topic Re: US Bank 3/12 rule ?! in Credit Card Applications

US Bank 3/12 rule ?!

patoot10 — Tue, 10 Oct 2017 14:02:48 GMT

Hello

I recently applied for US Bank cash+ and got denied.

I have very short credit history <1 year. So whenever I got denied by other banks the reason was the same (Not enough established credit history).

However with US Bank the rejection reason was interesting (Too many recent new accounts).

When I checked with underwriting they confirmed the reason and told me they usually don't like to see more than 3 new accounts in the current calender year and that includes all kinds of accounts (credit cards - retail - loans).

So what kind of experience do you guys have with this and what do you think about that ?

Re: US Bank 3/12 rule ?!

Anonymous — Tue, 10 Oct 2017 14:22:09 GMT

It's a BS answer that still abides federal laws on AA notification.

A bank may deny you for many reasons, but by law they have to give you reasons you were denied -- even if those reasons aren't 100% accurate. FICO sells "reason codes" to banks to help them abide the regulations out there, but those reason codes may have nothing to do with reality.

Don't expect the CSR to tell you, either. Call underwriting, if they talk to consumers -- try to speak with a senior underwriter if one is available.

Re: US Bank 3/12 rule ?!

Anonymous — Tue, 10 Oct 2017 23:31:47 GMT

@Anonymous wrote:
It's a BS answer that still abides federal laws on AA notification.

A bank may deny you for many reasons, but by law they have to give you reasons you were denied -- even if those reasons aren't 100% accurate. FICO sells "reason codes" to banks to help them abide the regulations out there, but those reason codes may have nothing to do with reality.

Don't expect the CSR to tell you, either. Call underwriting, if they talk to consumers -- try to speak with a senior underwriter if one is available.

☝️Agreed. BS

Re: US Bank 3/12 rule ?!

CreditMagic7 — Tue, 10 Oct 2017 23:50:21 GMT

Yep. Horsehockey.

I remember when i first tried for the Cash+ when it was new and they said over the phone on several occasions (i kept calling to be sure) i was indeed approved for Cash+.

In the mail was the 1% cash card. They will tell you a load of malarky a lot of times.

If truth be told IMO the customer service is very mediocre.

Take that anyway you like but i had a couple of their cards for 5 years (via PC) and most the time it was always a song and dance to get anything that lined up in unison after discussion with different folks.

Not their fault. Like anyone else, they just want to get through the day right?

Re: US Bank 3/12 rule ?!

Anonymous — Wed, 11 Oct 2017 01:09:31 GMT

They also are rated and get bonuses based on how fast they can turn over a call.

Re: US Bank 3/12 rule ?!

morgacj2004 — Thu, 12 Oct 2017 05:56:29 GMT

A lot of BS I was declined recently by them an one of the reasons was too many consumer finance accounts and too high UT. I have no consumer finance accounts and my UT is below 5%.