
Posts: 5
Registered: ‎01-28-2013
0

Zero to Cash+ in 12 months!

Hi all.  I've been lurking around the myFICO Forums and CreditCardForum for about six months now and I just wanted to thank you all for the world of insight you've provided.  Last January, I had no credit cards and four student loans.  I didn't need it, but I got a $300 Wells Fargo Secured Visa just so I could "build credit".  After I found these forums and learned the best techniques for building credit, I was inspired to pay my student loans aggressively and pump up my credit limit as much as possible.  So I threw a ton of money into the secured visa card (an additional $9700), and payed one of my loans off in full.  It took me a while to get here, but my credit score is now pretty decent and my utilization is always 1% at statement time.

 

Just today, about one year and ten days after my getting my first secured card with an annual fee, terrible rates, and just 1% cash back on all purchases, I applied for a US Bank Cash+ card in the branch (which I had been building a relationship with for two months through a checking account, as was suggested to me on these forums) and was accepted!  With an $8000 limit!

 

I am ecstatic.  Thank you all for your awesomeness.

 

To everybody just starting off or struggling to make it back, just stay in there and pay off as much as you can as quickly as you can.

US Bank Cash+ | Wells Fargo Secured Visa
Contributor
slippy84
Posts: 83
Registered: ‎12-24-2012
0

Re: Zero to Cash+ in 12 months!

Congrats! Usually US Bank can tell you a preliminary credit limit but they almost always send it to underwriting for a review before the limit is finalized so don't be surprised if it ends up a little lower than they told you in the branch. I was told that the automated system approved me for $9500 in the branch but ended up with $5k. Hopefully you got the full amount though!
US Bank Cash+ -- Chase Freedom -- Citi Dividend Platinum Select (in 45-day wait period for Dividend Mastercard World Elite:smileyhappy:) -- AMEX BCE
New Member
Auricom
Posts: 5
Registered: ‎01-28-2013
0

Re: Zero to Cash+ in 12 months!

Ah, thanks for the info.  Maybe I'm jumping the gun a bit!  Still, for me any limit is good as long as it's Cash+.  Did you ever consider calling for some kind of reconsideration or increase of the limit?

US Bank Cash+ | Wells Fargo Secured Visa
Contributor
slippy84
Posts: 83
Registered: ‎12-24-2012
0

Re: Zero to Cash+ in 12 months!

I talked to an underwriter briefly but didn't ask for a recon. I've read that they'll sometimes give you a bump in limit after only a few months once they see how you use the card so I decided to just use it and see if it grows. If not then I'll request one after 6 months!
US Bank Cash+ -- Chase Freedom -- Citi Dividend Platinum Select (in 45-day wait period for Dividend Mastercard World Elite:smileyhappy:) -- AMEX BCE
Established Contributor
toppers555
Posts: 551
Registered: ‎09-28-2012
0

Re: Zero to Cash+ in 12 months!

congrats!! Now if I can just settle in until may rolls around :smileysad:



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Established Contributor
YahComb
Posts: 599
Registered: ‎03-10-2012
0

Re: Zero to Cash+ in 12 months!

Just confirm it was the cash+ Auricom. I would assume you're pretty sure since you applied in branch, but they DO hand out the 1% cash rewards downgrade with credit lines over 5K now.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Zero to Cash+ in 12 months!

Nice CL congrats!

$100K in Credit
Last Credit Card App: 11/16/13
New Member
Auricom
Posts: 5
Registered: ‎01-28-2013
0

Re: Zero to Cash+ in 12 months!

[ Edited ]

YahComb wrote:

Just confirm it was the cash+ Auricom. I would assume you're pretty sure since you applied in branch, but they DO hand out the 1% cash rewards downgrade with credit lines over 5K now.


Yes, it's the Cash+.  The banker told me that if I was denied the Cash+, I'd probably qualify for a lower card; however, when everything went through he said "yep! You got the Cash+!" and pointed at the card on the brochure.

 

As for the high credit limit as a newbie, here's my lesson learned:  If you can stow away $10k in a year, do it and put it into a Wells Fargo Secured Visa!  Banks try to match CL ranges made by other banks, so if I have $10k in one, the other bank will want to compete.  Now, hopefully I'll get that $10k back soon so I can throw it at my student loans...

US Bank Cash+ | Wells Fargo Secured Visa
Established Contributor
tennisfan78
Posts: 630
Registered: ‎09-18-2011
0

Re: Zero to Cash+ in 12 months!

 

Congrats!


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Valued Contributor
Epcot
Posts: 2,784
Registered: ‎10-10-2012
0

Re: Zero to Cash+ in 12 months!

That's great, Congrats on your progress and approval! :smileyhappy:

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13

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